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The regulation does apply to lending activities that take place within the United States (as well as the Commonwealth of Puerto Rico and any territory or possession of the United States), whether or not the applicant is a citizen. If a credit card issuer terminates the open-end account of a customer because the customer has moved out of the card issuer's service area, the termination is adverse action unless termination on this ground was explicitly provided for in the credit agreement between the parties. If a mortgagor sells or transfers mortgaged property without the consent of the mortgagee, and the mortgagee exercises its contractual right to accelerate the mortgage loan, the mortgagee may treat the mortgagor as being in default.In cases where termination is adverse action, notification is required under § 1002.9. If a creditor terminates credit accounts that have low credit limits (for example, under 0) but keeps open accounts with higher credit limits, the termination is adverse action and notification is required under § 1002.9. An adverse action notice need not be given to the mortgagor or the transferee.

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.

(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.

[Table of Contents] [Previous Page] [Next Page] [Search] Supplement I to Part 1002— Official Interpretations Following is an official interpretation of Regulation B (12 CFR Part 1002) issued by the Bureau of Consumer Financial Protection. 1601 Section 706(e) of the Equal Credit Opportunity Act protects a creditor from civil liability for any act done or omitted in good faith in conformity with an interpretation issued by a duly authorized official of the Bureau.

References are to sections of the regulation or the Equal Credit Opportunity Act (15 U. This commentary is the means by which the Bureau of Consumer Financial Protection issues official interpretations of Regulation B.