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Truth in Lending

Fed · final-rule · Published 2009-11-20 · Effective 2009-11-20 · 74 FR 60143

Document

Document number
E9-27742
Federal Register citation
74 FR 60143
CFR reference
12 CFR 226
Type
Rule
Action
Interim final rule; request for public comment.
Category
final-rule
Agency
US Federal Reserve System
Publication date
2009-11-20
Effective date
2009-11-20
Docket
Regulation Z

Abstract

The Board is publishing for public comment an interim final rule amending Regulation Z (Truth in Lending). The interim rule implements Section 131(g) of the Truth in Lending Act (TILA), which was enacted on May 20, 2009, as Section 404(a) of the Helping Families Save Their Homes Act. TILA Section 131(g) became effective immediately upon enactment and established a new requirement for notifying consumers of the sale or transfer of their mortgage loans. The purchaser or assignee that acquires the loan must provide the required disclosures in writing no later than 30 days after the date on which the loan is sold or otherwise transferred or assigned. The Board is issuing this interim rule, effective immediately upon publication, so that parties subject to the statutory requirement have guidance on how to comply. However, to allow time for any necessary operational changes, compliance with the interim final rule is optional for 60 days from the date of publication; during this period, covered persons would continue to be subject to the statute's requirements. The Board seeks comment on all aspects of the interim rule.

Source

Authoritative
Federal Register document
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