Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 12 - Banks and Banking |
Chapter X - Bureau of Consumer Financial Protection |
Part 1041 - Payday, Vehicle Title, and Certain High-Cost Installment Loans |
Subpart B - Underwriting |
§ 1041.4 - Identification of unfair and abusive practice.
Latest version.
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§ 1041.4 Identification of unfair and abusive practice.
It is an unfair and abusive practice for a lender to make covered short-term loans or covered longer-term balloon-payment loans without reasonably determining that the consumers will have the ability to repay the loans according to their terms.