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#445557 - 10/21/05 07:12 PM Skip payment programs
compgrrl Offline
New Poster
Joined: Sep 2005
Posts: 23
Colorado
Can someone point me to where in the UCCC there might be some information about skip payment programs?
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#445558 - 10/23/05 12:40 AM Re: Skip payment programs
Geoz Offline
100 Club
Joined: Apr 2003
Posts: 148
Colorado
I assume you mean in regard to charging a fee for permitting a borrower to skip a payment? Look at 5-2-202 Additional Charges - if the charge is permissible it's listed here. Also, check out 5-2-204 - Deferral Charges. This second cite would permit you to charge a payment skip fee if you're doing pre-computed loans (the face amount of the loan is the total of principal and interest to be paid).
Otherwise, I think you're out of luck. (Unless you're a national bank that is!)

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