Some loans are exempt from the requirement to provide periodic
statements (i.e. certain loans in bankruptcy). If an exemption expires,
the 2016 amendments clarify that servicers are only required to
provide transaction activity since the final payment due date during
the exemption period.
Example: Assume that a consumer was in Chapter 13 bankruptcy
for 2 years and during that time the account was exempt from the
requirement to send periodic statements. If the exemption ends
on July 10, the first periodic statement would include a summary
of transaction activity through July 1, rather than a breakdown of
monthly activity for the prior 2 years.
13
Post Exemption Statements
