Collateral

Collateral. The Licensee shall not “hold a personal check” as collateral for a credit availability loan. However, the Licensee may utilize an ACH authorization to debit funds from an account holder’s account provided the authorization is agreed to by the account holder and fully disclosed in the written agreement. If the account holder defaults, the Licensee must not debit more funds from the account holder’s bank account than what is currently owed on the credit availability account.