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Truth in Lending

Fed · notice · Published 1998-02-09 · 63 FR 6474

Document

Document number
98-3108
Federal Register citation
63 FR 6474
CFR reference
12 CFR 226
Type
Rule
Action
Notice of adjustment of dollar amount.
Category
notice
Agency
US Federal Reserve System
Publication date
1998-02-09
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 home-secured loans in which the total points and fees payable by the consumer at or before loan consummation 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 and to $424 for 1997. The Board has adjusted the dollar amount from $424 to $435 for 1998.

Source

Authoritative
Federal Register document
Machine
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