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BankersOnline.com Forums State-Specific Compliance Issues Kentucky State Law on Changing payment dates
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#2203399 - 01/18/19 03:47 PM State Law on Changing payment dates
PegH Offline
Member
Joined: Jul 2016
Posts: 61
We currently have a customer that requested his payment date be changed. It is a commercial loan and the due date is 2/15/2019 he wants it changed to 2/05/2019 other than the interest acc. will be shortened is there any reason we cannot do this? Is there a timeframe we must give in between payment dates?

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#2203401 - 01/18/19 03:53 PM Re: State Law on Changing payment dates PegH
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
On commercials loans? - no - it is purely a contractual issue.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2241050 - 08/14/20 01:14 PM Re: State Law on Changing payment dates rlcarey
Comply101 Offline
Junior Member
Joined: Nov 2013
Posts: 26
Would this answer be different for consumer loans?

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#2241056 - 08/14/20 02:35 PM Re: State Law on Changing payment dates PegH
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
I highly doubt it. Never seen a State law that would prohibit you from adjusting a payment due date as long as the borrower signs a proper modification.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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