Consumer Loan Policy Update

Product Update Notification - 09/25/07

Consumer Loan Policy Template Update

Bankpolicies.com is proud to announce the immediate availability of our revised Consumer Loan Policy Template product.

This update is in response to the Federal Register Release "Limitations on Terms of Consumer Credit Extended to Servicemembers and Dependents - Final Rule" dated August 31, 2007. This release implements new consumer protection provisions of Public Law 109-364 (the John Warner National Defense Authorization Act for Fiscal Year 2007). The final rule regulates the terms of certain credit extensions to active duty service members and their dependents. The implementation date of the final rule is October 1, 2007.

What's Revised

Topic 16 - The Servicemembers Civil Relief Act Reference. A new subtopic entitled "Limitations on Terms of Consumer Credit Extended to Servicemembers and Dependents" was added that contains:

Regulatory Requirements

Covered Borrowers

Identification of Covered Borrowers

Mandatory Loan Disclosures and Delivery Requirements

Limitations

Servicemembers Civil Relief Act Notice Form Template. A new second paragraph was added to the first page under the "Legal Rights and Protections Under the SCRA" subheading. In addition, a new third page was added to the entitled "Covered Borrower Identification Statement for Persons in Military Service."

Product Contents

Purpose and Contents - Topic 1
Policy Statement - Topic 2

Definitions - Topic 3

Responsibility - Topic 4

General Credit Underwriting Guidelines - Topic 5

Unsecured Term Loans - Topic 6

Revolving Lines of Credit - Topic 7

Home Improvement and Home Equity Loans - Topic 8

Vehicle Loans - Topic 9

Boat/RV/Trailer Loans - Topic 10

Motorcycle and ATV Loans - Topic 11

Overdraft Protection - Topic 12

Savings/TCD Secured Loans - Topic 13

Employee Consumer Loan Processing Procedures - Topic 14

Small Dollar Loan Program - Topic 15

The Servicemembers Civil Relief Act Reference - Topic 16

Audit Policy - Topic 17

Staff Training - Topic 18

Retention of Documentation - Topic 19

Includes the following form templates:

Consumer Loan Override Request - (1 page)

Loan Presentation - Consumer - (1 page)

Servicemembers Civil Relief Act Notice (3 pages)

Ordering Information

This revised product is available to purchase from Bankpolicies.com for:

$325.00 - List Price

- or -

$25.00* - Update Price

*Applies only to clients who have purchased the Consumer Loan Policy Template within the last three years in addition to the following prior update (if applicable):

Consumer Loan Policy Template Update - 02/22/07 - $100.00

If you have ordered this product after 08/25/07 you are eligible to receive the product update at no charge.

Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price (whichever applies).

NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com.

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