We have a cut off time for payments to commercial loans to be applied same day. This time is stated on the bill but it was not included on the initial note. Is the cut off time required to be included in the loan documents? I know this is probably a legal questions but I wanted to get input on what others are doing?

Unless there is something in State law, there would be nothing at the Federal level for commercial loans. If the notice is on the billing statements, I don't see much of a UDAAP risk.

It's always safest to include the kitchen sink in your notes--commercial as well as consumer. Silent or ambiguous notes are openings for litigation.

Things change - not sure it is really prudent. To change the cut-off you would technically have to modify the legal agreement with that information in the note.