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:

  1. 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.
  2. provide guidance on disclosing costs for certain credit insurance policies and
  3. 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