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How to quickly redact Reg b notice of intent to apply for joint credit online
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What is a regulation B notice of intent to apply for joint credit?
Regulation B and the Equal Credit Opportunity Act requires that a lender obtain evidence of each loan applicants intent to apply for joint credit before a credit decision can be made. Failure to complete when required will render the application/request for credit incomplete.
When a husband and wife apply jointly for commercial credit, their intent to do so must be evident at what time in the process?
A persons intent to be a joint applicant must be evidenced at the time of application. Signatures on a promissory note may not be used to show intent to apply for joint credit.
What is a regulation B notice of joint intent?
ing to the commentary in Regulation B, joint intent must be evidenced at the time of application. Whenever a joint application is received, the lender must ensure both applicants indicate their intentions to apply for joint credit verbally, on the application or on the financial statement.
What is the most common Reg B violation?
Common Violation #1: Discrimination on a prohibited basis in a credit transaction.
What are the requirements for joint intent?
Joint intent must be documented at the time of the initial credit request. Evidence of the applicants joint intent can range from signatures on a credit application, initials on a joint intent form, loan officer notes, etc. Submission of financial statements is generally not enough to demonstrate joint intent.
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Regulation B requires that banks provide a copy of the appraisal report used in connection with an application for credit to be secured by a lien on a dwelling. A bank may provide the copy either routinely (whether or not credit is granted or the application is withdrawn) or upon an applicants written request.
Related links
Comment for 1002.7 - Rules Concerning Extensions of Credit
A persons intent to be a joint applicant must be evidenced at the time of application. Signatures on a promissory note may not be used to show intent to apply
12 CFR Appendix Supplement I to Part 202 - Official Staff
Following is an official staff interpretation of Regulation B (12 CFR part 202) issued under authority delegated by the Federal Reserve Board to officials.
For POS transactions, the notice must be posted in a prominent and conspicuous location and a copy of the notice must either be provided to the consumer at the
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