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However, if in giving information to the consumer the creditor also evaluates information about the consumer, decides to decline the request, and communicates this to the consumer, the creditor has treated the inquiry or prequalification request as an application and must then comply with the notification requirements under § 1002.9.

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The written commitment may not be subject to conditions other than conditions that require the identification of adequate collateral, conditions that require no material change in the applicant's financial condition or creditworthiness prior to funding the loan, and limited conditions that are not related to the financial condition or creditworthiness of the applicant that the lender ordinarily attaches to a traditional application (such as certification of a clear termite inspection for a home purchase loan, or a maximum mileage requirement for a used car loan).

But if the creditor's program does not provide for giving written commitments, requests for preapprovals are treated as prequalification requests for purposes of the regulation. Under the same facts as above, the financial institution evaluates the person's creditworthiness and determines that she does not qualify for a preapproval. The regulation defines a completed application in terms that give a creditor the latitude to establish its own information requirements.

For example, comments to § 1002.2(c) are further divided by subparagraph, such as comment 2(c)(1)(ii)-1 and comment 2(c)(2)(ii)-1. Further, the definition of creditor is not restricted to the party or person to whom the obligation is initially payable, as is the case under Regulation Z.

The Equal Credit Opportunity Act and Regulation B apply to all credit--commercial as well as personal-without regard to the nature or type of the credit or the creditor, except for an entity excluded from coverage of this part (but not the Act) by section 1029 of the Consumer Financial Protection Act of 2010 (12 U. Moreover, the Act and regulation apply to all methods of credit evaluation, whether performed judgmentally or by use of a credit scoring system. Regulation B generally does not apply to lending activities that occur outside the United States.

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.

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.

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.

Good-faith compliance with this commentary affords a creditor protection under section 706(e) of the Act. Under Appendix D to the regulation, any person may request an official interpretation.

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