Banking · Regulatory Guidelines and Fair Practices Code
Which of the following statements correctly describe the implications of using Recovery Agents engaged by banks according to the Fair Practices Code for Lenders? I. Banks must have a clear policy approved by their Board regarding the engagement of recovery agents. II. Banks are vicariously liable for the actions of their recovery agents, even if the agent is not a direct employee. III. The agent must provide the borrower with the contact details and the name of the officer who authorized the recovery.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1I, II, and III✓
- 2I and III only
- 3II and III only
- 4I and II only
Correct answer
I, II, and III
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