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Passing the Fee to the Borrower

Answered by: 

Question: 
In order to comply with the Patriot Act, our company orders a separate report to determine the validity of a potential customer's DOB, SSN, name and address. Since this is a separate report from the credit report, are we allowed to pass the fee onto the borrower?
Answer: 

Yes, however it will be a finance charge for Reg Z purposes.

First published on BankersOnline.com 12/17/07

First published on 12/17/2007

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Filed under lending as: 

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