A sample Credit Application form and Commercial Credit Application form are located at the end of this chapter. A loan application signed by the borrower is required for loans secured by the borrower’s homestead and is strongly recommended for all other loans. The Equal Credit Opportunity Act Reg. B [12 CFR 202] requires that certain notices be given to persons who apply for consumer and business credit. Specifically, a creditor must notify an applicant of action taken within (i) 30 days after receiving a completed application concerning the creditor’s approval of, counteroffer to, or adverse action on the application; (ii) 30 days after taking adverse action on an incomplete application; (iii) 30 days after taking adverse action on an existing account; or (iv) 90 days after notifying the applicant of a counteroffer if the applicant does not expressly accept or use the credit offered. A written loan/credit application provides a date from which a Bank may calculate these deadlines.