This is being cited by an institution in reference to my attempt to pay off a portion of a loan. In brief, I am trying to pay down 25k. They are looking for proof of funds for my money so that I can payoff a loan.
1. Does anyone have a reference to part of the legislation or any resource that explains this? I have looked through the act but it has been a needle/haystack experience.
2. They mention a 5k credit amount for disclosure. If I just do 6 payments below 5k am I in the clear or does that payment pattern which presumably goes against the spirit of the legislation something that would also trigger the paperwork requirement.
Would appreciate any thoughts or resources.
1. Does anyone have a reference to part of the legislation or any resource that explains this? I have looked through the act but it has been a needle/haystack experience.
2. They mention a 5k credit amount for disclosure. If I just do 6 payments below 5k am I in the clear or does that payment pattern which presumably goes against the spirit of the legislation something that would also trigger the paperwork requirement.
Would appreciate any thoughts or resources.