Requiring a deposit acct as condition of a loan

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  • #34643

    A couple of things come to mind:
    * – Section 913 of the Electronic Fund Transfers Act prohibits conditioning an extension of credit on the requirement that payments be made by electronic fund transfers.
    * – Section 1026.18(r) requires an disclosure that the annual percentage rate does not reflect the effect of the required deposit, if the creditor requires the consumer to maintain a deposit as a condition of the specific transaction.

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