A lender takes adverse action on an incomplete application after requesting additional information that was not provided within 30 days. When must the adverse action notice be sent?
Correct Answer
B) Within 30 days of taking the adverse action
Under Regulation B, when a creditor takes adverse action on an incomplete application, the adverse action notice must be provided within 30 days of taking the adverse action, not from the original application date.
Why This Is the Correct Answer
Under Regulation B, when a creditor takes adverse action on an incomplete application, the adverse action notice must be provided within 30 days of taking the adverse action, not from the original application date.
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