That may be state law - BUT, IMHO
That is taking a HUGE reputational risk. Even if you could, would you want the newspapers to start off with the story about the big mean nasty bank taking food out of a baby's mouth for a missed payment.
I would only due that with the blessings of counsel, the CEO and head of marketing.
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Integrity. With it, nothing else matters. Without it, nothing else matters.