The Notice of Intent to Apply for Joint Credit is required by Regulation B when any application has more than 1 applicant.
The Notice provides evidence that each applicant intended to apply for credit and is considered complete on the application when the Joint Credit box is checked and ALL applicants have initialed. In DecisionPro (DPro) there is a checkbox that must be marked.
If the Joint Credit section is not complete on the application, the Notice of Intent to Apply for Joint Credit form may be printed and used. The form is complete when every person applying for credit is listed under Applicant in the top section and have signed in the Acknowledgement section.
What do I do with it?
Signed and Initialed paper Application:
- Upload copy of signed application to Synergy (Consumer) or Abrigo (if business application is not signed electronically).
DecisionPro:
- Check Joint Credit Application Box
Notice of Intent to Apply for Joint Credit form:
- Upload copy of signed form to Synergy (Cons) or Abrigo (Bus)
Consequences
- Fine up to $10,000 per individual case
- Fine of $500,000 or 1% of bank’s net worth in class action
- Actual damages, costs and attorneys’ fees