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#2129788 - 05/09/17 09:43 PM Toll-free telephone number/oral disclosures
#12 Offline
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I am trying to determine if the oral disclosures have to be made available 24/7/365 for consumers. Our current process is when the customer calls in,they are directed to someone in the loan department who will then read the MAPR disclosure and a general payment disclosure. However, I attended a webinar, and the presenter stated the consumer had to be able to access this information at any time of day or night. I did find this in the FAQs issued (Q13): Oral disclosures provided through a toll-free telephone system need only be available under § 232.6(d)(2)(ii)(B) for a duration of time reasonably necessary to allow a covered borrower to contact the creditor for the purpose of listening to the disclosure. I could interpret this to mean that only having the information available during business hours is compliant.

Is our current process sufficient, or do we need to get a recording for after hours?
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#2130075 - 05/11/17 02:34 PM Re: Toll-free telephone number/oral disclosures #12
#12 Offline
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Anyone?
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#2130099 - 05/11/17 03:54 PM Re: Toll-free telephone number/oral disclosures #12
RockChucker, CAMS Offline
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I haven't been too involved in this process but having to provide these disclosures over the phone 24/7 just doesn't pass the "common sense" test to me. Not that many govt regulations meet that test either.
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#2130135 - 05/11/17 05:42 PM Re: Toll-free telephone number/oral disclosures #12
CompliantOkie Offline
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I have not heard the requirement interpreted that way either. We did not set up an individual 800 number nor a recording. We make the number known to the borrower and if they call we will read the disclosure to them.

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#2131217 - 05/19/17 07:50 PM Re: Toll-free telephone number/oral disclosures #12
Andy_Z Offline
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My interpretation of that rule is that it need not be available months in advance or months after, as examples. There may be a planned loan for, say June 15, because that is when the item will be delivered and paid for. So the disclosures might be available from June 7-15.

Using the banks hours may require the borrower in Germany to get up in the middle of the night to call your number because that is when you're open. I don't see that as reasonable or expected. And they may need a window of time to make this call based on their mission and availability. That said, I believe the intent of the toll free is cost and with a recording being available, less of a structured time requirement, but that is not stated.
Last edited by Andy Z; 05/19/17 08:06 PM.
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