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APRs Quoted over the Phone

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Where does it say that if we quote a loan rate to a customer over the phone that we have to use the APR? We often have fees added to loans and quoting the rate is easier.

Look at Reg. Z, Section 226.26 for a specific section requiring the APR when oral disclosures are made. If you can't quote the precise rate, you can have a table of examples to use. You should ensure these are accurate and meaningful to the question.

First published on 9/11/06

First published on 09/11/2006

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