{"id":8198,"date":"2025-01-15T06:00:00","date_gmt":"2025-01-15T11:00:00","guid":{"rendered":"https:\/\/payliance.com\/?p=8198"},"modified":"2025-07-01T16:16:44","modified_gmt":"2025-07-01T20:16:44","slug":"ensuring-compliance-with-sdlr","status":"publish","type":"post","link":"https:\/\/payliance.com\/ensuring-compliance-with-sdlr\/","title":{"rendered":"Ensuring Compliance with SDLR"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><h2 class=\"wp-block-post-title\">Ensuring Compliance with SDLR<\/h2>\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-ad2f72ca wp-block-group-is-layout-flex\"><div class=\"taxonomy-category wp-block-post-terms\"><a href=\"https:\/\/payliance.com\/payliance-news\/\" rel=\"tag\">Payliance News<\/a><span class=\"wp-block-post-terms__separator\">, <\/span><a href=\"https:\/\/payliance.com\/payments-blog\/\" rel=\"tag\">Payments<\/a><\/div>\n\n<div class=\"wp-block-post-date\"><time datetime=\"2025-01-15T06:00:00-05:00\">January 15, 2025<\/time><\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<p>As a lender, preparing for the SDLR may feel daunting\u2014but with the right approach, you can turn this challenge into an opportunity to modernize your operations. Let\u2019s break down the steps you can take to ensure compliance while minimizing disruptions.<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color has-link-color wp-elements-24d32b03e5c10ab2670c168ffe39ce79\"><strong>Step 1: Audit Your Loan Portfolio<\/strong><\/p>\n\n\n\n<p>The first step in preparing for the SDLR is understanding which loans fall under its scope. Take a close look at:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Short-term loans repayable within 45 days<\/strong>.<\/li>\n\n\n\n<li><strong>Longer-term loans<\/strong> with balloon payments or an <strong>APR exceeding 36%<\/strong>.<\/li>\n\n\n\n<li>Loans tied to automatic payment mechanisms (ACH, cards).<\/li>\n<\/ul>\n\n\n\n<p>This audit will give you a clear picture of where to focus your compliance efforts. Don\u2019t overlook loans that may fall into gray areas\u2014better safe than sorry when it comes to CFPB regulations.<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color has-link-color wp-elements-53d0fba074ccc4ce4f96285423f10f91\"><strong>Step 2: Upgrade Your Payment Systems<\/strong><\/p>\n\n\n\n<p>Next, assess whether your systems are equipped to handle SDLR requirements. Can your Loan Management System (<a href=\"https:\/\/payliance.com\/home\/lms-get-started\/lms-integrations\/\">LMS<\/a>) or payment processor:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Track failed payment attempts in real-time?<\/li>\n\n\n\n<li>Send accurate borrower notifications automatically?<\/li>\n\n\n\n<li>Retain records securely for <strong>36 months<\/strong>?<\/li>\n<\/ul>\n\n\n\n<p>If your current systems aren\u2019t up to the task, it\u2019s time to explore upgrades or integrations. A compliance-ready system will save time and reduce the risk of costly errors.<strong><br><\/strong><\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color has-link-color wp-elements-3302d902c7e4705f651c707c2074f1f8\"><strong>Step 3: Streamline Borrower Notifications<\/strong><\/p>\n\n\n\n<p>Under the SDLR, communication with borrowers must be timely, accurate, and compliant:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Initial Notifications<\/strong>: Include repayment terms in the signed loan agreement.<\/li>\n\n\n\n<li><strong>Subsequent Notices<\/strong>: Notify borrowers <strong>3-10 business days<\/strong> before payment attempts that deviate from previous terms.<\/li>\n\n\n\n<li><strong>Consumer Rights Notices<\/strong>: If two consecutive payment attempts fail, borrowers must be informed of their rights and next steps.<\/li>\n<\/ul>\n\n\n\n<p>This might seem complex, but with the right tools, these communications can be automated and streamlined.<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color has-link-color wp-elements-e64e5506ae6b530dd72fccff90733056\"><strong>Step 4: Train Your Team<\/strong><\/p>\n\n\n\n<p>Your team is critical to your compliance strategy. Equip them with:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Knowledge of SDLR provisions.<\/li>\n\n\n\n<li>Clear guidelines for managing notifications and tracking failed attempts.<\/li>\n\n\n\n<li>Confidence in leveraging your compliance tools effectively.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color has-link-color wp-elements-ddb6971edb4f077c4d396c65d00c0be1\"><strong>How Payliance Simplifies Compliance<\/strong><\/p>\n\n\n\n<p>Payliance offers a range of solutions tailored to SDLR compliance:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Pre-Built Notification Templates<\/strong>: Eliminate manual errors in borrower communications.<\/li>\n\n\n\n<li><strong>Real-Time Monitoring<\/strong>: Stay ahead of prohibited actions with proactive alerts.<\/li>\n\n\n\n<li><strong>Seamless LMS Integration<\/strong>: Avoid the need for costly system overhauls.<\/li>\n<\/ul>\n\n\n\n<p><strong>Take Action Today:<\/strong> <a href=\"https:\/\/payliance.com\/get-started\/\">Contact Payliance<\/a> to explore how our tools can simplify compliance and keep your operations running smoothly.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a lender, preparing for the SDLR may feel daunting\u2014but with the right approach, you can turn this challenge into an opportunity to modernize your operations. Let\u2019s break down the steps you can take to ensure compliance while minimizing disruptions. Step 1: Audit Your Loan Portfolio The first step in preparing for the SDLR is [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":8200,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","content-type":"","footnotes":""},"categories":[10,1],"tags":[57,73,68,58],"class_list":["post-8198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-payliance-news","category-payments-blog","tag-compliance","tag-lenders","tag-lending","tag-sdlr"],"acf":[],"_links":{"self":[{"href":"https:\/\/payliance.com\/wp-json\/wp\/v2\/posts\/8198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/payliance.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/payliance.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/payliance.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/payliance.com\/wp-json\/wp\/v2\/comments?post=8198"}],"version-history":[{"count":5,"href":"https:\/\/payliance.com\/wp-json\/wp\/v2\/posts\/8198\/revisions"}],"predecessor-version":[{"id":9813,"href":"https:\/\/payliance.com\/wp-json\/wp\/v2\/posts\/8198\/revisions\/9813"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/payliance.com\/wp-json\/wp\/v2\/media\/8200"}],"wp:attachment":[{"href":"https:\/\/payliance.com\/wp-json\/wp\/v2\/media?parent=8198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/payliance.com\/wp-json\/wp\/v2\/categories?post=8198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/payliance.com\/wp-json\/wp\/v2\/tags?post=8198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}