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Disclosures: Changing Terms On A Consumer Loan

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Question: 
When doing a Change in Terms on a consumer loan, do you have to provide new disclosures to only skip a payment, whether the payment be monthly, quarterly, etc? If you have a term note and you are extending it for any time, whether it be for a few months or for a year, do you have to provide disclosures?? Also, are we required to send a notice or disclosures when adding fees to a loan, such as UCC continuation, etc?
Answer: 

Redisclosure under Regulation Z is necessary only when you are refinancing the loan. See Section 226.20 for details.
First published on BankersOnline.com 3/3/03

First published on 03/03/2003

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