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#1661768 - 02/07/12 09:58 PM Adding fees to consumer payoff?
Funky Falcon Offline
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Joined: Jan 2008
Posts: 242
Minnesota
Are banks allowed to add a fee to a consumer loan payoff? For example, if we are terminating a UCC, can we add the termination fee to the loan payoff?

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Lending Compliance
#1661835 - 02/08/12 02:23 AM Re: Adding fees to consumer payoff? Funky Falcon
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,641
Florida
It is a state issue. Check your state laws.
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#1661869 - 02/08/12 01:38 PM Re: Adding fees to consumer payoff? Funky Falcon
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,470
Bloomington, IN
Unless you contracted for it in your loan agreement then most likely you cannot charge the release fee even if such a fee is allowed. Most state laws require an allowed fee to be contracted for in the loan agreement.
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The opinions expressed are mine and they are not to be taken as legal advice.

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