Debt Cancellation Contracts and Debt Suspension Agreements coverage includes:
Posted: Tue Mar 08, 2022 10:09 am
Debt Cancellation Contracts and Debt Suspension Agreements coverage includes:
A. National banks that issue debt cancellation contracts and debt suspension agreements with borrowers in connection with loans for personal, family, or household purposes
B. A national bank may not engage in any practice, including advertising, which would cause a reasonable person to be misled with respect to DSAs and DCCs
C. A bank must provide the long-form disclosures in writing before the customer completes the purchase of a contract. If the solicitation occurs in person, the long-form disclosures must be provided at that time
D. A bank must make the short-form disclosures orally at the time the bank first solicits the contract
A. National banks that issue debt cancellation contracts and debt suspension agreements with borrowers in connection with loans for personal, family, or household purposes
B. A national bank may not engage in any practice, including advertising, which would cause a reasonable person to be misled with respect to DSAs and DCCs
C. A bank must provide the long-form disclosures in writing before the customer completes the purchase of a contract. If the solicitation occurs in person, the long-form disclosures must be provided at that time
D. A bank must make the short-form disclosures orally at the time the bank first solicits the contract