A buyer of the loan may choose to buy only loans that are paying by allotment. But the lender may not condition approval of the loan on the repayment via allotment.
§205.10 Preauthorized transfers.
(e) Compulsory use —(1) Credit. No financial institution or other person may condition an extension of credit to a consumer on the consumer's repayment by preauthorized electronic fund transfers, except for credit extended under an overdraft credit plan or extended to maintain a specified minimum balance in the consumer's account.
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AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell