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Truth in Lending

Fed · final-rule · Published 1995-03-24 · Effective 1995-03-22 · 60 FR 15463

Document

Document number
95-7231
Federal Register citation
60 FR 15463
CFR reference
12 CFR 226
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US Federal Reserve System
Publication date
1995-03-24
Effective date
1995-03-22
Docket
Regulation Z

Abstract

The Board is publishing amendments to Regulation Z (Truth in Lending). The amendments implement changes made to the Truth in Lending Act by the Riegle Community Development and Regulatory Improvement Act of 1994. The law imposes new disclosure requirements and substantive limitations on closed-end home equity mortgage loans bearing rates or fees above a certain percentage or amount. The amendments provide protection to consumers entering into these mortgages. The law also imposes new disclosure requirements to assist consumers in comparing the cost of reverse mortgage transactions, which provide periodic advances primarily to elderly homeowners and rely principally on the home's value for repayment.

Source

Authoritative
Federal Register document
Machine
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