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Restrictions on Payment Date Changes

Is there a regulation addressing the changing of payment due dates on installment loan? I'm not sure if this is federally regulated, state, or both. Is there a limit on the number of times customer can request, and the length (number of days) it can change?

by Randy Carey:

Nothing at the Federal level. Not really sure why their would be anything under State law either. It is matter of modifying your credit contract.


by Richard Insley:

I've never heard of any law/regulation that required or prohibited payment due dates in any way. Nevertheless, regulators may question (safety & soundness) a bank's policy of extending maturities by pushing due dates far into the future if there's a hint that the bank is rescheduling due dates to conceal delinquencies or payment defaults. If you don't already have one, it's never too late to develop a policy setting limits on consumer loan extensions.

First published on 11/27/2022

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