Under content of disclosures long term disclosures may include the following, as applicable EXCLUDING:
Under content of disclosures long term disclosures may include the following, as applicable EXCLUDING:
Long-term disclosures typically include notification that the product is optional, an explanation of the debt-suspension agreement, and provisions for a refund of any fee paid. A lump-sum payment of a fee with no refund does not align with these typical long-term disclosure requirements and is therefore the correct exclusion.
Long-term disclosures for debt suspension agreements typically include notification that the product is optional, an explanation of the debt-suspension agreement, and provisions for a refund of the fee paid if the agreement is canceled. Therefore, the exclusion would be a lump-sum payment of a fee with no refund.