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#34333 - 09/24/02 06:16 PM Reg DD's definition of Consumer
Tina A Sweet Offline
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Tina A Sweet
Joined: Aug 2001
Posts: 1,033
Marysville, Ca.
I am trying to confirm if Reg DD governs business accounts. I have found this in my research that Reg DD governs consumers. And consumer are defined as follows:

(h) Consumer means a natural person who holds an account primarily for personal, family, or household purposes, or to whom such an account is offered. The term does not include a natural person who holds an account for another in a professional capacity.

Accordingly, it looks as if it does not govern business accounts, which ties along with Reg Z. Correct or incorrect?

Tina A Sweet-Williams
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#34334 - 09/24/02 06:27 PM Re: Reg DD's definition of Consumer
rlcarey Online
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Galveston, TX
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#34335 - 09/24/02 08:30 PM Re: Reg DD's definition of Consumer
Andy_Z Offline
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You are right. Originally there were questions on how it applied to bowling leagues and such. The "PFH" test works nicely. Many banks will choose to over-disclose and will provide these even when not necessary. In those cases, watch that you don't create contractual terms you don't want.
My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#34336 - 01/29/03 06:07 PM Re: Reg DD's definition of Consumer

What is the "PFH" test?

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#34337 - 01/29/03 06:27 PM Re: Reg DD's definition of Consumer
ABrown Offline
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Joined: May 2001
Posts: 279
Personal, family, or household purposes.

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