Thread Starter: BrianC
Title: Re: Prohibition against requiring loan payment via ACH
For any loan program that you have (the exception being an overdraft line of credit) you cannot restrict the payment methodology to electronic automatic payments.
Note that Reg E by definition only applies to consumers so this prohibition would not apply to loans made to businesses.
Fixed Mortgage ARM Mortgage Auto Loan Unsecured line of credit Cash secured loan Home Equity Line of Credit Education Loan
and so on...if the loan is made to a consumer automatic payments cannot be required as a condition of approval.
