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#1070358 - 10/24/08 05:07 PM Returned Check Fee - Loan Payments
inquiringmind Offline
100 Club
Joined: Mar 2003
Posts: 155
Does Illinois law permit a bank to assess a fee ($20.00) for a check that was used to make a loan payment which is subsequently returned unpaid? If so, is the fee permitted for consumer and mortgage transactions? Please provide the code citation.

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#1071933 - 10/28/08 03:39 PM Re: Returned Check Fee - Loan Payments inquiringmind
Dave M_TCA Offline
Platinum Poster
Dave M_TCA
Joined: Oct 2000
Posts: 685
Wherever my most benevolent em...
I don't know of any exclusions under Illinois law, but in the commentary for Reg Z ยง226.4(c)(2)-1, returned check fees are excluded from the finance charge. If they're excluded, they must be allowed.
_________________________
David J Mulkerin, CRCM
All opinions expressed are mine and not those of my employer and are not to be taken as legal advice.

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