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#2266473 - 02/16/22 06:06 PM Promotional Items for New Loans
hcovent Offline
New Poster
Joined: Nov 2020
Posts: 5
Hello!

I have recently been asked an advertisement/marketing question, and I am struggling to find relevant regulation guidance and was hoping to find some help here.

The marketing committee has decided they would like to do give out promotional items for those who open new accounts with us, including loan accounts. I found all the Truth in Savings rules in 12 C.F.R 103 regarding bonuses on opening new deposit accounts but was unable to find something similar in the Truth in Lending Regulation. Do loan accounts still follow the bonus rules laid out in Truth in Savings?

Thanks for your time!

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#2266475 - 02/16/22 06:26 PM Re: Promotional Items for New Loans hcovent
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,224
Galveston, TX
If the promotional items are being given to the borrowers, the only thing you have to worry about is 1099-MISC reporting, if the value is $600 or more
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2266514 - 02/17/22 03:55 PM Re: Promotional Items for New Loans rlcarey
hcovent Offline
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Joined: Nov 2020
Posts: 5
Thank you very much! Would you be able to point me in the right direction to find this in the regulation?

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#2266518 - 02/17/22 04:47 PM Re: Promotional Items for New Loans hcovent
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,224
Galveston, TX
Find what in the regulations? How can you find something that does not exist. Regulations normally do not tell you what you can do - just what you cannot do. If you need instructions on completing a 1099-MISC - those can be found on the IRS.gov website.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2266531 - 02/17/22 05:42 PM Re: Promotional Items for New Loans rlcarey
hcovent Offline
New Poster
Joined: Nov 2020
Posts: 5
Okay thank you!

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