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Truth in Lending: Amendment History

[66 Fed. Reg. 17,340 (Mar. 30, 2001); 72 Fed. Reg. 63,476 (Nov. 9, 2007); 72 Fed. Reg. 71,059 (Dec. 14, 2007); 74 Fed. Reg. 5244 (Jan. 29, 2009); 75 Fed. Reg. 7848 (Feb. 22, 2010); 75 Fed. Reg. 7925 (Feb. 22, 2010); 75 Fed. Reg. 66,583 (Oct. 28, 2010); 76 Fed. Reg. 79,772 (Dec. 22, 2011); 86 Fed. Reg. 69,716 (Dec. 8, 2021); 88 Fed. Reg. 30,598 (May 11, 2023)]

Truth in Lending: 41(b) Timing of the periodic statement.

Editor’s Note786

1. Reasonably prompt time.787 Section 1026.41(b) requires that the periodic statement be delivered or placed in the mail no later than a reasonably prompt time after the payment due date or the end of any courtesy period. Delivering, emailing or placing the periodic statement in the mail within four days of the close of the courtesy period of the previous billing cycle generally would be considered reasonably prompt.

Truth in Lending: 41(d)(4) Transaction Activity.

Editor’s Note805

1. Meaning.806 Transaction activity includes any transaction that credits or debits the amount currently due. This is the same amount that is required to be disclosed under § 1026.41(d)(1)(iii). Examples of such transactions include, without limitation:

i. Payments received and applied;

ii. Payments received and held in a suspense account;

Truth in Lending: 41(e)(4)(ii) Small servicer defined.

Editor’s Note815

Editor’s Note816

1. Mortgage loans considered.817 Pursuant to § 1026.41(a)(1), the mortgage loans considered in determining status as a small servicer are closed-end consumer credit transactions secured by a dwelling, subject to the exclusions in § 1026.41(e)(4)(iii).

Truth in Lending: 41(e)(5)(iv)(B) Single-Statement Exemption.

Editor’s Note838

1. Timing. The exemption in § 1026.41(e)(5)(iv)(B) applies with respect to a single periodic statement or coupon book following an event listed in § 1026.41(e)(5)(iv)(A). For example, assume that a mortgage loan has a monthly billing cycle, each payment due date is on the first day of the month following its respective billing cycle, and each payment due date has a 15-day courtesy period. In this scenario:

Truth in Lending: 41(e)(6) Charged-off loans.

Editor’s Note839

1. Change in ownership. If a charged-off mortgage loan is subsequently purchased, assigned, or transferred, § 1026.39(b) requires a covered person, as defined in § 1026.39(a)(1), to provide mortgage transfer disclosures. See § 1026.39.

Truth in Lending: Amendment History

[78 Fed. Reg. 11,017 (Feb. 14, 2013); 78 Fed. Reg. 44,725 (July 24, 2013); 78 Fed. Reg. 60,442 (Oct. 1, 2013); 78 Fed. Reg. 63,006 (Oct. 23, 2013); 78 Fed. Reg. 65,300 (Nov. 3, 2014); 81 Fed. Reg. 49,869 (July 29, 2016); 81 Fed. Reg. 72,160 (Oct. 19, 2016); 81 Fed. Reg. 84,369 (Nov. 22, 2016); 82 Fed. Reg. 18,975 (Apr. 25, 2017); 83 Fed. Reg. 6364 (Feb. 13, 2018); 83 Fed. Reg. 10,553 (Mar. 12, 2018)]