A completed application arrives on 4 May. The lender declines it on 20 May and posts the notice on 8 June.
Correct Answer
B) Late: notice was due within 30 days of the completed application
The clock runs from receipt of the completed application, so 4 May plus 30 days gives 3 June and a notice posted on 8 June is late. Other choices: dating the period from the internal decision would let a lender extend it by deciding slowly; 45 days is not a period in this section; and 15 days is shorter than the rule requires. Source: 12 CFR 1002.9(a)(1)
Why This Is the Correct Answer
The clock runs from receipt of the completed application, so 4 May plus 30 days gives 3 June and a notice posted on 8 June is late. Other choices: dating the period from the internal decision would let a lender extend it by deciding slowly; 45 days is not a period in this section; and 15 days is shorter than the rule requires. Source: 12 CFR 1002.9(a)(1)
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