2003. NO ENCOURAGEMENT OF DEFAULT

2003 NO ENCOURAGEMENT OF DEFAULT 2003.1 No lender shall encourage or recommend that a borrower default on an existing loan or other debt. 2003.2 For purposes of § 2003.1, "default" shall include failure to make any payment when due, without relying on a grace period or late payment period, or failure to perform all the terms and conditions of an existing loan or other debt. 2003.3 A lender shall not encourage or recommend any action by the borrower on existing loans or other debt that will create a default on an existing loan or other debt of the borrower. SOURCE: Final Rulemaking published at 49 DCR 10779, 10781 (November 29, 2002).