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Credit Union Signature Requirement for Payoff-Auto

Question: 
Currently the Credit Union requires a member to sign an authorization for payoff when we are posting insurance settlement checks for cars that are considered a total loss. (checks sent by insurance company) ​​Is there any regulation that states we have to have the authorization signed or as lienholder can we make the business decision to accept those checks and post them the same day?
Answer: 

It would not be covered by any regulation.

First published on 09/02/2018

Filed under lending as: 

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