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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?


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#34334 - 09/24/02 06:27 PM Re: Reg DD's definition of Consumer
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,605
Galveston, TX
Correct.
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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.
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#34336 - 01/29/03 06:07 PM Re: Reg DD's definition of Consumer
Anonymous
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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
Texas
Personal, family, or household purposes.

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