Payment coupons

Posted By: Ninky

Payment coupons - 03/09/07 05:15 PM

Are there any regulatory requirements for payment coupons? Not periodic statements for open-end credit under Reg Z, just a straight closed-end loan payment coupon. If there are compliance issues, can someone refer me to the appropriate regulation? We are changing formats and need to know if there any regulatory requirements or restrictions.
Posted By: LoisLane

Re: Payment coupons - 03/12/07 01:22 PM

There aren't any federal regulatory requirements for payment coupons nor are there requirements that a payment coupon or coupon book be given to the consumer.
Posted By: ToTo

Re: Payment coupons - 03/12/07 02:05 PM

Not a "payment coupon" requirement, but a subsequent disclosure requirement for closed-end ARMs (variable rate adjustment disclosures) required under 226.20(c).