Just how many days can we go until the first payment on a consumer installment loan? I have always been taught 45 but can't put my hands on anything.

This is a state issue. Check your loan regulations for the state, call your state association or check in the new State forums in the BOL threads below this "room".

In Texas, as an example, a consumer installment loan may have its first payment as early as 15 days, up to a month and 15 days, from the loan date. (FYI, a "month" is defined as from that day this month to the same day of the next month. If that date does not exist, the last day of the month. So it isn't a good rule to use 45 days as a max, it may be less.)

Limitations on first payment periods may also be imposed by investors if the loans are destined for a secondary market.