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#633831 - 11/03/06 11:51 AM Sending Periodic Statement
Denny Offline
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Denny
Joined: Jun 2002
Posts: 79
Pa
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: 46,835
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.
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The opinions expressed are mine and they are not to be taken as legal advice.

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