Section 26-C2003. NO ENCOURAGEMENT OF DEFAULT

Latest version.

2003.1No lender shall encourage or recommend that a borrower default on an existing loan or other debt.

2003.2For purposes of § 2003.1, "default" shall include failure to make any payment when due, without relying on a grace period or late payment period, or failure to perform all the terms and conditions of an existing loan or other debt.

2003.3A lender shall not encourage or recommend any action by the borrower on existing loans or other debt that will create a default on an existing loan or other debt of the borrower.

source

Final Rulemaking published at 49 DCR 10779, 10781 (November 29, 2002).

                    
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