"Cosigner" is defined in Reg AA in Section 227.12(b) as:
- A natural person who assumes liability for the obligation of a consumer and who does so without receiving goods, services or money in return for the obligation, or in the case of open-end credit, without receiving the contractual right to obtain extensions of credit on the account.
- Any person whose signature is requested as a condition to granting credit to a consumer, or as a condition for forbearance on collection of a consumer's obligation that is in default. The term does not include a spouse whose signature is required on a credit obligation to perfect a security interest pursuant to state law.
- A person who meets the definition in this paragraph is a cosigner, whether or not the person is designated as such on the credit obligation.
I'm not aware of any regulation that defines "co-borrower"; however, you may want to look at the definition of "applicant" in Regulation B in Section 202.2(e) and the Commentary to this section.
First published on BankersOnline.com 10/03/05