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Existing Customer vs. Former Customer

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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?

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 11/17/03

First published on 11/17/2003

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Filed under lending as: 

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