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#633831 - 11/03/06 11:51 AM Sending Periodic Statement
Denny Offline
Joined: Jun 2002
Posts: 79
I was told that we are required to send a periodic statment on an open-end credit line at least quarterly even if there is no activity and a zero balance on the account during the entire quarter. I cannot find where this is required by Reg. Z. We do use the periodic statement to disclose the "short version" of the account holders billing rights

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Lending Compliance
#633832 - 11/03/06 02:20 PM Re: Sending Periodic Statement
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,951
Bloomington, IN
Reg. Z only requires a periodic statement if there is "activity" on the accouunt. If there is a zero balance and no credit or debit adjustments to the account during the billing cycle a periodic statement is not required under Reg. Z. You would have to insure that these account holders receive the billing rights disclosure at least annually.
The opinions expressed are mine and they are not to be taken as legal advice.

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