12 CFR §1022.70 — Scope (Regulation V)
12 CFR §1022.70 — Scope.
Context section — definitions / scope / findings. Included for completeness; it carries no standalone compliance obligations of its own.
Verbatim regulatory text
Verbatim provisions from 12 CFR §1022.70 — Scope (Regulation V) — 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 §1022.70 — Scope
§ 1022.70 Scope . (a) Coverage —(1) In general. This subpart applies to any person , except for a person excluded from coverage of this part by section 1029 of the Consumer Financial Protection Act of 2010 , title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act , Public Law 111-203 , 124 Stat. 137 , that both: (i) Uses a consumer report in connection with an application for, or a grant, extension, or other provision of, credit to a consumer that is primarily for personal, family, or household purposes; and (ii) Based in whole or in part on the consumer report, grants, extends, or otherwise provides credit to the consumer on material terms that are materially less favorable than the most favorable material terms available to a substantial proportion of consumers from or through that person . (2) Business credit excluded. This subpart does not apply to an application for, or a grant, extension, or other provision of, credit to a consumer or to any other applicant primarily for a business purpose. (b) Enforcement. The provisions of this subpart will be enforced in accordance with the enforcement authority set forth in sections 621(a) and (b) of the FCRA. Consumer Financial Protection Act of 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act