Programs that accept and, where possible, attempt to resolve complaints regarding the quality of service, unethical or improper conduct of personnel or other inappropriate business practices of national or provincial banks or chartered commercial banks. Included are complaints regarding errors in computing interest, late charges or impounds, improper foreclosures on real estate loans, failure to meet loan commitments, noncompliance with the terms of the contract loan agreement or other similar problems.
Programs that are designed to protect the consumer from fraudulent or unfair credit practices through enforcement of legislation that guarantees equal access to credit; the right to notice of credit reporting activities; the right of access to information contained in credit reports; the right to correct erroneous credit report information; the right to withhold payment on damaged or shoddy goods or repairs or poor quality services while negotiating a settlement; the right to timely correction of billing errors; protection from abusive, deceptive or unfair debt collection practices and similar protections.
Organizations whose business is to receive money on deposit, cash cheques or drafts, discount commercial paper, make loans, issue promissory notes payable to the bearer, and/or accept payments for bills. Included are banks and savings and loans as well as other institutions that provide an alternative to the traditional banking system; nondepository institutions such as insurance companies, brokerage firms and mutual fund companies that sell financial products; and other types of organizations including businesses that serve as bill payment locations or offer other services related to finance.
The above terms and definitions are part of the Taxonomy of Human Services, used here by permission of INFO LINE of Los Angeles.