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Truth in Lending

Fed · notice · Published 1996-12-12 · 61 FR 65317

Document

Document number
96-31531
Federal Register citation
61 FR 65317
CFR reference
12 CFR 226
Type
Rule
Action
Notice of adjustment of dollar amount.
Category
notice
Agency
US Federal Reserve System
Publication date
1996-12-12
Docket
Regulation Z

Abstract

The Board is publishing an adjustment to the dollar amount that triggers certain requirements of Regulation Z (Truth in Lending) for mortgages bearing fees above a certain amount. The Home Ownership and Equity Protection Act of 1994 sets forth rules for creditors offering home-secured loans with total points and fees payable by the consumer at or before loan consummation that exceed the greater of $400 or 8 percent of the total loan amount. The Board is required to annually adjust the $400 amount based on the annual percentage change in the Consumer Price Index as reported on June 1. The Board adjusted the $400 amount to $412 for 1996. The Board has adjusted the dollar amount from $412 to $424 for 1997.

Source

Authoritative
Federal Register document
Machine
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