Bare-bones Application
by Dan Persfull, BOL Guru Guru BIOS
Question: I am trying to simplify our consumer loan application to a small brochure. Where do I find what is required to be on an application? I want it as simple as can be like name, address, income, debt and signature. Is that possible?
Answer: You'll find model application forms in Appendix B of Reg. B.
The application can be as brief as you are willing to accept, as long as it meets any state requirements, has no prohibited phrases, and doesn't request prohibited information outlined in Reg. B.
The most common error I've seen on "bare-bones" applications is the lack of the other income disclosure when the application has a space for other income.
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