Posted By: Dog Lady
Overdraft Line of Credit - MN Statute - 03/31/17 08:05 PM
MN Statute 48.185 Sub 3a states that "Any periodic statement evidencing an overdraft checking plan loan balance shall clearly state that all or any part of said balance may be prepaid at any time"
However, our overdraft line does not have a stated maturity (rather it is on a minimum payment schedule) which means the concept of "prepayment" doesn't really make sense. How can you prepay something that doesn't have a stated maturity?
I ask particularly because I was told our core system does not have a place for us to add this message to the statement, which means it would have to be printed on the back of the statement paper. And it doesn't seem like that was the intent.
Does anyone have any input?
However, our overdraft line does not have a stated maturity (rather it is on a minimum payment schedule) which means the concept of "prepayment" doesn't really make sense. How can you prepay something that doesn't have a stated maturity?
I ask particularly because I was told our core system does not have a place for us to add this message to the statement, which means it would have to be printed on the back of the statement paper. And it doesn't seem like that was the intent.
Does anyone have any input?