Come across comments 2(o)-1 and -2 getting a dialogue away from open-avoid personal line of credit and you can extension out-of borrowing
Part 4(a)(37)
step one. Open-end personal line of credit. Except for partly exempt deals lower than 1003.3(d), 1003.4(a)(37) needs a lending institution to understand whether the shielded mortgage or the application is actually for an open-stop credit line.
Paragraph 4(a)(38)
step one. Number 1 purpose. With the exception of partially exempt deals less than 1003.3(d), 1003.4(a beneficial (38) requires a lending institution to recognize if the safeguarded loan was, or perhaps the software program is for a secured mortgage which will be, produced primarily having a business or commercial goal. Look for comment 3(c)(10)-2 having a discussion of tips influence the main goal of one’s transaction and also the standard applicable to a financial institution’s determination of your own top reason for your order. Leer Más