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#1464258 - 11/04/10 09:54 PM Skip a Pay
Jewels1972 Offline
100 Club
Joined: Mar 2010
Posts: 103
Indiana
Has there been a change that prohibits us from collecting a fee when processing a "skip a payment" request from borrowers? We've done this promotion for a few years and collected a fee... someone thought they had heard we could no longer charge. Any help would be greatly appreciated.
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Lending Compliance
#1464273 - 11/04/10 10:28 PM Re: Skip a Pay Jewels1972
ktac MITCH Offline
Diamond Poster
ktac MITCH
Joined: May 2005
Posts: 1,813
Giant side of TX
The last I checked (when I moved to TX) there is no Federal limits and this is a matter of State Law.
For example N.M. allows a fee, but TX. only allows the collection of accrued int.
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