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Existing Customer vs. Former Customer

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Question: 
This is regarding the USA PATRIOT Act. My question: If a loan customer has an existing loan (no other open accounts) before October 1 and pays that loan off after October 1, can that customer come back later and get another loan without going through the identification process?
Answer: 

No. The "existing customer" exemption requires the customer to have an existing account. This may lower the risk involved in the verification process, however.

First published on BankersOnline.com 11/17/03

First published on 11/17/2003

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