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Creditor use of ACH to obtain payments

Is a creditor subject to the Payday Lending rule permitted to receive payments by ACH transfer?

Yes, provided, of course, the consumer has authorized such transfers. There are also restrictions on creditor attempts to complete any form of payment transfer after a creditor’s second consecutive failure to withdraw payments due to insufficient funds.
Learn more about John’s webinar The Payday Lending Rule – What you should be doing NOW!

First published on 07/07/2019

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