Features Included From the PALs I Rule

Features Included From the PALs I Rule

The PALs II NPRM proposed to add lots of the structural popular features of the PALs I rule built to protect borrowers from predatory lending that is payday. Those features included a limitation on rollovers, a requirement that each and every PALs II loan must completely amortize on the life of the mortgage, and a limitation in the fees that are permissible an FCU may charge a debtor pertaining to a PALs II loan. An FCU would have had to also format each loan as closed-end credit. As discussed in detail below, the PALs II NPRM modified other popular features of the PALs I rule for PALs II loans.続きを読む →