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Wording for Open End Consumer Loan Agreements

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Our open end consumer loan agreements (demand deposit loans) read: a finance charge will be assessed on the daily unpaid loan balance and I believe it should read interest charge will be assessed. Which is correct to be in compliance with regulation?

Loan agreements are governed under contract and State law.

Editor's Note: The fees and interest allowed to be charged is also governed by the laws of your state.

First published on 8/27/12

First published on 08/27/2012

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