Definitions and rules of construction.

CFR · 2024-01-01 · US · Title 12

(a) (1) (2) (3)(i) (ii) For transactions subject to § 1026.19(e), (f), or (g) of this part, an application consists of the submission of the consumer's name, the consumer's income, the consumer's social security number to obtain a credit report, the property address, an estimate of the value of the property, and the mortgage loan amount sought. (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)(i) (ii) (A) A home-equity plan subject to the requirements of § 1026.40 that is accessed by a credit card; (B) An overdraft line of credit that is accessed by a debit card; or (C) An overdraft line of credit that is accessed by an account number, except if the account number is a hybrid prepaid-credit card that can access a covered separate credit feature as defined in § 1026.61. (iii) (iv) (16) (i) Agrees to pay as compensation for use a sum substantially equivalent to, or in excess of, the total value of the property and service involved; and (ii) Will become (or has the option to become), for no additional consideration or for nominal consideration, the owner of the property upon compliance with the agreement. (17) (i) A person who regularly extends consumer credit that is subject to a finance charge or is payable by written agreement in more than four installments (not including a down payment), and to whom the obligation is initially payable, either on the face of the note or contract, or by agreement when there is no note or contract. (ii) For purposes of §§ 1026.4(c)(8) (Disc

official document · source cfr-2024 · id 12:§ 1026.2