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Fair Credit Reporting: 9.2.1.2a Identity Theft Report

Regulation V defines the term “identity theft report.”31 This definition imposes some significant burdens on consumers. Thus, any consumer seeking to invoke the extended fraud alert32 or the blocking provisions of the FCRA,33 should check to make sure that any police report meets the regulation’s requirements.

To qualify as an “identity theft report” under the FCRA, the report must meet the following criteria:

Fair Credit Reporting: H.1 Introduction

This appendix provides a state-by-state analysis of state laws that affect a consumer’s credit report. Most states have a state fair credit reporting statute. A number of states have also enacted statutes that:

Truth in Lending: Amendment History

[74 Fed. Reg. 5244 (Jan. 29, 2009); 74 Fed. Reg. 41,248 (Aug. 14, 2009); 75 Fed. Reg. 7848 (Feb. 22, 2010); 75 Fed. Reg. 7925 (Feb. 22, 2010); 76 Fed. Reg. 18,363 (Apr. 4, 2011); 76 Fed. Reg. 35,723 (June 20, 2011); 76 Fed. Reg. 79,772 (Dec. 22, 2011); 77 Fed. Reg. 69,736 (Nov. 21, 2012); 78 Fed. Reg. 70,196 (Nov. 25, 2013); 78 Fed. Reg. 70,196 (Nov. 25, 2013); 78 Fed. Reg. 79,730 (Dec. 31, 2013); 79 Fed. Reg. 56,483 (Sept. 22, 2014); 80 Fed. Reg. 73,947 (Nov. 27, 2015); 81 Fed. Reg. 84,369 (Nov. 22, 2016); 81 Fed. Reg. 86,260 (Nov. 30, 2016); 82 Fed. Reg. 18,975 (Apr. 25, 2017); 82 Fed.

Truth in Lending: Amendment History

[65 Fed. Reg. 17,132 (Mar. 31, 2000); 65 Fed. Reg. 70,465 (Nov. 24, 2000); 66 Fed. Reg. 57,849 (Nov. 19, 2001); 66 Fed. Reg. 65,620 (Dec. 20, 2001); 67 Fed. Reg. 16,982 (Apr. 9, 2002); 67 Fed. Reg. 61,769 (Oct. 2, 2002); 68 Fed. Reg. 16,190 (Apr. 3, 2003); 68 Fed. Reg. 50,965 (Aug. 25, 2003); 69 Fed. Reg. 16,769 (Mar. 31, 2004); 69 Fed. Reg. 50,298 (Aug. 16, 2004); 70 Fed. Reg. 46,067 (Aug. 9, 2005); 71 Fed. Reg. 46,388 (Aug. 14, 2006); 72 Fed. Reg. 44,033 (Aug. 7, 2007); 73 Fed. Reg. 44,610 (July 30, 2008); 73 Fed. Reg. 46,191 (Aug. 8, 2008); 74 Fed. Reg. 40,478 (Aug. 12, 2009); 75 Fed.

Home Foreclosures: ALASKA

Alaska Stat. § 06.45.060; Alaska Admin. Code tit. 3, § 170

Definition and Scope

There is no explicit definition of “reverse mortgage.”

Origination

Home Foreclosures: CALIFORNIA

Cal. Civ. Code §§ 1923 to 1923.10 (West); Cal. Civ. Code §§ 2923.4 to 2923.7, 2924.9 to 2924.19 (West) (loss mitigation, non-judicial foreclosure); Cal. Fin. Code § 7504 (West) (savings associations)

Definition and Scope

Home Foreclosures: DELAWARE

Del. Code Ann. tit. 5, §§ 2244 (licensed lenders), 2118(a) (mortgage loan brokers)

Definition and Scope

Mortgage loans, the proceeds of which are disbursed to the mortgagor in one or more lump sums, or in equal or unequal installments, and which requires no repayment until a future time, upon the earliest occurrence of one or more events specified in the reverse mortgage loan contract. § 2244(a)(2) (licensed lenders), § 2118(a)(2) (mortgage loan brokers).

Home Foreclosures: ILLINOIS

765 Ill. Comp. Stat. § 77/78; 765 Ill. Comp. Stat. §§ 945/1 to 945/40 (Reverse Mortgage Act); 815 Ill. Comp. Stat. § 137/65

Definition and Scope

Home Foreclosures: IOWA

Iowa Code § 16.53; Iowa Code §§ 528.1 to 528.9 (Alternative and Reverse Annuity Mortgage Loan Act); Iowa Code § 535A.1

Definition and Scope

Home Foreclosures: KENTUCKY

Ky. Rev. Stat. Ann. § 286.8-010(28) (West)

Definition and Scope

There is no explicit definition of “reverse mortgage.”

Origination

Authorized Lenders: No applicable law.

Disclosures: No applicable law.

Application and Approval: No applicable law.

Home Foreclosures: MASSACHUSETTS

Mass. Gen. Laws ch. 19A, § 36; Mass. Gen. Laws ch. 167E, §§ 7, 7A (savings bank, co-operative bank, or trust company); Mass. Gen. Laws ch. 171, §§ 65C, 65C½ (credit unions)

Definition and Scope

Home Foreclosures: NEVADA

Nev. Rev. Stat. §§ 106.300 to 106.400, 107.400 to 107.560

Definition and Scope

There is no explicit definition of “reverse mortgage.”

Origination

Authorized Lenders: No applicable law.

Disclosures: No applicable law.

Application and Approval: No applicable law.

Home Foreclosures: NEW JERSEY

N.J. Stat. Ann. §§ 46:10B-16 to 46:10B-21 (West) (Senior Citizen Homeowner’s Income Security Act)

Definition and Scope

Home Foreclosures: NEW YORK

N.Y. Real Prop. Law §§ 280, 280-a, 281 (McKinney); N.Y. Soc. Serv. Law § 131-x (McKinney)

Definition and Scope

Home Foreclosures: OREGON

Or. Rev. Stat. §§ 86A.100, 86A.195, 86A.196; Or. Admin. R. 461-145-0330

Definition and Scope

“Reverse mortgage” means a residential mortgage transaction in which the lender provides loan proceeds to a borrower in a lump sum or in monthly installments with the expectation that the borrower will repay the loan from the proceeds of a sale or transfer of the real property that secures the loan. § 86A.196.

Origination

Home Foreclosures: RHODE ISLAND

34 R.I. Gen. Laws §§ 34-23-5, 34-25.1-1 to 34-25.1-16

Definition and Scope

Reverse mortgages made after January 1, 1985. Applicable to mortgage entitled “Reverse mortgage to secure present and future loans under chapter 25.1 of title 34” and which includes the terms and provisions under § 34-25.1-2. § 34-25.1-6.

Origination

Home Foreclosures: TEXAS

Tex. Const. art. 16, § 50; Tex. Prop. Code Ann. tit. 2, app., Title Examination Standard 16.30 (West) (Foreclosure of Home Equity Loans and Reverse Mortgages)

Definition and Scope

Home Foreclosures: UTAH

Utah Code Ann. §§ 57-28-101 to 57-28-305 (West) (Reverse Mortgage Act)

Definition and Scope

Home Foreclosures: VERMONT

Vt. Stat. Ann. tit. 8, §§ 10701 to 10704; Vt. Stat. Ann. tit. 12, §§ 4631 to 4637

Definition and Scope

Truth in Lending: Appendix J Annual Percentage Rate Computations for Closed-End Credit Transactions

1. Use of appendix J. Appendix J sets forth the actuarial equations and instructions for calculating the annual percentage rate in closed-end credit transactions. While the formulas contained in this appendix may be directly applied to calculate the annual percentage rate for an individual transaction, they may also be utilized to program calculators and computers to perform the calculations.

Federal Deception Law: 3.1.1 The Consumer Financial Protection Bureau

Effective July 21, 2011,1 the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act)2 Title X created the Consumer Financial Protection Bureau (CFPB), with authority—among other powers—to issue regulations and bring enforcement actions against financial service providers that engage in unfair, deceptive, or abusive acts or practices (UDAAP).

Fair Credit Reporting: C.3 General Summary of Consumer Rights

Section 1681g(c) of the FCRA requires the CFPB to issue a general summary of consumer rights. The Summary of Consumer Rights is perhaps the single most common explanation of the FCRA most consumers will ever receive. Consumer reporting agencies must provide a copy of the Summary of Consumer Rights whenever a consumer requests disclosure of their file.5