Federal Reserve Board Issues Revisions to Reg Z (Truth-In-Lending)
April 3, 2002
The Federal Reserve Board on Wednesday issued revisions to its Regulation Z (Truth in Lending) official staff commentary, which applies and interprets the requirements of the regulation.
The commentary revisions:
- clarify how creditors that place Truth in Lending Act disclosures on the same document with the credit contract may satisfy the requirement for providing the disclosures, in a form the consumer may keep, before consummation.
- provide guidance on disclosing costs for certain credit insurance policies and
- clarify the definition of "business day" for purposes of the right to rescind certain home-secured loans.
The Board is also publishing technical changes to the regulation and commentary.
The revisions are effective immediately.
Click Here [pdf] to View the Board's Notice.
Source: Federal Reserve Board