[NoteSmith user: This is letter LATE45.TXT in your NoteSmith Data folder. Edit it from menu Tools, Text Editor.]

This information is for NoteSmith users to help construct an acceptable 45 day late letter. This document is ready to mail merge but needs body text suitable for your situation. The Consumer Finance Protection Board, charged with the responsibility of enacting the Dodd-Frank Bill, suggests in the Small Entity Compliance Guide that a 45 day late letter should show the following information.

- The date on which the consumer became delinquent
- A notification of possible risks and expenses (for example, foreclosure or legal fees) that the consumers could face if the delinquency is not cured
- An account history showing the previous 6 months or the period since the last time the account was current, whichever is shorter. Show the amount remaining past due from each billing cycle. If the consumer made a full payment, show the date you credited the account for the full payment.
- A notice showing any loss mitigation program the consumer has agreed to, if applicable
- A notice that you have made the first notice or filing required to start a foreclosure, if applicable
- The total payment the consumer would have to make to bring the account current
- A reference to the homeownership counselor information you include elsewhere in your periodic statement

It may be necessary to include an invoice and payment history with a 45 day late notice to provide all the details required.

Use the information here as a template to edit your own 45 day late letter.

Sincerely,

Your Name
