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#1510040 - 02/14/11 10:02 PM NEW TIL - BiWeekly Payments
2cents Offline
Junior Member
Joined: Jul 2010
Posts: 46
Using the "NEW" Truth-In-Lending form. What happens if a customer elects to have their payment on a bi-weekly schedule....do we disclose the "monthly payment" as stated on the form?

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Lending Compliance
#1510156 - 02/15/11 02:10 PM Re: NEW TIL - BiWeekly Payments 2cents
rockchalk02 Offline
100 Club
Joined: Jul 2009
Posts: 187
The model forms can be modified to show the appropriate payment frequency such as montly, bi-weekly, semi-annual etc. See the 1st set of interim rules at page 75 FR 58488 in the 1st column it states: "The total estimated payment amount should be labeled. If periodic payments are not due monthly, the creditor should use the appropriate term such as "quarterly" or "annually".

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