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(See comment 2(e)-1 for treatment of a purchaser who requests to assume the loan.) 2.
The term adverse action does not include a creditor's termination of an account when the accountholder is currently in default or delinquent on that account.
If additional information is needed from the applicant, such as an address or a telephone number to verify employment, the creditor should contact the applicant promptly.
(But see comment 9(a)(1)-3, which discusses the creditor's option to deny an application on the basis of incompleteness.) 2(g) The test for deciding whether a transaction qualifies as business credit is one of primary purpose.
Nevertheless, the creditor must act with reasonable diligence to collect information needed to complete the application.
For example, the creditor should request information from third parties, such as a credit report, promptly after receiving the application.
For example, an open-end credit account used for both personal and business purposes is not business credit unless the primary purpose of the account is business-related.
A creditor may rely on an applicant's statement of the purpose for the credit requested.
2(l) The term creditor includes all persons participating in the credit decision.
This may include an assignee or a potential purchaser of the obligation who influences the credit decision by indicating whether or not it will purchase the obligation if the transaction is consummated. For certain purposes, the term creditor includes persons such as real estate brokers, automobile dealers, home builders, and home-improvement contractors who do not participate in credit decisions but who only accept applications and refer applicants to creditors, or select or offer to select creditors to whom credit requests can be made.
A consumer calls to ask about loan terms and an employee explains the creditor's basic loan terms, such as interest rates, loan-to-value ratio, and debt-to-income ratio. A consumer calls to ask about interest rates for car loans, and, in order to quote the appropriate rate, the loan officer asks for the make and sales price of the car and the amount of the downpayment, then gives the consumer the rate. A consumer asks about terms for a loan to purchase a home and tells the loan officer her income and intended downpayment, but the loan officer only explains the creditor's loan-to-value ratio policy and other basic lending policies, without telling the consumer whether she qualifies for the loan. A consumer calls to ask about terms for a loan to purchase vacant land and states his income and the sales price of the property to be financed, and asks whether he qualifies for a loan; the employee responds by describing the general lending policies, explaining that he would need to look at all of the consumer's qualifications before making a decision, and offering to send an application form to the consumer. An application for credit includes the following situations: i.
A person asks a financial institution to "preapprove" her for a loan (for example, to finance a house or a vehicle she plans to buy) and the institution reviews the request under a program in which the institution, after a comprehensive analysis of her creditworthiness, issues a written commitment valid for a designated period of time to extend a loan up to a specified amount.
2(j) Regulation B covers a wider range of credit transactions than Regulation Z (Truth in Lending).