Thread Starter: mdosu
Title: Re: Prohibition against requiring loan payment via ACH
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sorry, to address the question, what do you see as "type" for the context of the commentary?
10(e)(1) Credit
1. Loan payments. Creditors may not require repayment of loans by electronic means on a preauthorized, recurring basis. A creditor may offer a program with a reduced annual percentage rate or other cost-related incentive for an automatic repayment feature, provided the program with the automatic payment feature is not the only loan program offered by the creditor for the type of credit involved.
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