source:
  type: regulation
  id: reg-v-1022.75
  authority: 12 CFR §1022.75 — Rules of construction (Regulation V)
  description: 12 CFR §1022.75 — Rules of construction.
  coverage_tier: operative
obligations:
- id: reg-v-1022.75-full
  canonical_id: reg-v-1022.75-full
  section: 12 CFR §1022.75 — Rules of construction
  type: do
  tags:
  - regulator-direct
  - fcra
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: 12 CFR §1022.75 — Rules of construction (Regulation V)
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1022.75
    snapshot_id: 3250d06c1409701b
    fetched_at: '2026-06-17T20:22:49Z'
    content_hash: sha256:046fbb4022b24d3d8e8af52afa36976e2e4851ab38e28148549572eef24b8dbe
    paragraph_quote: '§ 1022.75 Rules of construction. For purposes of this subpart,
      the following rules of construction apply: (a) One notice per credit extension.
      A consumer is entitled to no more than one risk-based pricing notice under §
      1022.72(a) or (c), or one notice under § 1022.74(d) , (e), or (f), for each
      grant, extension, or other provision of credit. Notwithstanding the foregoing,
      even if a consumer has previously received a risk-based pricing notice in connection
      with a grant, extension, or other provision of credit, another risk-based pricing
      notice is required if the conditions set forth in § 1022.72(d) have been met.
      (b) Multi-party transactions —(1) Initial creditor. The person to whom a credit
      obligation is initially payable must provide the risk-based pricing notice described
      in § 1022.72(a) or (c), or satisfy the requirements for and provide the notice
      required under one of the exceptions in § 1022.74(d) , (e), or (f), even if
      that person immediately assigns the credit agreement to a third party and is
      not the source of funding for the credit. (2) Purchasers or assignees. A purchaser
      or assignee of a credit contract with a consumer is not subject to the requirements
      of this subpart and is not required to provide the risk-based pricing notice
      described in § 1022.72(a) or (c), or satisfy the requirements for and provide
      the notice required under one of the exceptions in § 1022.74(d) , (e), or (f).
      (3) Example. A consumer obtains credit to finance the purchase of an automobile.
      If a bank or finance company is the person to whom the loan obligation is initially
      payable, the bank or finance company must provide the risk-based pricing notice
      to the consumer (or satisfy the requirements for and provide the notice required
      under one of the exceptions noted above) based on the terms offered by that
      bank or finance company only. The auto dealer has no duty to provide a risk-based
      pricing notice to the consumer . However, the bank or finance company may comply
      with this rule if the auto dealer has agreed to provide notices to consumers
      before consummation pursuant to an arrangement with the bank or finance company
      , as permitted under § 1022.73(c) . (c) Multiple consumers —(1) Risk-based pricing
      notices. In a transaction involving two or more consumers who are granted, extended,
      or otherwise provided credit, a person must provide a notice to each consumer
      to satisfy the requirements of § 1022.72(a) or (c). Whether the consumers have
      the same address or not, the person must provide a separate notice to each consumer
      if a notice includes a credit score(s). Each separate notice that includes a
      credit score(s) must contain only the credit score(s) of the consumer to whom
      the notice is provided, and not the credit score(s) of the other consumer .
      If the consumers have the same address, and the notice does not include a credit
      score(s), a person may satisfy the requirements by providing a single notice
      addressed to both consumers. (2) Credit score disclosure notices. In a transaction
      involving two or more consumers who are granted, extended, or otherwise provided
      credit, a person must provide a separate notice to each consumer to satisfy
      the exceptions in § 1022.74(d) , (e), or (f). Whether the consumers have the
      same address or not, the person must provide a separate notice to each consumer
      . Each separate notice must contain only the credit score(s) of the consumer
      to whom the notice is provided, and not the credit score(s) of the other consumer
      . (3) Examples. (i) Two consumers jointly apply for credit with a creditor .
      The creditor obtains credit scores on both consumers. Based in part on the credit
      scores, the creditor grants credit to the consumers on material terms that are
      materially less favorable than the most favorable terms available to other consumers
      from the creditor . The creditor provides risk-based pricing notices to satisfy
      its obligations under this subpart. The creditor must provide a separate risk-based
      pricing notice to each consumer whether the consumers have the same address
      or not. Each risk-based pricing notice must contain only the credit score(s)
      of the consumer to whom the notice is provided. (ii) Two consumers jointly apply
      for credit with a creditor . The two consumers reside at the same address. The
      creditor obtains credit scores on each of the two consumer applicants. The creditor
      grants credit to the consumers. The creditor provides credit score disclosure
      notices to satisfy its obligations under this subpart. Even though the two consumers
      reside at the same address, the creditor must provide a separate credit score
      disclosure notice to each of the consumers . Each notice must contain only the
      credit score of the consumer to whom the notice is provided.'
  judgment: false
