Regulatory Alerts2013-10-01
Added · Updated
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.
More like this from ALBD
ALBD published 1 document in the last 30 days. We email you each new one the day it's published.
Topics
Share