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Periodic Statement Timing

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  • May 15, 2014 at 2:52 pm EDT #5850
    kschliebe
    Member

    We have a question regarding the timing of delivery or mail of the periodic statement. We have two different grace periods in our portfolio.
    If we have a 15 day grace period with a due date on the 1st, we are interpreting the number of days for the statement to print to be around 12 days prior to the payment due date.
    If we have a 10 day grace period with a due date on the 1st, we are interpreting the number of days for the statement to print to be around 17 days prior to the payment due date.
    Would you agree with this interpretation?

    May 16, 2014 at 10:05 pm EDT #5863
    rcooper
    Member

    I assume you’re talking about periodic statements for closed-end credit secured by a dwelling and the rules in 1026.41. If that is the case, this seems reasonable. As long as the statement is delivered or placed in the mail no later than 4 days after your courtesy/grace period ends you are in compliance.

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