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?

Anyone?

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.

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.

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.