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#1903482 - 03/07/14 07:38 PM Late Charges / Closed End
pacar Offline
Gold Star
Joined: Jul 2007
Posts: 320
1026.18(l) makes it sound like the actual late charge amount or percentage needs to be included on the TIL for a closed-end consumer loan.

I have a single-pay disclosure that reads "I will look at my note contract documents for information about nonpayment or default". The note agreement clearly states the late payment info and has a seperate heading so it's conspicous.

Is this OK or does this actually have to appear on the TIL?

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Lending Compliance
#1903634 - 03/09/14 11:56 AM Re: Late Charges / Closed End pacar
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,576
Galveston, TX
How can you have a late charge on a single pay note? The note has matured? The payment is not late, the note is in default.
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