CDs and the 2% rule for loans

Posted By: Patricia

CDs and the 2% rule for loans - 04/12/17 07:46 PM

Can someone tell me when the requirement regarding the rule for CDs held as collateral, the note rate could only be 2% over the rate on the CD? Thanks.
Posted By: Richard Insley

Re: CDs and the 2% rule for loans - 04/12/17 07:53 PM

This was eliminated in the 1980s? (Also check your state law.)
Posted By: Patricia

Re: CDs and the 2% rule for loans - 04/12/17 08:55 PM

Thanks Richard.
Posted By: Always In Training

Re: CDs and the 2% rule for loans - 04/13/17 01:16 PM

We are (currently) 3% over. So, yeah, check your state & local laws, but it isn't a federal rule anymore.