Consumer Lending Forms
The Credit Line Account and Personal Loan Application
This is a multi-purpose application for use with both open-end and closed-end consumer lending. The "Credit Line Account" aspect of the form refers to any open-end consumer credit products (credit cards, LOC) your credit union might have, while "Personal Loan" relates to any of your closed-end installment loan types. This application is complemented by and works in conjunction with the Credit Line Account Agreement & Disclosure for any of your open-end consumer loan products to form the contract between the borrower and the credit union.
Credit Line Account Agreement and Disclosure
Commonly referred to as the master open-end credit agreement, this form is prepared to work with the Credit Line Account & Personal Loan Application to form the primary Federal
Disclosure Statement and the underlying contract for your credit union’s open-end consumer loans. It works equally well when used for open-end secured or open-end unsecured lending. The use of this form is most commonly followed by that of the Credit Line Account Advance Request or the Credit Line Account Advance Request and Security Agreement.
Credit Line Account Advance Request
This form excludes a security agreement and is used for documenting unsecured transactions. The Advance Request is delivered at the time of any open-end consumer credit advance given under an open-end Credit Line Account. For unsecured transactions, this form serves as a paper trail to document open-end Credit Line Account advances.
The Credit Line Account Advance Request and Security Agreement
This form includes a security agreement and is used for documenting unsecured transactions. The Advance Request is delivered at the time of any open-end consumer credit advance given under an open-end Credit Line Account. For unsecured transactions, this form serves as a paper trail to document open-end Credit Line Account advances.
Our Risk Based Lending Package includes: Risk Based Lending Origination Form, Risk Based Lending Servicing Form, and Risk Based Lending Exception Form. According to the regulation credit unions must either provide Risk Based Lending documents notice, as applicable, or they must provide the appropriate exception notice to all applicants.
The Closed-End Consumer Loan Note and Disclosure
When it comes to documenting closed-end consumer installment loans, this form has no equal. In fact, this form combines (among other things) five very important ingredients: a Federal Disclosure Statement, an Itemization of Amount Financed, a Credit Insurance Disclosure, a Security Agreement, and the underlying contract for closed-end consumer loan transactions.
The Notice to Co-Signer
To comply with the Federal Trade Commission’s requirements when there’s a co-signer for a loan, the Notice to Co-Signer must be supplied as a separate form. For California credit unions, the text of the Notice is restated in Spanish to comply with California law.
The Adverse Action Notice
For those few loans your credit union may not approve, you’ll need an Adverse Action Notice to send your applicants. The Adverse Action Notice is equally useful for open-end and closed-end loan transactions.
The Subsequent Action Form
This form is for changes after the initial disclosures and credit agreements have been distributed. The Subsequent Action Form documents those changes which occur “after the fact.” This form may be used with your open-end Credit Line Account program as well as certain events related to closed-end transactions.
The Limited Guarantee Agreement
Also used for credit involving a co-signer (or “guarantor”), the Limited Guarantee Agreement binds the co-signer to an open-end Credit Line Account. As such, for open-end consumer loan transactions, this form is intended to be used with the Credit Line Account Agreement and Disclosure.
