2.59.121    METHOD OF PAYMENT OF FEES

(1) Except as provided in ARM 2.59.119(1)(c)(ii), a bank may offer a customer the option of paying the fee for a debt cancellation contract or a debt suspension agreement in a single payment, provided the bank also offers the customer a bona fide option of paying the fee for that contract in periodic installment payments.

(2) If a bank offers the customer the option to finance the single payment by adding it to the loan principal, the bank must also disclose, in accordance with ARM 2.59.120, whether the customer may cancel the agreement and receive a refund, and, if so, the time period during which the customer may do so.

History: 32-1-218, MCA; IMP, 32-1-429, MCA; NEW, 2011 MAR p. 2801, Eff. 12/23/11.