12 CFR 706.2 - Unfair credit practices.

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There is 1 rule appearing in the Federal Register for 12 CFR 706. View below or at eCFR (GPOAccess)
§ 706.2 Unfair credit practices.
In connection with the extension of credit to consumers, it is an unfair act or practice for a Federal credit union, directly or indirectly, to take or receive from a consumer an obligation that:
(a) Constitutes or contains a cognovit or confession of judgment (for purposes other than executory process in the State of Louisiana), warrant of attorney, or other waiver of the right to notice and the opportunity to be heard in the event of suit or process thereon.
(b) Constitutes or contains an executory waiver or a limitation of exemption from attachment, execution, or other process on real or personal property held, owned by, or due to the consumer, unless the waiver applies solely to property subject to a security interest executed in connection with the obligation.
(c) Constitutes or contains an assignment of wages or other earnings unless:
(1) The assignment by its terms is revocable at the will of the debtor, or
(2) The assignment is a payroll deduction plan or preauthorized payment plan, commencing at the time of the transaction, in which the consumer authorizes a series of wage deductions as a method of making each payment, or
(3) The assignment applies only to wages or other earnings already earned at the time of the assignment.
(d) Constitutes or contains a nonpossessory security interest in household goods other than a purchase money security interest.

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.

  • 2014-10-03; vol. 79 # 192 - Friday, October 3, 2014
    1. 79 FR 59627 - Unfair or Deceptive Acts or Practices; Technical Amendments
      GPO FDSys XML | Text
      NATIONAL CREDIT UNION ADMINISTRATION
      Final rule.
      This final rule is effective on October 3, 2014.
      12 CFR Parts 701, 706, and 790

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United States Code

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 706 after this date.

  • 2014-10-03; vol. 79 # 192 - Friday, October 3, 2014
    1. 79 FR 59627 - Unfair or Deceptive Acts or Practices; Technical Amendments
      GPO FDSys XML | Text
      NATIONAL CREDIT UNION ADMINISTRATION
      Final rule.
      This final rule is effective on October 3, 2014.
      12 CFR Parts 701, 706, and 790