Regulatory Alerts2018-07-10
Added
Simplification of Customer Agreements
The Banking Supervision Department establishes a directive requiring banking corporations to present a condensed and concise presentation of varying and material details on Page 1 of credit agreements. This requirement applies to credit issued on dates other than the execution of the agreement, mandating that customers receive the full and final version of Page 1 to ensure a complete picture of the credit terms. The directive includes standard forms and instructions for filling out these disclosures, such as presenting only the specific loan applied for and consolidating cost information for multi-portion loans. The directive goes into effect on May 9, 2019, though banking corporations may comply earlier.
More like this from BOI
We email you every new BOI publication the day it's published.