§ 1002.103 Covered applications.
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Title 12 CFR: Banks and Banking › Chapter X: CONSUMER FINANCIAL PROTECTION BUREAU › Part 1002: EQUAL CREDIT OPPORTUNITY ACT (REGULATION B) › Subpart B: Small Business Lending Data Collection › § 1002.103: § 1002.103 Covered applications.
Text
(a)
Covered application.
Except as provided in paragraph (b) of this section, covered application means an oral or written request for a covered credit transaction that is made in accordance with procedures used by a financial institution for the type of credit requested.
(b)
Circumstances that are not covered applications.
A covered application does not include:
(1) Reevaluation, extension, or renewal requests on an existing business credit account, unless the request seeks additional credit amounts.
(2) Inquiries and prequalification requests.
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