15 U.S.C. § 1639f — Requirements for prompt crediting of home loan payments
submitted 16 years ago by Pub. L. 90-321 to r/title-15-COMMERCE-AND-TRADE · 108 words · no verdicts yet
A home-loan servicer generally must credit a payment on the date it receives it. A different date is allowed when the servicer accepts a payment that does not meet written payment requirements, in which case it must credit the payment five days after receipt.
(a) In general. For a consumer-credit* transaction secured by the consumer’s principal dwelling, a servicer may not fail to credit a payment to the consumer’s loan account as of the date received. This does not apply when the delay causes neither a charge to the consumer nor negative reporting to a consumer-reporting agency, subject to subsection (b).
(b) Exception. If the servicer has written payment requirements but accepts a payment that does not meet them, the servicer must credit that payment as of five days after receiving it.
In connection with a consumer credit* transaction secured by a consumer’s principal dwelling, no servicer shall fail to credit a payment to the consumer’s loan account as of the date of receipt, except when a delay in crediting does not result in any charge to the consumer or in the reporting of negative information to a consumer reporting agency, except as required in subsection (b).
If a servicer specifies in writing requirements for the consumer to follow in making payments, but accepts a payment that does not conform to the requirements, the servicer shall credit the payment as of 5 days after receipt.
Source credit: (Pub. L. 90–321, title I, § 129F, as added Pub. L. 111–203, title XIV, § 1464(a), July 21, 2010, 124 Stat. 2184.)
- 2010Enacted · Pub. L. 90-321 · 124 Stat. 2184
A history note hasn’t been published yet. The record shows enactment by Pub. L. 90-321 on 2010-07-21.
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