Regulatory Alerts2013-10-01
Joint Bank Accounts – Deferred Presentment Services Act
The Bureau of Loans issued regulations under the Deferred Presentment Services Act to govern joint bank accounts. Each party on a joint account may write checks up to five hundred dollars provided a separate deferred deposit agreement accompanies each check. Licensees are prohibited from requiring joint account holders to take joint or separate loans, ensuring any decision to obtain a separate loan remains voluntary.
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