(i) Contractually liable means expressly obligated to repay all debts arising on an account by reason of an agreement to that effect. (h) Consumer credit means credit extended to a natural person primarily for personal, family, or household purposes. (g) Business credit refers to extensions of credit primarily for business or commercial (including agricultural) purposes, but excluding extensions of credit of the types described in § 202.3(a)–(d). The creditor shall exercise reasonable diligence in obtaining such information. A completed application means an application in connection with which a creditor has received all the information that the creditor regularly obtains and considers in evaluating applications for the amount and type of credit requested (including, but not limited to, credit reports, any additional information requested from the applicant, and any approvals or reports by governmental agencies or other persons that are necessary to guarantee, insure, or provide security for the credit or collateral). The term application does not include the use of an account or line of credit to obtain an amount of credit that is within a previously established credit limit. (f) Application means an oral or written request for an extension of credit that is made in accordance with procedures used by a creditor for the type of credit requested. For purposes of § 202.7(d), the term includes guarantors, sureties, endorsers, and similar parties. (e) Applicant means any person who requests or who has received an extension of credit from a creditor, and includes any person who is or may become contractually liable regarding an extension of credit. (d) Age refers only to the age of natural persons and means the number of fully elapsed years from the date of an applicant's birth. (3) An action that falls within the definition of both paragraphs (c)(1) and (c)(2) of this section is governed by paragraph (c)(2) of this section. (v) A refusal to extend credit because the creditor does not offer the type of credit or credit plan requested. (iv) A refusal to extend credit because applicable law prohibits the creditor from extending the credit requested or (iii) A refusal or failure to authorize an account transaction at point of sale or loan, except when the refusal is a termination or an unfavorable change in the terms of an account that does not affect all or substantially all of a class of the creditor's accounts, or when the refusal is a denial of an application for an increase in the amount of credit available under the account (ii) Any action or forbearance relating to an account taken in connection with inactivity, default, or delinquency as to that account (i) A change in the terms of an account expressly agreed to by an applicant. (iii) A refusal to increase the amount of credit available to an applicant who has made an application for an increase. (ii) A termination of an account or an unfavorable change in the terms of an account that does not affect all or substantially all of a class of the creditor's accounts or (i) A refusal to grant credit in substantially the amount or on substantially the terms requested in an application unless the creditor makes a counteroffer (to grant credit in a different amount or on other terms) and the applicant uses or expressly accepts the credit offered (b) Act means the Equal Credit Opportunity Act (title VII of the Consumer Credit Protection Act). When employed in relation to an account, the word use refers only to open-end credit. (a) Account means an extension of credit. For the purposes of this regulation, unless the context indicates otherwise, the following definitions apply.
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