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#1545963 - 05/04/11 08:25 PM When do you need a payment example?
SnowRed Offline
Junior Member
Joined: Oct 2010
Posts: 42
East Coast
When is it required to put a payment example in an ad? For example : $1000.00 at 3.50 for 72 months is $15.42.

I've looked through REG Z and the BOL checklists to no avail. Is is a state reg or am I overlooking something?

Have a good day.

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#1545981 - 05/04/11 08:33 PM Re: When do you need a payment example? SnowRed
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,967
Galveston, TX
226.24(d)(2)
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#1546020 - 05/04/11 08:50 PM Re: When do you need a payment example? rlcarey
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,049
Toano, VA
A representative example of this type would only be needed if you include a trigger term in your ad copy.
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...gone fishing.

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#1546124 - 05/04/11 10:31 PM Re: When do you need a payment example? Richard Insley
SnowRed Offline
Junior Member
Joined: Oct 2010
Posts: 42
East Coast
Thanks, no trigger terms! I appreciate you guys taking the time and replying!

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#1577611 - 07/13/11 08:32 PM Re: When do you need a payment example? SnowRed
Lilly1234 Offline
Member
Joined: Dec 2010
Posts: 50
What about when we do have trigger terms, and list 3 different terms offered. Do we need a payment example for each term? For example, one for our 36-month, 60-month and 72-month (all with different rates)

Thanks!

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#1577672 - 07/13/11 09:14 PM Re: When do you need a payment example? Lilly1234
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,049
Toano, VA
Neither the Reg. nor OSC provides guidance when you advertise an array of rates and maturities. The safe approach is to provide a complete advertising disclosure for each set of terms presented in your ad.
_________________________
...gone fishing.

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