12 C.F.R. § 1002.103

Current through September 30, 2024
Section 1002.103 - Covered applications
(a)Covered application. Except as provided in paragraph (b) of this section, covered application means an oral or written request for a covered credit transaction that is made in accordance with procedures used by a financial institution for the type of credit requested.
(b)Circumstances that are not covered applications. A covered application does not include:
(1) Reevaluation, extension, or renewal requests on an existing business credit account, unless the request seeks additional credit amounts.
(2) Inquiries and prequalification requests.

12 C.F.R. §1002.103

88 FR 35528, 8/29/2023