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#1684909 - 04/02/12 07:39 PM Dishonored item clause in consumer loan documents
corkygirl Offline
Power Poster
Joined: Sep 2004
Posts: 4,241
middle of the country
We use Laser Pro to produce the consumer loan documents and when dishonored item clause is added to the policy setup we get a "Critical Warning" stating that Laser Pro's Illinois counsel recommends that lenders do not include that in the note because of possible limitations on authoritzed fees and charges. I have done online research and am not finding anything of this nature. Anyone else aware of this? Anyone able to give me some info on this?
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#1685183 - 04/03/12 04:00 PM Re: Dishonored item clause in consumer loan documents corkygirl
MyBrainHurts Offline
Platinum Poster
Joined: Feb 2010
Posts: 960
Illinois
We've seen that warning too, and I've read through every statute that might apply, and I haven't found anything. Not yet, at least. The only fee limit I know that seems to be similar is the limit on late fees in the High Risk Loan Act. Perhaps LaserPro thinks this is an additional late fee?
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