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Adverse Action Notice for Credit Suspension?
by Jack Holzknecht, BOL Guru
Guru BIOS

Question: If a line of credit account is delinquent, is it necessary to send an adverse action notice if the credit limit is suspended or terminated due to delinquency?

Answer: No. According to paragraph 2(c)(2)(ii)2 of the Reg B Commentary, "The term adverse action does not include a creditor’s termination of an account when the accountholder is currently in default or delinquent on that account."

First published on BankersOnline.com 10/20/03






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