12 C.F.R. § 1041.7

Identification of unfair and abusive practice.

Last amended: 2018Year: 2026Length: 70 wordsOfficial source

Cite as 12 C.F.R. § 1041.7 (2026)

It is an unfair and abusive practice for a lender to make attempts to withdraw payment from consumers' accounts in connection with a covered loan after the lender's second consecutive attempts to withdraw payments from the accounts from which the prior attempts were made have failed due to a lack of sufficient funds, unless the lender obtains the consumers' new and specific authorization to make further withdrawals from the accounts.
12 C.F.R. § 1041.7: Identification of unfair and abusive practice. | Justis AI