Scope of coverage; exclusions; exemptions.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) For closed-end credit that does not provide for multiple advances to consumers, the consumer is required to repay substantially the entire amount of the loan within 45 days of consummation, or for all other loans, the consumer is required to repay substantially the entire amount of any advance within 45 days of the advance; (2) For loans not otherwise covered by paragraph (b)(1) of this section: (i) For closed-end credit that does not provide for multiple advances to consumers, the consumer is required to repay substantially the entire balance of the loan in a single payment more than 45 days after consummation or to repay such loan through at least one payment that is more than twice as large as any other payment(s). (ii) For all other loans, either: (A) The consumer is required to repay substantially the entire amount of an advance in a single payment more than 45 days after the advance is made or is required to make at least one payment on the advance that is more than twice as large as any other payment(s); or (B) A loan with multiple advances is structured such that paying the required minimum payments may not fully amortize the outstanding balance by a specified date or time, and the amount of the final payment to repay the outstanding balance at such time could be more than twice the amount of other minimum payments under the plan; or (3) For loans not otherwise covered by paragraph (b)(1) or (2) of this section, if both of the following conditions are sati

official document · source cfr-2024 · id 12:§ 1041.3