Pre-Existing Business Relationship Law and Legal Definition

According to 12 CFR 41.20 [Title 12 Banks and Banking; Chapter I Comptroller of the Currency, Department of the Treasury; Part 41 Fair Credit Reporting; Subpart C Affiliate Marketing], pre-existing business relationship means “a relationship between a person, or a person's licensed agent, and a consumer based on

(A) A financial contract between the person and the consumer which is in force on the date on which the consumer is sent a solicitation covered by this subpart;

(B) The purchase, rental, or lease by the consumer of the person's goods or services, or a financial transaction (including holding an active account or a policy in force or having another continuing relationship) between the consumer and the person, during the 18-month period immediately preceding the date on which the consumer is sent a solicitation; or

(C) An inquiry or application by the consumer regarding a product or service offered by that person during the three-month period immediately preceding the date on which the consumer is sent a solicitation.”