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Good-faith compliance with this commentary affords a creditor protection under section 706(e) of the Act. Under Appendix D to the regulation, any person may request an official interpretation.Interpretations will be issued at the discretion of designated officials and incorporated in this commentary following publication for comment in the Federal Register.These persons must comply with § 1002.4(a), the general rule prohibiting discrimination, and with § 1002.4(b), the general rule against discouraging applications.2(p) The definition under §§ 1002.2(p)(1)(i) through (iv) sets the criteria that a credit system must meet in order to use age as a predictive factor.For example, an open-end credit account used for both personal and business purposes is not business credit unless the primary purpose of the account is business-related.A creditor may rely on an applicant's statement of the purpose for the credit requested.The written commitment may not be subject to conditions other than conditions that require the identification of adequate collateral, conditions that require no material change in the applicant's financial condition or creditworthiness prior to funding the loan, and limited conditions that are not related to the financial condition or creditworthiness of the applicant that the lender ordinarily attaches to a traditional application (such as certification of a clear termite inspection for a home purchase loan, or a maximum mileage requirement for a used car loan).But if the creditor's program does not provide for giving written commitments, requests for preapprovals are treated as prequalification requests for purposes of the regulation. Under the same facts as above, the financial institution evaluates the person's creditworthiness and determines that she does not qualify for a preapproval. The regulation defines a completed application in terms that give a creditor the latitude to establish its own information requirements.
(But see comment 9(a)(1)-3, which discusses the creditor's option to deny an application on the basis of incompleteness.) 2(g) The test for deciding whether a transaction qualifies as business credit is one of primary purpose.Notification in accordance with § 1002.9 of the regulation generally is required, however, if the creditor's action is based on a past delinquency or default on the account. When an applicant applies for credit and the creditor does not offer the credit terms requested by the applicant (for example, the interest rate, length of maturity, collateral, or amount of downpayment), a denial of the application for that reason is adverse action (unless the creditor makes a counteroffer that is accepted by the applicant) and the applicant is entitled to notification under § 1002.9.Denial of credit at point of sale is not adverse action except under those circumstances specified in the regulation. Billing statements have been returned to the creditor for lack of a forwarding address. A refusal or failure to authorize an account transaction at the point of sale or loan is not adverse action except when the refusal is a denial of an application, submitted in accordance with the creditor's procedures, for an increase in the amount of credit. If a mortgagor sells or transfers the mortgaged property and the buyer makes an application to the creditor to assume the mortgage loan, the mortgagee must treat the buyer as an applicant unless its policy is not to permit assumptions.[Table of Contents] [Previous Page] [Next Page] [Search] Supplement I to Part 1002 Official Interpretations Following is an official interpretation of Regulation B (12 CFR Part 1002) issued by the Bureau of Consumer Financial Protection. 1601 Section 706(e) of the Equal Credit Opportunity Act protects a creditor from civil liability for any act done or omitted in good faith in conformity with an interpretation issued by a duly authorized official of the Bureau.
References are to sections of the regulation or the Equal Credit Opportunity Act (15 U. This commentary is the means by which the Bureau of Consumer Financial Protection issues official interpretations of Regulation B.2(j) Regulation B covers a wider range of credit transactions than Regulation Z (Truth in Lending).Under Regulation B, a transaction is credit if there is a right to defer payment of a debt-regardless of whether the credit is for personal or commercial purposes, the number of installments required for repayment, or whether the transaction is subject to a finance charge.To ensure that predictive ability is being maintained, the creditor must periodically review the performance of the system.