Comment for 1002.7 - Rules Concerning Extensions of Credit
Open-end credit - authorized user.
- 1002 (Regulation B)
Search for terms in the sections, interpretations, and appendices in the Bureau regulations we currently have online.
Open-end credit - authorized user.
Section 1002.14(a)(1) applies when an applicant requests the renewal of an existing extension of credit
(3) Any special purpose credit program offered by a for-profit organization, or in which such an organization
account on the basis of a change in the marital status of an applicant who is contractually liable if the credit
The term “procedures” refers to the actual practices followed by a creditor for making credit decisions
The definition under §§ 1002.2(p)(1)(i) through (iv) sets the criteria that a credit system must
designate a single name for purposes of administering the account and that a single name be embossed on any credit
that is not available and cannot be derived from loan or application files or other records related to credit
The source of income to be used as the basis for repaying the credit requested, which could disclose
(3) Unsecured credit - community property states.
(4) Secured credit.
For example, a creditor is not required to offer credit to a denied applicant if the applicant no longer
creditworthiness of an applicant other than an empirically derived, demonstrably and statistically sound, credit
support, or separate maintenance payments from a spouse or former spouse as a basis for repayment of the credit
law denies the applicant power to manage or control sufficient community property to qualify for the credit
against discrimination on a prohibited basis, the requirements of this part do not apply to government credit
The information-collection requirements of this section apply to applications for credit primarily for
community property state or is relying on property located in such a state as a basis for repayment of the credit
(i) The credit history, when available, of accounts designated as accounts that the applicant and the
A denial of credit on the ground that an applicant is not a United States citizen is not per se discrimination
brokers, automobile dealers, home builders, and home-improvement contractors who do not participate in credit
or merchant) allows the client or customer to defer the payment of a bill, this deferral of debt is credit
The ECOA notice sent with a notification of a credit denial or other adverse action will comply with
permanent residency and immigration status of an applicant or any other person in connection with a credit
consider the age of an elderly applicant when such age is used to favor the elderly applicant in extending credit