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Creditor use of ACH to obtain payments

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

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.
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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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