Truth in Lending: 5.10.2.1 Tax Deductibility Disclosures
In 2005, Congress amended the Act to augment the advertising rules for open-end and closed-end transactions secured by the principal residence of the homeowner in which the extension of credit may exceed the fair market value of the dwelling.705 On July 30, 2008, the FRB issued a final regulation to implement this statutory provision.706 This regulation is applicable to advertising on or after October 1, 2009.