12 CFR §1002.7 — Rules concerning extensions of credit
Regulation B §1002.7 governs how [LENDER] extends credit including individual-account rules, name designation, open-end-account actions, and spousal-signature restrictions.
Verbatim regulatory text
Verbatim provisions from 12 CFR §1002.7 — Rules concerning extensions of credit — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
12 CFR §1002.7(a) — Individual accounts
(a) Individual accounts. A creditor shall not refuse to grant an individual account to a creditworthy applicant on the basis of sex, marital status , or any other prohibited basis .
12 CFR §1002.7(b) — Designation of name
(b) Designation of name. A creditor shall not refuse to allow an applicant to open or maintain an account in a birth-given first name and a surname that is the applicant 's birth-given surname, the spouse's surname, or a combined surname.
12 CFR §1002.7(c)(1) — Actions concerning existing open-end accounts
(c) Action concerning existing open-end accounts —(1) Limitations. In the absence of evidence of the applicant 's inability or unwillingness to repay, a creditor shall not take any of the following actions regarding an applicant who is contractually liable on an existing open-end account on the basis of the applicant 's reaching a certain age or retiring or on the basis of a change in the applicant 's name or marital status:
12 CFR §1002.7(d)(1) — Rule for qualified applicant: no spousal signature
(d) Signature of spouse or other person —(1) Rule for qualified applicant. Except as provided in this paragraph, a creditor shall not require the signature of an applicant 's spouse or other person , other than a joint applicant , on any credit instrument if the applicant qualifies under the creditor 's standards of creditworthiness for the amount and terms of the credit requested. A creditor shall not deem the submission of a joint financial statement or other evidence of jointly held assets as an application for joint credit .
12 CFR §1002.7(d)(4) — Secured credit: spousal signature for security perfection
(4) Secured credit. If an applicant requests secured credit , a creditor may require the signature of the applicant 's spouse or other person on any instrument necessary, or reasonably believed by the creditor to be necessary, under applicable state law to make the property being offered as security available to satisfy the debt in the event of default, for example, an instrument to create a valid lien, pass clear title, waive inchoate rights, or assign earnings.
12 CFR §1002.7(e) — Insurance availability
(e) Insurance. A creditor shall not refuse to extend credit and shall not terminate an account because credit life, health, accident, disability, or other credit -related insurance is not available on the basis of the applicant 's age.
12 CFR §1002.7(c)(1) — Actions concerning existing open-end accounts — enumerated items (chapeau recall fix)
(i) Require a reapplication, except as provided in paragraph (c)(2) of this section; (ii) Change the terms of the account ; or (iii) Terminate the account .