Installment Banks covers consumer-purpose direct lending laws from the perspective of a depository institution (i.e. state bank, state savings bank or state savings and loan association) chartered in each state. The following types of direct lending products are covered:
- secured by motor vehicles, deposit accounts, goods, or other collateral
- open end lines of credit
- closed end loans
The responses are based on the law applicable to a state-chartered FDIC-insured depository institution in each state. In addition, Installment Banks includes all potential federal preemptions that can affect a depository institution's choice of applicable laws, whether the depository institution is lending within the state, is exporting out of the state or is exporting into the state. The product addresses issues in a question/answer format. The questions relate to licensing, fee and payment limitations, disclosures, titling and security interests, recordkeeping, collections, and other pertinent issues. Installment Banks does not cover laws related to credit card accounts, retail installment sales, mortgage loans (loans secured by real property or personal property that is or will be used as a dwelling), overdraft accounts, title loans, payday loans or commercial loans.
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