2.59.411    METHOD OF PAYMENT OF FEES

(1) Except as provided in ARM 2.59.409(1)(c)(ii), a credit union may offer a member the option of paying the fee for a debt cancellation contract or a debt suspension agreement in a single payment, provided the credit union also offers the member a bona fide option of paying the fee for that contract in periodic installment payments.

(2) If a credit union offers the member the option to finance the single payment by adding it to the loan principal, the credit union must also disclose, in accordance with ARM 2.59.410, whether the member may cancel the agreement and receive a refund, and, if so, the time period during which the member may do so.

History: 32-3-201, MCA; IMP, 32-3-609, MCA; NEW, 2011 MAR p. 2816, Eff. 12/23/11.