Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Can a bank or lending institution require a borrower to purchase a service contract as a condition of a loan?

April 26, 2017Bank borrower condition contract institution lending loan purchase require service

0

Posted

Can a bank or lending institution require a borrower to purchase a service contract as a condition of a loan?

1 Answer

0

Posted

No bank, savings and loan association, lending institution, manufacturer, or seller of any product shall require the purchase of a service contract as a condition of a loan or a condition for the sale of any property.