§ 1041.7. Identification of unfair and abusive practice.
70 words·~1 min read·
/us/cfr/t12/s§ 1041.7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
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§ 1041.7
Identification of unfair and abusive practice.
Fed. Reg.×4
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