Instalment Loan Terms

Are there any federal regulations that limit extensions on instalment loans...when a bank offers a "skip a payment" ove the holidays? Also, are there any limits to when the first payment must be made..for example could you offer a loan product without having the first payment due for 2 0r 3 months after the loan date??

Extensions

First Payment Date

There are no federal restrictions about first payment periods. Because extensions can be used to conceal non-performing assets, they should be viewed in light of your regulator's pronouncements on asset classifications and credit administration.

Our state limits the number of extensions that a borrower may be assessed a fee for within a year. I do not know of any federal restrictions.