Title 15 — Commerce and TradeRelease 119-73

§1639f Requirements for prompt crediting of home loan payments

Title 15 › Chapter CHAPTER 41— - CONSUMER CREDIT PROTECTION › Subchapter SUBCHAPTER I— - CONSUMER CREDIT COST DISCLOSURE › Part Part B— - Credit Transactions › § 1639f

Last updated Apr 6, 2026|Official source

Summary

When someone makes a payment on a home loan for their main home, the company that handles the loan must record that payment on the day it is received, unless waiting to record it causes no fee to the borrower and does not lead to a negative entry on the borrower’s credit report. If the loan company has written rules about how payments must be made but still accepts a payment that does not follow those rules, it must record that payment five days after it receives it.

Full Legal Text

Title 15, §1639f

Commerce and Trade — Source: USLM XML via OLRC

(a)In connection with a consumer credit transaction secured by a consumer’s principal dwelling, no servicer shall fail to credit a payment to the consumer’s loan account as of the date of receipt, except when a delay in crediting does not result in any charge to the consumer or in the reporting of negative information to a consumer reporting agency, except as required in subsection (b).

(b)If a servicer specifies in writing requirements for the consumer to follow in making payments, but accepts a payment that does not conform to the requirements, the servicer shall credit the payment as of 5 days after receipt.

Legislative History

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Section effective on the date on which final

Regulations

implementing such section take effect, or on the date that is 18 months after the designated transfer date if such

Regulations

have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as an

Effective Date

of 2010 Amendment note under section 1601 of this title.

Reference

Citations & Metadata

Citation

15 U.S.C. § 1639f

Title 15 — Commerce and Trade

Last Updated

Apr 6, 2026

Release point: 119-73