Consumer Credit Definitions 168 > D 16

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Default

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  • Failure to repay a loan or otherwise meet the terms of your credit agreement. A loan that is one day late is technically “in default”.

    State of Maine, Department of Professional and Financial Regulation - Cite This Source - This Definition

All > Business > Finance > Personal Finance > Consumer Credit > Credit Card

  • You are in default on the account if:

    1. You do not make any payment when it is due; or
    2. You have exceeded one or more of your credit limits; or
    3. A payment you make is rejected or cannot be processed; or
    4. You provide us false, misleading, or fraudulent information; or
    5. You fail to comply with any term of the contract; or
    6. You are bankrupt or insolvency proceedings are filed against you; or
    7. You die or are legally declared incompetent or incapacitated; or
    8. We become aware that you are using your card for illegal or fraudulent purposes.

    If governing law requires us to, we will give you notice and/or a right to cure your default before taking any action because of your default.

    Consumer Financial Protection Bureau - Cite This Source - This Definition

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