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However, consumers who have demonstrated the ability to access statements online may opt out of receiving notifications that statements are available. A consumer may not opt out of receiving periodic statements altogether. When two or more parties are subject to this requirement, they may decide among themselves which of them will send the statement.Ĥ. The periodic statement requirement in § 1026.41 applies to the “creditor, assignee, or servicer as applicable.” The creditor, assignee, and servicer are all subject to this requirement ( but see comment 41(a)-4), but only one statement must be sent to the consumer each billing cycle. Such statement may aggregate the information for the explanation of amount due, as required by paragraph (d)(2), and past payment breakdown, as required by paragraph (d)(3).ģ. Such statement would separately list the upcoming payment due dates and amounts due, as required by § 1026.20(d)(1), and list all transaction activity that occurred during the related time period, as required by paragraph (d)(4). If a loan has a billing cycle shorter than a period of 31 days (for example, a bi-weekly billing cycle), a periodic statement covering an entire month may be used. Billing cycles shorter than a 31-day period. For example, if spouses jointly own a home, the servicer need not send statements to both spouses a single statement may be sent.Ģ. When two consumers are joint obligors with primary liability on a closed-end consumer credit transaction secured by a dwelling subject to § 1026.41, the periodic statement may be sent to either one of them.