Has the Definition of Consumer Changed? Insight from Research Assistant

As Director of Education for insideARM and the iA Institute, I oversee our Research Assistant program. Folks have the chance to write to me, much like an Agony Aunt, with all manner of questions regarding compliance and operations.

With publication of the New/Final Rules, there has been no shortage of questions -- so, in this Thanksgiving Week, I thought I'd share a recent question/answer:

I stumbled upon an unusual point which I have not heard anyone mention. Section 1006.2 (p. 563) defines the term “consumer” as the person obligated to pay the debt. However, in section 1006.6 (p. 566) it explicitly defines the same term differently, and it includes the consumer’s spouse for purposes of that section. (As you know, it is never a good practice to use a term in its own definition.)

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