Common use of Method of payment of fees Clause in Contracts

Method of payment of fees. Except as provided in § 37.3(c)(2), a bank may offer a customer the option of paying the fee for a contract in a single payment, provided the bank also offers the customer a bona fide option of paying the fee for that contract in monthly or other periodic payments. If the bank offers the customer the op- tion to finance the single payment by adding it to the amount the customer is borrowing, the bank must also dis- close to the customer, in accordance with § 37.6, whether and, if so, the time period during which, the customer may cancel the agreement and receive a re- fund. § 37.6 Disclosures. (a) Content of short form of disclosures. The short form of disclosures required § 37.7 by this part must include the informa- tion described in appendix A to this part that is appropriate to the product offered. Short form disclosures made in a form that is substantially similar to the disclosures in appendix A to this part will satisfy the short form disclo- sure requirements of this section.

Method of payment of fees. Except as provided in § 37.3(c)(2), a bank may offer a customer the option of paying the fee for a contract in a single payment, provided the bank also offers the customer a bona fide option of paying the fee for that contract in monthly or other periodic payments. If the bank offers the customer the op- tion to finance the single payment by adding it to the amount the customer is borrowing, the bank must also dis- close to the customer, in accordance with § 37.6, whether and, if so, the time period during which, the customer may cancel the agreement and receive a re- fund. § 37.6 Disclosures. (a) Content of short form of disclosures. The short form of disclosures required Comptroller of the Currency, Treasury § 37.7 by this part must include the informa- tion described in appendix A to this part that is appropriate to the product offered. Short form disclosures made in a form that is substantially similar to the disclosures in appendix A to this part will satisfy the short form disclo- sure requirements of this section.