Special purpose credit programs.

CFR · 2024-01-01 · US · Title 12

(a) (1) Any credit assistance program expressly authorized by Federal or state law for the benefit of an economically disadvantaged class of persons; (2) Any credit assistance program offered by a not-for-profit organization, as defined under section 501(c) of the Internal Revenue Code of 1954, as amended, for the benefit of its members or for the benefit of an economically disadvantaged class of persons; or (3) Any special purpose credit program offered by a for-profit organization, or in which such an organization participates to meet special social needs, if: (i) The program is established and administered pursuant to a written plan that identifies the class of persons that the program is designed to benefit and sets forth the procedures and standards for extending credit pursuant to the program; and (ii) The program is established and administered to extend credit to a class of persons who, under the organization's customary standards of creditworthiness, probably would not receive such credit or would receive it on less favorable terms than are ordinarily available to other applicants applying to the organization for a similar type and amount of credit. (b) (2) (c) (d)

official document · source cfr-2024 · id 12:§ 1002.8