12 CFR 37.3 - Prohibited practices.

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There is 1 rule appearing in the Federal Register for 12 CFR 37. View below or at eCFR (GPOAccess)
§ 37.3 Prohibited practices.
(a) Anti-tying. A national bank may not extend credit nor alter the terms or conditions of an extension of credit conditioned upon the customer entering into a debt cancellation contract or debt suspension agreement with the bank.
(b) Misrepresentations generally. A national bank may not engage in any practice or use any advertisement that could mislead or otherwise cause a reasonable person to reach an erroneous belief with respect to information that must be disclosed under this part.
(c) Prohibited contract terms. A national bank may not offer debt cancellation contracts or debt suspension agreements that contain terms:
(1) Giving the bank the right unilaterally to modify the contract unless:
(i) The modification is favorable to the customer and is made without additional charge to the customer; or
(ii) The customer is notified of any proposed change and is provided a reasonable opportunity to cancel the contract without penalty before the change goes into effect; or
(2) Requiring a lump sum, single payment for the contract payable at the outset of the contract, where the debt subject to the contract is a residential mortgage loan.

Title 12 published on 2014-01-01

The following are only the Rules published in the Federal Register after the published date of Title 12.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2014-06-27; vol. 79 # 124 - Friday, June 27, 2014
    1. 79 FR 36387 - Debt Cancellation Contracts and Debt Suspension Agreements
      GPO FDSys XML | Text
      DEPARTMENT OF THE TREASURY, Comptroller of the Currency
      12 CFR Part 37

Title 12 published on 2014-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 37 after this date.

  • 2014-06-27; vol. 79 # 124 - Friday, June 27, 2014
    1. 79 FR 36387 - Debt Cancellation Contracts and Debt Suspension Agreements
      GPO FDSys XML | Text
      DEPARTMENT OF THE TREASURY, Comptroller of the Currency
      12 CFR Part 37