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#30077 - 08/29/02 04:49 PM Early Termination Fee
Peepers Offline
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Joined: Jul 2002
Posts: 13,994
Our marketing department wants to charge an early termination fee if someone closes their variable rate line of credit within a certain time. They can pay the loan down, but if they pay it off, they would be charged the fee.

There would be an initial disclosure at application describing this fee, and it would be disclosed on the note.

Is this fee allowed? I can't find anything that says we can't charge it.

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#30078 - 08/29/02 04:53 PM Re: Early Termination Fee
Andy_Z Offline
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Your state laws will regulate fees and interest rates.
My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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