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§ 1041.7 Identification of unfair and abusive practice.

The compliance date for this section is August 19, 2019.

It is an unfair and abusive practice for a lender to make attempts to withdraw payment from consumers' accounts in connection with a covered loan after the lender's second consecutive attempts to withdraw payments from the accounts from which the prior attempts were made have failed due to a lack of sufficient funds, unless the lender obtains the consumers' new and specific authorization to make further withdrawals from the accounts.

Official Interpretation

Section 1041.7—Identification of Unfair and Abusive Practice

1. General. A lender who complies with §1041.8 with regard to a covered loan has not committed the unfair and abusive practice under §1041.7.

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