12 C.F.R. § 37.4
Refunds of fees in the event of termination or prepayment of the covered loan
(a) Refunds. If a debt cancellation contract or debt suspension agreement is terminated (including, for example, when the customer prepays the covered loan), the bank shall refund to the customer any unearned fees paid for the contract unless the contract provides otherwise. A bank may offer a customer a contract that does not provide for a refund only if the bank also offers that customer a bona fide option to purchase a comparable contract that provides for a refund.
(b) Method of calculating refund. The bank shall calculate the amount of a refund using a method at least as favorable to the customer as the actuarial method.
Notes of Decisions
Cited in 3
cases, 2009–2011 · leading case: Arevalo v. Bank of Am. Corp., 850 F. Supp. 2d 1008 (N.D. Cal. 2011).
Arevalo v. Bank of Am. Corp., 850 F. Supp. 2d 1008 (N.D. Cal. 2011). “Bank of America also argues that 12 C.F.R. section 37.4, which governs the provision of refunds to DCC customers, conflicts with Plaintiffs’ claims that Bank of America failed to provide them refunds in violation of the CLRA, UCL, and FAL.”
Thomas v. Bank of Am. Corp., 711 S.E.2d 371 (Ga. Ct. App. 2011). “3 ); provide the terms for refunds ( 12 CFR § 37.4 ); mandate disclosures ( 12 CFR § 37.”
Spinelli v. Capital One Bank, 265 F.R.D. 598 (M.D. Fla. 2009). “3 ); provides the terms for refunds ( 12 C.F.R. § 37.4 ); mandates disclosures ( 12 C.”
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