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ABBREVIATED DISCLOSURES
see also DISCLOSURES (TILA)
closed-end disclosures
assumptions, 5.15.10.5
payment schedule, 5.6.3.3
ABBREVIATIONS
open-end disclosures, 6.3.2.2
periodic statement, use, 6.7.3, 6.7.10
ABILITY-TO-REPAY
balloon payments, 9.6.10.4
credit card debt, 7.6.2
income considerations, 7.6.2.3, 7.6.3.1.2
minimum payment, 7.6.2.4
young consumers, 7.6.3.1
residential mortgage loans, 9.3.3
assignee liability, 12.3.4, 12.3.5
Dodd-Frank requirements, 9.3.3.3
HOEPA requirements, 9.6.11.2
higher-priced loans, 9.5.4.2
income verification, 9.3.3.3.4
open-end high-cost mortgages, 9.3.3.3.6
non-profit lenders, 9.3.3.3.8
non-traditional mortgages, 9.3.3.3.5, 9.3.3.3.7.2
qualified mortgages, 9.3.3.4
reverse mortgages, 9.3.3.2.2
streamlined refinancing, 9.3.3.3.7
ABSTENTION
Colorado River doctrine, 11.4.2.3
exceptional circumstances, 12.6.4
Younger doctrine, 11.4.2.2
ABUSIVE LENDING
mortgage loans, see UNFAIR MORTGAGE PRACTICES
non-TILA remedies, 9.1.2
ACCELERATION
see also DEFAULT; DUE-ON-DEMAND CLAUSES; EARLY TERMINATION
disclosure of rights, referral to contract, 5.9.10
HELOCs, restrictions, 8.6.5
reverse mortgages, 8.6.6
HOEPA loans, 9.6.10.7
late payment charge, status, 5.9.7
prepayment penalties, disclosure, 5.9.6.2
prepayment rebates, disclosure, 5.9.6.3
ACCESS CHECKS
see CONVENIENCE CHECKS
ACCIDENT AND HEALTH INSURANCE
see CREDIT INSURANCE
ACCOMMODATION PARTIES
see also COSIGNERS
cardholder status, 6.2.4.6
CLA, application, 13.2.4
consumer status, 2.2.2.2
credit cards for young consumers, 7.6.3.1.2, 7.6.3.1.3
defined, 2.2.2.2
disclosure rights, 2.2.2.3, 4.1.4, 6.3.4.3, 11.2.2
rescission rights, 10.2.8.1
standing, 11.2.2
subsequent, assumption status, 5.15.10.3
ACCOUNTS
see BANK ACCOUNTS; OPEN-END CREDIT
ACKNOWLEDGMENT OF RECEIPT
assignee liability, effect on, 4.2.5.2.3, 12.3.10
CLA disclosures, 12.3.2.1
segregated closed-end disclosures, inclusion, 4.2.6
TILA disclosures, effect, 4.2.5.2, 10.4.5.2
ACQUISITION FEES
see ASSIGNMENT FEES
ACTIONS
CLA, see CLA ACTIONS
class actions, see CLASS ACTIONS
collection actions, see COLLECTION ACTIONS
counterclaims, see COUNTERCLAIMS
limitations, see STATUTE OF LIMITATIONS
TILA, see TILA ACTIONS
ACTIONS ON THE DEBT
see COLLECTION ACTIONS
ACTIVITY CHARGES
see TRANSACTION FEES
ACTUAL DAMAGES
see also DAMAGES
alternative standards, 11.5.4
auto financing, payment packing, 3.6.3.4.3
avoidance or reformation of contract, 11.5.4.5
benefit of the bargain damages, 11.5.3.2.4
CLA violations, 13.3.1.1, 13.7.2.1
class actions, see CLASS ACTIONS
components, 11.5.6
consequential damages, 11.5.6.1
correction of error, 11.5.4.2
credit card violations
billing, 7.9.9
disclosures, 6.5.7
generally, 7.16
unauthorized use protections, 7.10.8
unsolicited issuance, 7.12.5
dealer upcharges, 11.5.3.2.5
detrimental reliance, 11.5.3, 11.5.5
dealer upcharge cases, 11.5.3.2.5
development of standard, 11.5.3.1
establishment, 11.5.3.2
fair dealing by creditor, 11.5.4.6
measure of damages, 11.5.3.2.2
necessity, 11.5.1, 11.5.3.1, 11.5.5
why standard is wrong, 11.5.4.1
Dodd-Frank violations, 9.3.8
emotional distress, 11.5.6.1
erroneous disclosure terms, enforcement, 11.5.4.4
FCBA violations, 7.9.9
HELOC violations, 8.7
hidden payments, 11.5.3.2.5
higher-priced loan violations, 9.5.5
importance, 11.5.1
legislative history, 11.5.2
liability for, see CIVIL LIABILITY
missed opportunity damages, 11.5.3.2
mistake doctrine, application, 11.5.4.5
multiple awards, 11.5.6.3
open-end credit violations
disclosure violations, 6.9
substantive violations, 7.16
prejudgment interest, 11.5.6.2
prepayment penalties as, 5.9.6.1
prerequisite for liability, not, 12.5.2, 11.2.1, 11.5.2
recoupment claims, 10.3.3.11
restitution policy, 11.5.4.3
TILA rescission
outside costs, 10.6.4.2
relationship, 11.6.4.3
spiking cases, 10.5.3.3
violations, 10.9.3
TILA violations
components, 11.5.6
determination, 11.5.4
disclosure violations, 10.9, 11.5.3, 11.5.4
generally, 11.5.1
legislative background, 11.5.2
liberal construction, 11.5.4.1
multiple awards, 11.5.6.3
rescission violations, 10.9.3
substantive prohibitions, 11.5.5
transfer notice violations, 11.6.9.3.2
usurious interest, relationship, 11.5.6.4
ACTUARIAL INTEREST RATES
see ANNUAL PERCENTAGE RATE (APR); SIMPLE INTEREST RATES
ACTUARIAL METHOD
APR, calculation using, 1.1.1, 5.5.2
fixed rate transactions, 5.5.6.2.1
irregular transactions, 5.5.4.1.2
regular transactions, 5.5.4.1.1
HOEPA loans, unearned interest rebates, 9.6.10.3
ADD-ON CHARGES
see FINANCE CHARGE
ADD-ON INTEREST
see also INTEREST CHARGES; PRECOMPUTED TRANSACTIONS
APR, disclosure, 5.5.4.3.2
comparison with simple interest, 1.1.1
prepaid finance charge status, 3.8.2
ADD-ON PURCHASES
finance charge status, 3.6.3.1
ADDRESSES
see also CONTACT INFORMATION
billing error inquiries, disclosure, 6.7.12, 7.9.5.3
credit card payments, 7.7.5
designation, 7.7.5.1
in-person payments, 7.7.5.2
credit card public solicitations, 6.5.4.4.2, 6.5.4.4.3
creditors, disclosure, 5.9.2, 5.15.11.1
assignees, 5.15.2.4.2
authorized agents, 5.15.2.4.4
servicers, requests for, 5.15.11
ADJUSTABLE RATE MORTGAGES (ARMs)
see also NON-TRADITIONAL MORTGAGES; RESIDENTIAL MORTGAGE LOANS; VARIABLE-RATE TRANSACTIONS
affordability standards, 9.3.3.3.5
APR calculation, 5.5.6.3, 5.13.4.3
ARMs brochure, 5.13.4.2
assumptions, 5.15.10.1
CHARM booklet, 5.13.4.2
Competitive Equality Banking Act, application, 5.12.1, 8.4.7.1
closed-end disclosures, 5.13
see also CLOSED-END DISCLOSURES (TILA)
AIR table, 5.11.2.5.6.6, 5.11.2.6.7.4
conversion features, 5.13.4.1
demand obligations, 5.13.4.1
discounts, 5.13.4.3
early disclosures, 5.13.4
electronic disclosures, 4.3.5, 4.3.8
escrow accounts, 5.13.6
good faith estimates, 4.5.7.3
graduated-payment mortgages, 4.5.5
historical example, 5.13.4.5.2
illustrations, 5.13.1.6
interest and payment summary, 5.7.1
interest carryovers, 5.13.4.3
interest rate change, 5.13.3
loan note, disclosure in, 5.13.1.2
maximum payment example, 5.13.4.5.3, 5.13.5
negative amortization, 5.13.4.1, 5.13.4.3, 5.13.4.4
overview, 5.13.1
payment schedule, 5.6.6, 5.7, 5.13.4.1
PMI, 5.7.3
POARMs, 5.6.6.2, 5.13.4.4.2
purpose, 5.13.1.1
rate adjustments, 5.13.3
rate calculation, 5.13.4.3
rate cap, 5.13.2, 5.13.4.3
rate index, 5.13.4.3
specific violations, 5.13.4.6.2
standard brochure, 5.13.4.2
subsequent disclosures, 5.13.3
taxes and insurance, 5.7.2, 5.13.6
timing, 4.4.8, 5.13.3.4
violations, remedies, 5.13.1.3, 5.13.3.5, 5.13.4.6, 12.2.2.2
worst case scenario, 5.13.4.5
escrow accounts, 5.13.6
HELOCs, see under HOME EQUITY LINES OF CREDIT (HELOCs)
HOEPA coverage, 9.6.3.4
HOEPA disclosures, 9.6.6.4
hybrid ARMs, 5.6.6.1, 5.13.1.6, 5.13.3.1
illustrations, 5.12.1
interest rate calculation, 5.5.6.3, 5.13.4.3
interest rate caps
closed-end transactions, 5.13.2, 5.15.10.1
defined, 5.12.1.2
history of, 5.13.1.4
open-end credit plans, 8.4.7
text, Appx. A.3
LIBOR rate, 5.5.6.3, 5.12.1.2
maximum interest rate, 5.13.2.2
model forms, 4.2.2.1
negative amortization, 5.13.4.4, 9.6.10.5
notice of change, 5.13.3
initial rate change, 5.13.3.3.3
old rules, 5.13.3.2, 5.13.3.4.1
post-Dodd-Frank rules, 5.13.3.3, 5.13.3.4.2
rate reset, 5.13.3.3.4
remedies, 5.13.3.5
required disclosures, 5.13.3.2.2, 5.13.3.3
timing rules, 5.13.3.4
open-end, see HOME EQUITY LINES OF CREDIT (HELOCs)
POARMs, see PAYMENT OPTION ADJUSTABLE-RATE MORTGAGES (POARMs)
rate caps
assumptions, 5.15.10.1
disclosure requirements, 5.13.2.1
maximum rate, 5.13.2.2
regulatory history, 5.13.1.4
sample mortgage, 4.2.2.1
terminology, 5.12.1.2
ADJUSTED BALANCE METHOD
see ADJUSTED LEASE BALANCE; BALANCE COMPUTATION METHODS
ADJUSTED LEASE BALANCE
see also EARLY TERMINATION FORMULAS
additional penalties, 13.5.5.3
calculation
disclosure, 13.3.6.7.3
understanding, 13.5.3.2.3
constant yield method
disclosure requirements, 13.3.6.7.3
use to compute, 13.5.3.2.3
ADVANCE FEES
see PROCESSING FEES
ADVANCE PAYMENTS
see DOWN PAYMENTS
ADVANCES
cash advances, see CASH ADVANCES
multiple advances, see MULTIPLE ADVANCES
new advances, see NEW ADVANCES
ADVERTISEMENTS
see also PROMOTIONAL MATERIAL
CLA requirements, 13.4
additional disclosure, 13.4.3.1
application, 13.4.2
bait-and-switch advertising, 13.4.3.5
catalogs, 13.4.3.4
clear and conspicuous, 13.4.3.1
definition, 13.4.1, 13.4.2
disclosure requirements, 13.4.3
electronic advertisements, 13.4.3.4
merchandise tags, 13.4.3.2
multi-page, 13.4.3.4
remedies for violations, 13.4.1
television and radio, 13.4.3.3
triggering terms, 13.4.3.1
violations, remedies, 13.4.1, 13.7.1.3
closed-end loans, 5.10
format requirements, 5.10.1.2
interest rate or APR, 5.10.1.3
mortgage advertising, 5.10.1.4, 5.10.2
triggering information, 5.10.1.1
violations, remedies, 5.10.3
credit secured by dwelling, 5.10.2
misleading acts or practices, 5.10.2.3
payment amount, 5.10.2.2
tax deductibility, 5.10.2.1
definition, 6.4.1, 13.4.2
electronic advertising, 4.3.5, 5.10.1.2
credit card solicitations, 6.5.4.2
leases, 13.4.3.4
electronic disclosures, 4.3.9, 6.5.2.4
finance charge, 5.10.1.1, 5.10.1.3
HELOCs, 8.2
mortgage advertising disclosures, 5.10.1.4
format, 5.10.1.2
misleading advertising, 5.10.2.3
payment amount, 5.10.2.2
tax deductibility, 5.10.2.1
newspapers, see NEWSPAPER ADVERTISING
open-end credit
credit card and charge cards, 6.5
credit sales, 6.4.3
deferred interest programs, 6.4.6
HELOCs, 8.2
overview, 6.4.1
promotional rates, 6.4.5
triggered disclosures, 6.4.2
violations, remedies, 6.4.7
radio, see RADIO ADVERTISING
television, see TELEVISION ADVERTISING
TILA violations, 11.6.5.4
CLA, 13.4.1, 13.7.1.3
closed-end violations, 5.10.3
open-end violations, 6.4.7
ADVERTISING AGENCIES
see also ADVERTISEMENTS
CLA advertising provisions, application, 13.7.1.3
AFTER-ACQUIRED PROPERTY INTERESTS
security interest status, 5.8.2.2
AGENTS
card issuer status, 6.2.4.4.4
closing agents, see SETTLEMENT AGENTS
creditor’s agent, contact information, 5.15.2.4.4
servicer as agent of creditor, 11.6.9.5.2
AGREEMENTS
see CREDIT AGREEMENTS
AGRICULTURAL CREDIT
see also CREDIT
primary purpose, determination, 2.4.2.1
TILA exemption, 2.4.2.4
ALTERNATIVE MORTGAGE TRANSACTION PARITY ACT (AMTPA)
HOEPA override, 9.6.1.4
largely repealed, 9.6.1.4
state law preemption, 2.6.3.5, 9.6.1.4
AMORTIZATION
see CAPITALIZED COST; NEGATIVE AMORTIZATION
AMOUNT FINANCED
calculation, 3.8.4, 5.3
checklist, 3.11.2
closed-end disclosures
assumptions, 5.15.10.4
down payments, 5.3.2.1
finance charge errors, effect, 5.4.3.4
general rule, 5.3.1
insurance premiums, 5.9.8
itemization, 5.9.3
negative equity, 5.3.2.2
other amounts, 5.3.3
overstated, 4.5.6.3.3, 4.5.11
pickup payments, 5.3.2.3
premiums and rebates, 5.3.4
prepaid finance charge, 5.3.1
tolerance levels, 5.3.5, 10.4.3.2
trade-ins, 5.3.2.1
finance charge, distinguished, 3.2.2
itemized disclosures, 5.9.3
amount credited to consumer’s account, 5.9.3.3
amounts paid to other persons, 5.9.3.4
categories, 5.9.3.1
exclusion from segregated disclosures, 4.2.6
general rule, 5.9.3.1
insurance premiums, inclusion, 5.9.8
model form, 4.2.2.1
prepaid finance charges, 3.8.3, 5.9.3.1, 5.9.3.5
proceeds distributed to consumer, 5.9.3.2
requests for, 5.9.3.1
RESPA transactions, exemption, 4.4.7
security interest charges, 5.9.9
violations, 5.9.3.1
loan principal distinguished, 3.2.3
material disclosure, 10.4.3.2
open-end credit, existence, 6.2.2.3
overdisclosure, 4.5.11
payment schedule, inclusion, 5.6.3.1
prepaid finance charges, relationship, 3.8.3
principal amount, distinction, 5.3.1
total of payments, relationship, 5.6.9.1.1
working examples, 3.8.5, 3.11
yo-yo sales, 4.5.6.3.3
AMOUNT OWING
see CREDIT CARD BALANCES; PAYOFF STATEMENTS
ANCILLARY JURISDICTION
see SUPPLEMENTAL JURISDICTION
ANNUAL FEES
see MEMBERSHIP FEES
ANNUAL PERCENTAGE RATE (APR)
see also FINANCE CHARGE
calculation, closed-end credit, 5.5.6
accuracy tolerance levels, 5.5.4
composite rate, 5.5.6.3.7
computer programs, 1.7, 5.5.6.3.7
construction loans, 5.5.6.3.5
demand obligations, 5.5.7
fixed-rate transactions, 5.5.6.2
methods, 5.5.2, 5.5.6.2
payment irregularities, 4.5.8, 5.5.4.1.2, 5.5.6.2.2
proving accuracy, 5.5.5
Regulation Z, 5.5.5, 5.5.6.2
single-advance, single-payment transactions, 5.5.7
tables and other tools, use, 5.5.4.1.3, 5.5.6.2.1
tool error, 5.5.4.2, 5.5.4.3.1, 12.4.5
variable-rate transactions, 5.5.6.3
calculation, foreclosure rescue scams, 9.9.2
calculation, high-cost loans, 9.7
calculation, open-end credit, 6.7.6.4.2
change in rate
see also CHANGE IN CREDIT TERMS; VARIABLE-RATE TRANSACTIONS
HELOCs, 8.6.4
no right to reject, 7.3.2.2
significant change status, 6.8.4.4.1
closed-end disclosures, 5.5
accuracy tolerance levels, 5.5.4
add-on rates, 5.5.4.3.2
advertisements, 5.10.1.1, 5.10.1.3
assumptions, 5.15.10.5
composite rate, 5.5.6.3.6, 5.5.6.3.7
construction loans, 5.5.6.3.5
finance charge errors, effect, 5.4.3.4, 5.5.4.1.4
fixed dollar finance charges, 5.5.4.3.3
fixed rate transactions, 5.5.6.2
general rules, 5.5.2
irregular transactions, 5.5.4.1.2, 5.5.6.2.1
mail orders, 5.5.4.3.3
more conspicuous requirement, 4.2.4.6, 5.5.3
overstatements, 5.5.4.2
rate reduction, 5.15.5
refinancings, 5.15.9
series of sales, 5.5.4.3.3
subsequent disclosures, 4.5.9
telephone orders, 5.5.4.3.3
understated, 4.5.6.3.2
variable rate transactions, 5.5.6.3
comparison with other rates, 1.1.1
composite rates, 5.5.6.3.6, 5.5.6.3.7
construction loans, 5.5.6.3.5
correction of errors, 12.4.6.4
credit cards
early disclosures, 6.5.3.2
first year protections, 7.2.4
outstanding balance, limits on increase, 7.2.3
mandatory re-evaluation of increase, 7.2.5
reason for rate increase, 6.8.4.7.4
demand obligations, 5.5.7
discount rate, see DISCOUNT INTEREST
effective APR, 6.7.6.4
employee preferential rates, 6.5.3.2.11, 6.6.5.6.4
fixed APR, 5.5.6.2, 6.3.3.3
foreclosure rescue scams, 9.9.2
HELOCs
account-opening disclosure, 8.4.2.2
changes in, 8.6.4
early disclosure, 8.3.5.7
effective APR, 6.7.6.4.2
generally, 8.1.5
recent APR, 8.3.5.7
variable-rate disclosures, 8.3.5.12, 8.4.7
higher-priced mortgage trigger, 9.5.2
calculation, 9.7
HOEPA loans
disclosures, 9.6.6.1
trigger, 9.6.3, 9.7
increases, refinancing status, 5.15.5
interest rates distinguished, 1.1.1, 3.2.3, 5.5.1
leases, 13.3.6.19, 13.4.3.1
material disclosure
closed-end credit, 10.4.3.2
open-end credit, 10.4.3.3
open-end disclosures
account opening, 6.6.5
change in rate, 6.8.4.4.2, 6.8.4.6.1, 6.8.4.6.3, 6.8.4.6.4, 6.8.4.7.4
convenience checks, 6.8.3.3.2
credit cards, 6.5.3.2, 6.8.4.7.4
effective or historical rate, 6.7.6.4
HELOCs, 8.3.5.7, 8.3.5.12, 8.4.7
more conspicuous requirement, 6.3.3.1
multiple rates, 6.5.3.2.3, 6.5.3.2.4
periodic statement, on, 6.7.6
terminology, 6.3.3
penalty APR, see PENALTY RATES
periodic rate, see PERIODIC RATES
PMI, inclusion, 5.7.3
promotional rates, see INTRODUCTORY OR PROMOTIONAL RATES
reductions, refinancing status, 5.15.5
risk-based pricing, 6.6.5.6.2
simple rate, see SIMPLE INTEREST RATES
software programs, 1.7, 5.5.6.3.7
subprime, see SUBPRIME CREDIT
tables, see ANNUAL PERCENTAGE RATE TABLES
timely payments rewards programs, 5.5.6.3.4
usurious interest as misdisclosure, 4.5.2
variable, see ADJUSTABLE RATE MORTGAGES (ARMs); VARIABLE-RATE TRANSACTIONS
yo-yo sales, 4.5.6.3.2
ANNUAL PERCENTAGE RATE TABLES
see also ANNUAL PERCENTAGE RATE (APR); FEDERAL RESERVE BOARD (FRB)
calculations using
admissibility as evidence, 5.5.5
closed-end transactions, 5.5.4.1.3, 5.5.6.2
deemed accurate, 5.5.4.1.3
getting started, 1.7
irregular transactions, 5.5.4.1.2, 5.5.6.2
historical index values, 8.3.5.12
ANTI-INJUNCTION ACT
stay of state proceedings by federal court, 11.4.2.4
exceptions to prohibitions, 11.4.2.4.1
institution of proceedings can be enjoined, 11.4.2.4.2
APPEALS
attorney fees
appeal of fee award, 11.9.3.1.1, 11.9.6
appellate work, for, 11.9.2.4
APPLIANCE SALES
public utilities, TILA, application, 2.4.6
rent-to-own transactions, see RENT-TO-OWN (RTO) TRANSACTIONS
APPLICATION FEES
see also FEES; MEMBERSHIP FEES; PROCESSING FEES
defined, 3.9.2
finance charge status, 3.7.6, 3.9.2
HELOCs
disclosure, 8.3.5.8.1, 8.4.3.2
nonrefundable fees, 8.6.2.2
refundable fees, 8.6.2.1
open-end disclosures
account-opening, 6.6.6.2.2
credit and charge cards, 6.5.3.3.2, 7.8.2.4.1
timeliness, 6.6.2.4
TILA rescission, refunds, 10.6.4.2
APPRAISAL FEES
see also REAL ESTATE TRANSACTION FEES; THIRD PARTY FEES
checklist, 3.11.2
closed-end credit disclosures, 5.9.3.4.1
finance charge, status, 3.7.6, 3.9.6.2.5
HELOCs
disclosure, 8.3.5.9, 8.4.3.3
refunds, circumstances, 8.6.2.1
points and fees, inclusion, 9.8.3.5
regulatory standards, 9.4.2.5
TILA rescission, refunds, 10.6.4.2
APPRAISALS
closed-end mortgage disclosures
closing disclosures, 5.11.2.6.7.6
early disclosures, 5.11.2.5.7.3
coercive activities, 9.4.2.2, 9.4.2.3
consumer leases, realized value, 13.3.6.1.2, 13.5.4.6
disclosure of right, 13.3.6.12
fees, see APPRAISAL FEES
higher-risk mortgages, 9.5.4.6
exemptions, 9.5.4.6.2
generally, 9.5.4.6.1
requirements, 9.5.4.6.3
misrepresentations, 9.4.2.2, 9.4.2.3
regulatory standards, 9.4.2
conflicts of interest, 9.4.2.4
Dodd-Frank and FRB overlap, 9.4.2.1
higher-risk mortgages, 11.6.3.5
prohibited practices, 9.4.2.3
scope, 9.4.2.2
supervision and compensation, 9.4.2.5
APR
see ANNUAL PERCENTAGE RATE (APR)
ARBITRATION CLAUSES
addition by creditor, notice exemption, 6.8.4.6.8
class-wide relief, 11.8.1, 12.7.8
enforceability, 12.7
determination, 12.7.3
designated forum unavailable, 12.7.5
grounds to challenge, 12.7.4
high fees, 12.7.7
mortgage loans, 9.3.7, 12.7.2
NAF as designated forum, 12.7.5
TILA rescission and, 12.7.6
ARMs
see ADJUSTABLE RATE MORTGAGES (ARMs)
ARRANGERS OF CREDIT
see also ARRANGERS OF LEASES; CREDITORS
creditor status, 2.3.5.4
definition, 2.3.5.4
fees, see BROKER FEES
HOEPA, application, 2.3.6, 9.6.2.3
loan originator, defined, 9.3.2.4
mortgages, see MORTGAGE BROKERS
overages, 3.7.4.4
peer-to-peer lending programs, 2.3.5.4.2
role played by, overview, 3.7.4.1
securities purchases, see SECURITIES ACCOUNTS
TILA application, 2.3.5.4
TILA liability, 11.3
closed-end disclosures, 4.1.3.2
statutory damages, 11.6.9.2
yield-spread premiums, 3.7.4.4, 9.8.3.4
ARRANGERS OF LEASES
see also ARRANGERS OF CREDIT; CONSUMER LEASES; LESSORS
CLA
advertising violations, 13.7.1.3
application, 13.2.5
definition, 13.2.5
lessor, inclusion in definition, 13.7.1.3
ASSIGNEES
see also ASSIGNMENTS; DEBT BUYERS
CLA
application, 13.2.4, 13.2.5
violations, liability, 12.3.2.1, 13.2.5, 13.7.5.2
credit card debt, 6.2.4.5
creditor status, 2.3.5.2, 5.9.2
definition, 12.3.1
discounts, see ASSIGNMENT FEES
FTC holder rule, application, 12.3.11
HELOC restrictions, application, 8.6.1
HOEPA loans
liability, 12.3.8, 9.6.13
liability for non-TILA claims, 9.6.13.2
limits on damages, 9.6.13.5
notice to assignee, 9.6.11.4, 9.6.13.3
identifying, 5.9.2, 5.15.2.4.2, 10.6.2.4.2
servicer liability, 5.15.11, 11.6.9.4.1
transfer of ownership notice, 5.15.2, 11.6.9.3
non-TILA claims, 9.6.13.2, 12.3.11
notice of ARMs rate reset, 5.13.3.5
notice of HOEPA loan, 9.6.11.4, 9.6.13.3
notice of ownership transfer, 5.15.2, 11.6.9.3
servicers, status, 2.3.5.3, 10.9.2, 12.3.7
TILA liability, 11.3, 12.3
ability-to-repay rules, 12.3.4, 12.3.5
actual knowledge, effect, 12.3.2.5
apparent on the face violations, 12.3.2
ARMs rate reset notice, 5.13.3.5
attorney fee awards, 10.9.4, 11.9.2.5
claim preservation provisions, 12.3.11
former assignees, 12.3.9
generally, 2.3.5.2, 11.3
hidden finance charges, 3.10.1, 12.3.2.5
HOEPA loans, 9.6.13, 12.3.8
involuntary assignments, 12.3.6
limitations on, 10.9.2, 12.3
overview, 11.3, 12.3.1
ownership transfer notice violations, 5.15.2.2.3, 11.6.9.3
post-assignment violations, 12.3.2.6
post-consummation violations, 12.3.2.6
preemption issues, 2.6.4.1
real property-secured transactions, 12.3.2.3
recoupment claims, 12.3.4
rescission, 10.6.4.2.1, 10.9.2, 10.9.3.3, 12.3.3
Rule 68 offers by creditor, effect, 12.6.5.5
securitized loans, 11.3
series of assignments, 12.3.9
servicing violations, 9.4.4, 11.6.9.5.4
spurious open-end credit, 6.2.3.6
statutory damages, 10.9.2, 11.6.9
steering violations, 12.3.4, 12.3.5
TILA defenses and setoffs, 12.3.4
transactions not secured by real property, 12.3.2.2
written acknowledgment of receipt, effect, 4.2.5.2.3, 12.3.10
TILA rescission notice, sending to, 10.6.2.4.1, 10.6.2.4.2
ASSIGNMENT FEES
see also ASSIGNMENTS; DISCOUNTED CREDIT PAPER; FEES
early lease termination formulas, 13.5.5.1
finance charge status, 3.6.5.3.1, 3.7.3.1, 3.7.8, 3.10.1
ASSIGNMENTS
see also ASSIGNEES; ASSUMPTIONS
consumer credit transactions, effect, 2.3.5.2
credit card debt, 6.2.4.5
fees, see ASSIGNMENT FEES
governmental agencies, 12.4.9
hidden finance charges, 3.10.1
HOEPA loans, 9.6.11.4
involuntary, TILA liability, 12.3.6
mortgage loans, notice requirement, 5.15.2
content of notice, 5.15.2.4
generally, 5.15.2.1
liability for, 5.15.2.2, 11.6.9.3.1
requirements, 5.15.2.3
remedies, 5.15.2.5, 11.6.9.3.2
securitized loans, see SECURITIZED LOANS
servicers, provision of information, 5.15.1, 5.15.2.2.1, 5.15.11, 10.6.2.4.2, 11.6.9.4.1
ASSOCIATIONS
see ORGANIZATIONS
ASSUMPTION FEES
see also ASSUMPTIONS; FEES
assumption on original terms, effect, 5.9.11
finance charge status, 3.7.5
ASSUMPTIONS
see also ASSIGNMENTS
acceptance by creditor, 5.15.10.3
ARMs
maximum interest rate, effect, 5.15.10.1
rate cap disclosure, 5.13.2.1
CLA disclosures, 13.3.2.6
closed-end disclosure requirements, 5.15.10
abbreviated disclosures, 5.15.10.5
closing disclosures, 5.11.2.6.7.2
early disclosures, 5.11.2.5.7.3
generally, 5.15.10.1, 5.15.10.4
model form, 4.2.2.1
consumer requirement, 5.15.10.3
creditor’s policy, disclosure
general requirements, 5.9.11
referral to contract document, 5.9.10
definition, 5.15.10.1, 5.15.10.3
existing residential mortgage transaction, 5.15.10.2
fees, see ASSUMPTION FEES
ATMs
see AUTOMATED TELLER MACHINES (ATMs)
ATTORNEY FEES AND COSTS
see also ATTORNEYS; DAMAGES
allowable hours, 11.9.4.2
appellate work, 11.9.2.4
assignee liability, 10.9.4, 11.9.2.5
awards
appeals of, 11.9.3.1.1, 11.9.6
applications for, 11.9.2.4, 11.9.5
apportionment, 11.9.8
circumstances, 11.9.2
entitlement to award, 11.9.3
interim awards, 11.9.7
liability for, see CIVIL LIABILITY
offsets against, 11.9.3.1.2
preparing for, 11.9.1.1
settled cases, 11.9.2.6.1
third party claims on, 11.9.3.1.2
bankruptcy court, 11.9.2.7
burden of justification, 11.9.5
business borrowers, 11.9.2.1
calculation, lodestar approach, 11.9.1.1, 11.9.4
lodestar adjustments, 11.9.4.4
case law, application, 11.9.1.2
catalyst theory, 11.9.2.1
CLA actions, 13.3.1.1, 13.7.2.1
CLA disclosures, 13.3.6.17
class actions
common fund theory, 11.9.1.1
fee applications, 11.9.5
notification of class, financial ability to pay, 11.8.2.5.3
contingency fees, 11.9.4.1
costs separate from attorney fees, 11.9.4.5
counterclaims, defending, 11.9.2.1, 11.9.4.2.2
default judgments, 11.9.2.1
Dodd-Frank violations, 9.3.8
excessive or duplicate time, 11.9.4.2.1
expert witnesses, 11.9.4.5
fee applications
procedure, 11.9.5
time spent on, 11.9.2.3
finance charge status, 3.6.2.2.3, 3.6.3.1, 3.6.3.3, 3.9.6.2.3, 3.9.6.2.4
generally, 11.9.1.1
HELOC violations, 8.7
hourly rates, 11.9.4.3
interim fees, 11.9.7
legal services attorneys, 11.9.3.1.1, 11.9.3.2
liability for, see CIVIL LIABILITY
litigation expenses, 11.9.4.5
mandatory awards, 11.9.2.1, 11.9.4.5
non-TILA claims raised, 11.9.4.2.2
open-end credit violations
disclosure violations, 6.9
substantive violations, 7.16
overview, 11.9.1
paralegal and law student time, 11.9.4.2.3
postjudgment work, 11.9.2.9
precedent, 11.9.1.2
prevailing creditors, 11.9.3.4
private attorneys general, 11.9.1.1
pro se litigants, 11.9.3.3
real estate closings, 3.6.2.2.3, 3.6.3.3, 3.9.6.2
recoupment claims, 12.2.5, 11.9.2.2, 11.9.3.1.2
retainer agreements, 11.9.2.6
Rule 68 offers, 11.9.2.8
settlement considerations, 11.9.2.1, 11.9.2.6
successful actions, 11.9.2.1, 11.9.4.2.2
TILA rescission cases, 10.6.4.2, 10.9.4, 11.9.2.5
transfer notice violations, 11.6.9.3.2
travel time, 11.9.4.2.3
unsuccessful claims, 11.9.4.2.2
waiver, effect, 11.9.2.6, 11.9.3.1.2
witness fees, 11.9.4.5
ATTORNEYS
creditor status, 2.3.2.2
fees, see ATTORNEY FEES AND COSTS
legal services, see LEGAL SERVICES ATTORNEYS
power of attorney forms, see
practice aids, see CHECKLISTS; PRACTICE AIDS
pro se appearances, 11.9.3.3
research aids, see RESEARCH AIDS
TILA notices, receipt on behalf of consumer, 2.2.2.3
rescission notice, 10.4.4.2, 10.6.2.4.1, 10.6.2.4.2
TILA rescission rights, exercise by, 10.2.8.3, 10.6.2.1
ATTORNEYS GENERAL
private, see PRIVATE ATTORNEYS GENERAL
state, see STATE ATTORNEYS GENERAL
AUTHORIZED USERS
see also CREDIT CARDS
activation of renewal cards, 7.10.2.1, 7.12.3.1
apparent authority, 7.10.2.3
billing error rights, 7.9.2.1
cardholder status, 2.2.2.2, 6.2.4.6
issuance of cards to, 7.10.2.1
joint holder distinguished, 7.10.2.1, 7.15.4.3
liability to creditor, 7.10.2.1
misuse by, 7.10.2.2
unofficial users, 7.10.2.2, 7.10.2.3
young consumers, 7.6.3.1.1
AUTOMATED TELLER MACHINES (ATMs)
see also DEBIT CARDS; IDENTIFICATION CARDS; PERSONAL IDENTIFICATION NUMBERS (PINs)
accessing overdraft loans, credit card status, 2.5.8.4, 6.2.4.1.2
service charges
see also TRANSACTION FEES
disclosure, 6.6.6.2.5
finance charge status, 3.6.5.1
unsolicited PINs or cards, issuance, 7.12.3.1
AUTOMATIC PAYMENT PLANS
billing errors, disputed amount, 7.9.6.4
credit card debts, 7.13.1, 7.13.2
electronic fund transfers, optional nature, 7.13.2
security interest status, 5.8.2.3
AUTOMOBILE CLUB MEMBERSHIP FEES
see FEES; SERVICE CONTRACTS; THIRD PARTY FEES
AUTOMOBILE FINANCING TRANSACTIONS
arrangers of credit, 2.3.5.2
assignment of loan, see ASSIGNMENTS
auto pawns, see AUTOMOBILE PAWNS
back-end products, 3.6.3.4
cash rebate programs, finance charge status, 3.6.5.2, 3.7.11, 3.10.1
closed-end disclosures
odometer disclosures, 4.5.6
timing issues, 4.4.6, 4.5.6
who makes, 4.1.3.2
comparable cash transactions, 3.6.5.3.1
conditional contracts, 4.5.6.2
dealer practices, 4.4.6.1
dealer upcharges, actual damages, 11.5.3.2.5
document preparation fees, 3.9.6.2.4
guaranteed automobile insurance, see GAP INSURANCE
hidden finance charges, 3.10
kickbacks, actual damages, 11.5.3.2.5
leases, see AUTOMOBILE LEASES
mark-ups and commissions, 5.9.3.4.2
credit mark-ups, 3.10
packed charges, finance charge status, 3.6.3.4
RISCs, 4.4.6, 4.5.6
sale of loan, see ASSIGNMENTS
seller’s points loophole, 3.7.5.2
TILA, application, 2.4.4.3
yo-yo sales, see YO-YO SALES
AUTOMOBILE INSURANCE
see PROPERTY INSURANCE
AUTOMOBILE LEASES
see also AUTOMOBILE FINANCING TRANSACTIONS; CLOSED-END LEASES; CONSUMER LEASES
adjusted lease balance, see ADJUSTED LEASE BALANCE
advertising, see ADVERTISEMENTS
agreed upon value of vehicle, 13.3.6.6.2
CLA disclosures
see also DISCLOSURES (CLA)
application, 13.2.2
model disclosure form, 13.3.6.1
practice aids, 13.3.6.2.5
special disclosures, 13.3.6.6, 13.3.6.8
early termination, see EARLY TERMINATION FORMULAS
excess wear and mileage charges, 13.3.6.8
purchase options, see PURCHASE OPTIONS
resale value, appraisal rights, 13.3.6.12
residual and realized value differential, 13.3.6.11
state leasing statutes, application, 13.2.2.1
trade-in allowances, 13.2.2.2, 13.3.6.2.3
AUTOMOBILE PAWNS
see also AUTOMOBILE FINANCING TRANSACTIONS
finance charge status, 3.6.4.4
limitations period, calculation, 12.2.2.7
rollovers, 5.15.4
TILA, application, 2.5.2
AUTOMOBILES
financing transactions, see AUTOMOBILE FINANCING TRANSACTIONS
insurance, see PROPERTY INSURANCE
leases, see AUTOMOBILE LEASES
non-purchase money security interests, see AUTOMOBILE PAWNS
residual value, see RESIDUAL VALUE
AVERAGE DAILY BALANCE METHOD
see BALANCE COMPUTATION METHODS
AVERAGE PRIME OFFER RATE (APOR)
calculation, 9.7.1
BAD DEBTS
see CHARGED-OFF ACCOUNTS
BAILMENTS
CLA, application, 13.2.3
BAIT-AND-SWITCH ADVERTISING
see also ADVERTISEMENTS
CLA restrictions, 13.4.3.5
credit card solicitations, 6.5.3.1, 6.8.4.8
BALANCE COMPUTATION METHODS
early lease termination liability, 13.5.3
open-end credit
account-opening disclosure, 6.6.8
credit card disclosures, 6.5.3.7
HELOCs, 8.4.2.3
periodic statement, 6.7.7.1
no right to reject, 7.3.2.2
significant change, 6.8.4.4.1
BALANCE TRANSFERS
see also DEFERRED-INTEREST PROGRAMS
convenience checks, see CONVENIENCE CHECKS
fees, see TRANSACTION FEES
grace periods, effect on, 6.4.6.1, 6.5.3.6, 6.6.2.2, 6.6.7.1
open-end disclosures
convenience checks, 6.8.3.3
fees, 6.5.3.11, 6.6.6.2.5
significant change, 6.8.4.4.1
timing, 6.6.2.2
BALLOON PAYMENT FINANCING
defined, 8.2.6, 8.3.5.6.2
lease and credit sale distinguished, 2.2.4.2.3, 13.2.3
model disclosure clause, 4.2.2.1
mortgages, see BALLOON PAYMENT MORTGAGES
payment schedule disclosure, 5.6.5, 5.7.1
segregated federal disclosures, 4.2.6
variable rate disclosures, 5.12.2.2
BALLOON PAYMENT MORTGAGES
see also BALLOON PAYMENT FINANCING; NEGATIVE AMORTIZATION
defined, 8.2.6, 8.3.5.6.2
demand obligation disclosure rules, application, 4.5.10.1
disclosure requirements, 5.7.1
HELOCs, 8.2.6, 8.3.5.6.2
HOEPA
exemptions, 9.6.2.4.4
restrictions, 9.6.10.4
non-qualified status, 9.3.3.4.1.1
renewable, ARMs disclosures, application, 5.13.2.1
BANK ACCOUNTS
checking, see CHECKING ACCOUNTS
deposit, see DEPOSIT ACCOUNTS
BANK OVERDRAFT LOANS
see OVERDRAFT LOANS AND FEES
BANKRUPTCY
arbitration clauses, effect, 12.7.6
attorney fee awards, entitlement, 11.9.2.7, 11.9.3.1.2
automatic stay, 11.4.2.6
discharged debts
set-off against TILA claims, 12.4.12
pursuing TILA claims, 11.2.4
involuntary assignments, TILA liability, 12.3.6
reaffirmation agreements, see REAFFIRMATION AGREEMENTS
recoupment claims, 12.2.5.5
availability, 12.2.5.5.1
bifurcated claims, 12.2.5.5.3
raising claim, 12.2.5.5.2
TILA claims
fee awards, 11.9.2.7, 11.9.3.1.2
judicial estoppel, 11.2.4.3
jurisdiction, 12.6.1.1
recoupment claims, 12.2.5.5
removal to federal court, 12.6.2
standing, 11.2.4.1, 11.2.4.2
tolling, 12.2.4.5
TILA enforcement, 11.11.2
TILA rescission, 10.9.7
choosing between chapter 7 and 13, 10.9.7.2
extended right, 10.3.2.2.2
mechanics of raising, 10.9.7.3
reasons to choose, 10.9.7.1
standing, 10.2.8.3
timing issues, 10.9.7.4
tolling, 10.3.3.6
tolling effect, 12.2.4.5
BANKRUPTCY ABUSE PREVENTION AND CONSUMER PROTECTION ACT
TILA amendments, 1.2.6
BANKS
see also CARD ISSUERS
accounts, see BANK ACCOUNTS
debt cancellation agreements, sale of, 3.9.4.5.6
failed banks, special defenses, 12.6.6
national banks, see NATIONAL BANKS
overdraft loans, see OVERDRAFT LOANS AND FEES
payday loans, 6.7.6.4.1
supervisory authority, 11.11.1
BENEFIT OF THE BARGAIN DAMAGES
TILA violations, 11.5.3.2.4
BILLING CYCLES
changes, notice, 6.7.2.2, 6.8.4.6.8
definition, 6.7.2.2
double cycle billing, 7.4
described, 7.4.2
exceptions to prohibition, 7.4.4
higher interest effect, 7.4.1
prohibition, 6.5.3.6, 7.4.2, 7.4.3
over-the-limit fees, 7.5.3.3.2, 7.5.3.3.3
periodic statements
billing error rights statement, 6.8.2
closing date, 6.7.10
interest and fees disclosure, 6.7.8
minimum payment, 6.7.11.2
outstanding balance, 6.7.10
renewal notices, 6.8.6.1.1
timing, 6.7.2.2
BILLING ERRORS
see also ERRORS; FAIR CREDIT BILLING ACT (FCBA)
automatic payment plans, 7.9.6.4
correction notice, 7.9.8.2
credit cards, unauthorized use as, 7.10.6, 7.10.7
definition, 7.9.4.1
disclosure of rights
account-opening, 6.6.11
address to send inquiries, 6.7.12
HELOCs, 8.4.6
periodic statement, 6.8.2
warning re telephone exercise, 6.7.12, 7.9.5.3
disputed amount
collection efforts, 7.9.6.4
credit reports, 7.9.6.5
disputes with merchants, status, 7.11.5
FCBA protections, scope, 7.9.2
finance charges or fees, improper assessment as, 7.9.4.2
HELOCs, 8.4.6, 8.6.1
investigation by creditor, 7.9.7
when required, 7.9.7.1
reasonable investigation, 7.9.7.2
time limits, 7.9.7.3
nondelivery of goods, status, 7.11.5
notice of billing error, 7.9.5
acknowledgment of receipt, 7.9.6.2
contents, 7.9.5.4
creditor responsibilities, 7.9.6, 12.2.2.3.2
delivery, 7.9.5.3
form, 7.9.5.3
repeat notices, 7.9.5.5, 7.9.5.6
request for clarification as, 6.7.4.1
timing, 7.9.5.2
written requirement, 6.7.12, 7.9.5.3
notice of resolution
correction of error, 7.9.8.2
reasons for rejection, 7.9.8.3
procedures and inquiries
address for inquiries, disclosure, 6.7.12
application, 7.9.2
clarification of transactions, application, 6.7.4.1
copy fees, 6.8.4.6.8, 7.9.8.4
failure to promptly credit payments, application, 7.7.2
relationship to other claims, 7.9.3, 7.11.5
remedies, 7.9.9
statute of limitations, 12.2.2.3.2
statutory damages, 11.6.5.5
resolution of error, 7.9.8
charges for, restrictions, 7.9.8.4
favoring consumer, 7.9.8.2
finality of resolution, 7.9.8.1
not favoring consumer, 7.9.8.3
reversal of credits, 7.9.8.1
withholding payment
allocation of payments, 7.7.7.5
right to withhold, 7.9.6.3
BLANKET SECURITY INTERESTS
see NON-PURCHASE MONEY SECURITY INTERESTS
BODY-DRAGGING
equitable balances, 10.7.6.2
BONA FIDE
see GOOD FAITH
BOOKLETS
see BROCHURES
BOUNCE CREDIT
see OVERDRAFT LOANS AND FEES
BRIDGE FINANCING
exemptions
affordability standards, 9.3.3.2.1, 9.3.3.3.1
appraisal requirements, 9.5.4.6.2
balloon payment terms, 9.6.2.4.4, 9.6.10.4.2, 9.6.10.4.3
escrow requirements, 9.5.4.5.2
higher-priced loan definition, 1.5.3.4.4, 10.4.3.5
HOEPA, 9.6.2.4.4, 9.6.10.4.2
TILA rescission rights, 10.2.6.1.3
BROCHURES
see also CATALOGS; PROMOTIONAL MATERIALS
ARMs disclosures, 5.13.4.2
CHARM booklet, 5.13.4.2
closed-end mortgages, settlement cost information, 4.4.7.2.1, 5.11.2.4
HELOCs, 8.3.2.2
freezes and reductions, 8.6.7.7.1
BROKER FEES
see also ARRANGERS OF CREDIT; FEES; THIRD PARTY FEES
closed-end mortgage disclosures
closing disclosures, 5.11.2.6.6.2
early disclosure, 5.11.2.5.6.2
disclosure errors, TILA rescission, 10.2.6.1.4
early lease termination formulas, 13.5.5.1
finance charge status, 3.7.4, 3.7.5.1
general rule, 3.7.4.2
hidden broker fees, 3.7.4.3
HOEPA coverage trigger, 9.6.4, 9.8
real estate transactions, disclosure, 3.9.6.4
TILA rescission, refunds, 10.6.4.2
unbundling, 3.7.4.2
yield-spread premiums as, 3.7.4.4, 9.8.3.4
mortgage loans, 3.7.4.1
paid by borrower, 9.8.3.4.5
BROKERS
see ARRANGERS OF CREDIT; ARRANGERS OF LEASES; MORTGAGE BROKERS
BURDEN OF PROOF
see also EVIDENCE
apparent authority, 7.10.2.3
arbitration fees as prohibitive, 12.7.7
attorney fee justification, 11.9.5
bona fide error defense, 12.4.4.2
CLA violations, bona fide error, 13.7.5.4
closing costs, reasonableness, 3.9.6.3.4
correction defense, 12.4.6.2
credit cards
authorized use, 7.10.1.1, 7.10.2.3, 7.10.8
unauthorized use, maximum liability, 7.10.4
equitable modification, 10.7.6.1
general issues, 12.6.8
HOEPA loans
assignees, 9.6.13.3
material violations, 9.6.12.1.3
refinancing in borrower’s interest, 9.6.11.5
pleading requirements, 12.6.7
regularly extends credit, 2.3.3
TILA compliance, 12.6.8
TILA disclosures, delivery, 4.2.5.2, 10.4.5
TILA exemptions, 2.4
BURGLAR ALARM SYSTEMS
CLA, application, 13.2.7
BUSINESS COSTS
assignment fees and discounts, 3.7.8
finance charge status, 3.6.2, 3.6.3.2, 3.9.6.2.8
BUSINESS CREDIT
see also CREDIT
business purpose, determination, 2.4.2.2.1
CLA, application, 13.2.4
credit cards, see BUSINESS CREDIT CARDS
FCBA, application, 7.9.2.1
primary purpose, determination, 2.4.2.1
property purchases, 2.4.2.2.2
refinancing for consumer purpose, effect, 2.4.2.2.4
rental property, credit re, 2.4.2.2.3
TILA exemption, 2.4.2.2
BUSINESS CREDIT CARDS
see also BUSINESS CREDIT; CREDIT CARDS
authorized use
apparent authority, 7.10.2.3
misuse by users, 7.10.1.2.1
periodic statements, right to, 6.7.1.3
primary purpose, 2.4.2.1
TILA, application, 2.4.2.3
unauthorized use provisions, 7.10.1.2.1
TILA actions, attorney fees, 11.9.2.1
BUSINESS DAY
definition, 10.2.10, 10.4.4.7
BUSINESS SOLICITATION
see ADVERTISEMENTS
BUSINESSES
see BUSINESS COSTS; BUSINESS CREDIT
BUYDOWNS
closed-end disclosures, 4.5.5
consumer buydowns, see CONSUMER BUYDOWNS
seller buydowns, see SELLER BUYDOWNS
BUYER’S POINTS
see also POINTS
finance charge status, 3.7.5.2
CALCULATIONS
amount financed, 3.8.4, 5.3
working examples, 3.8.5
APOR, 9.7.1
APR, see ANNUAL PERCENTAGE RATES
bona fide error defense, 12.4.4
faulty tool defense, 5.5.4.2, 5.5.4.3.1, 12.4.5
finance charges, working examples, 3.8.5, 3.11
points and fees, 9.8
foreclosure rescue scams, 9.9.3
CALL PROVISIONS
see DUE-ON-DEMAND CLAUSES
CANCELLATION RIGHTS
cooling-off periods, see COOLING-OFF PERIODS
TILA, see RESCISSION (TILA)
CAPITALIZED COST
CLA disclosures
adjusted capitalized cost, 13.3.6.6.5
agree-upon value, 13.3.6.6.2
capitalized cost reductions, 13.3.6.2.1, 13.3.6.6.4
generally, 13.3.6.6.1
gross capitalized cost, 13.3.6.6.2
itemization of gross capitalized cost, 13.3.6.6.3
manipulation of adjusted cost, 13.5.5.1
negative equity, 13.3.6.2.3
CAR DEALERS
see DEALERS
CAR SALES
see AUTOMOBILE FINANCING TRANSACTIONS
CARD ISSUERS
see also CHARGE CARDS; CREDIT CARDS
charge card where different person extending credit, 6.5.5
claims against deceased persons, timely settlement, 7.15.4
reasonable policies and procedures, 7.15.4.1
joint accounts, 7.15.4.3
college students, marketing to, 7.6.3
agreements with schools, disclosure, 7.6.3.3
restrictions, 7.6.3.2
creditor status, 2.3.7, 6.2.4.4
defined, 6.2.4.4.4
disclosures, see CHARGE CARDS; CREDIT CARDS
double cycle billing, 7.4
improvident lending, 7.6
ability to repay, consideration, 7.6.2, 7.6.3.1
aggressive solicitation, 7.6.1
policies and procedures, 7.6.2.2
young consumers, protections, 7.6.3
merchants
claims and defenses against, liability for, 7.11
discounts or surcharges, restricting, 7.14.4
minimum purchase amounts, restricting, 7.14.5
tie-in restrictions, 7.14.2
offset restrictions, 7.13
payment abuses, 7.7.1
failure to credit promptly, 7.7.2
penalty fee abuses, 7.5
rate increase restrictions, 7.2
mandatory re-evaluation of increases, 7.2.5
record retention requirements, 7.15.1
refunds, prompt crediting, 7.14.3
TILA, application, 2.3.7
unauthorized use
investigations, 7.10.6
notification, 7.10.5
unsolicited issuance of cards, 7.12
VISA and Mastercard, status, 6.2.4.4.5
CARDHOLDERS
see also CHARGE CARDS; CREDIT CARDS
accommodation parties, status, 2.2.2.2
claims and defenses against merchant, 7.11
consumer status, 2.2.2.1
definition, 2.2.2.1, 2.2.2.2, 6.2.4.6
unauthorized use of card, 7.10
maximum liability, 7.10.4
benefiting from use, 7.10.3
disclosure of rights, 6.7.13
notice to issuer, 7.10.5
CARRYING CHARGES
see SERVICE CHARGES
CASE LAW
see also RESEARCH AIDS
attorney fee awards, 11.9.1.2
benefit of the bargain, 11.5.3.2.4
clear and conspicuous, 4.2.4.2
collateral description, 5.8.4.2, 5.8.4.3
detrimental reliance, 11.5.3.2, 12.4.2.2
missed opportunity, 11.5.3.2.3, 11.5.3.2.2
more conspicuous, 4.2.4.6.3
pre-simplification, applicability, 1.1.1, 1.5.4
research aids, 1.5.4
spurious open-end credit, 6.2.3.4
TILA rescission
automatic termination, 10.6.3.1.3
conditional rescission, 10.7.3, 10.7.4
statute of limitations, 12.2.2.4.2
timing issues, 4.4.6.3
CASH ADVANCES
convenience checks, see CONVENIENCE CHECKS
fees, see TRANSACTION FEES
open-end credit disclosures
account-opening, 6.6.6.2.5
convenience checks, 6.6.2.2, 6.8.3.3
credit and charge card fees, 6.5.3.9
periodic statements, on, 6.7.4.3
significant change, 6.8.4.4.1
timeliness, 6.6.2.2
CASH DISCOUNTS
see also CASH DISCOUNTS ACT; REBATES
car dealer rebate programs, 3.6.5.2, 3.7.11, 3.10.1
finance charge status, 3.6.5.2, 3.7.11
credit card surcharges, 3.6.5.2, 3.7.11.2, 7.14.4
hidden discounts, 3.10
time-price differential, see TIME-PRICE DIFFERENTIALS
CASH DISCOUNTS ACT
see also CASH DISCOUNTS
credit card customers, special rules, 3.7.11.2
CASH PRICE
see also PRICE
defined, 3.6.5.2, 3.10.1
differentials, see TIME-PRICE DIFFERENTIALS
hidden finance charges, 3.6.5.2, 3.7.8, 3.10
total sale price, relationship, 5.9.5.1
CASH REBATES
see REBATES
CASH TRANSACTIONS
comparable credit charges, finance charge status, 3.6.5
discounts, see CASH DISCOUNTS
price, see CASH PRICE
CATALOGS
see also BROCHURES; PROMOTIONAL MATERIALS
CLA advertising requirements, 13.4.3.4
credit and charge card solicitations, 6.5.4.4
TILA advertising requirements, 5.10.1.2
CELL PHONES
see also TELEPHONE
credit card status, 6.2.4.1.1
CERTIFICATION
class actions, see CLASS ACTIONS
CHANGE IN CREDIT TERMS
closed-end disclosures, 4.5.3
HELOCs
APR, 8.6.4
disclosure of provisions, 8.4.2.2
fifteen days’ advance notice, 8.5.3.1
maximum interest rate, 8.4.7.2
no notice situations, 8.5.3.4
notice by effective date, 8.5.3.2
notice by three business days after, 8.5.3.3
unilateral change, 8.6.7
open-end credit
bait-and-switch tactics, 6.5.3.1, 6.8.4.8
payment holidays, 6.8.4.6.6
promotional rate expiry, 6.8.4.6.3
rate increases, 6.8.4.7.4, 7.2
rejection of change, 6.8.4.7.3, 7.3
significant changes, 6.8.4.4.1
substantive limitations, 6.8.4.8
workout expiry, 6.8.4.6.5
open-end disclosures, 6.8.4
contents, 6.8.4.7
credit cards, 6.8.4.2
delivery, 6.8.4.9
exceptions, 6.8.4.6
forty-five days’ notice, 6.8.4.4
less than forty-five days’ notice, 6.8.4.5
periodic statement, notice on, 6.7.9
right to reject change, 6.8.4.7.3, 7.3.2.1
tabular format, 6.3.2.3.1, 6.8.4.3.1
timing requirements, 6.8.4.3.2
open-end price increase, 7.2
common abuses, 7.2.2
Credit CARD Act, overview, 7.2.1
first year of account, 7.2.4
mandatory re-evaluation, 7.2.5
protected balances, 7.2.3
reasons for, disclosure, 6.8.4.7.4
penalty rates, see PENALTY RATES
right to reject, credit cards, 7.3
effect of rejection, 7.3.4
exceptions, 7.3.2.2
notice of right, 6.8.4.7.3, 7.3.2.1
overview, 7.3.1
reasonable requirements, 7.3.3
use of account after exercise, 7.3.5
when applicable, 7.3.2
CHARGE CARDS
see also CREDIT CARDS
acceptance, defined, 6.6.2.4.2
applications and solicitations
direct mail solicitations, 6.5.4.1
disclosure rules, 6.5
electronic solicitations, 6.5.4.2
fees, 6.5.3.3.2, 6.6.2.4
general public solicitations, 6.5.4.4
in-person solicitations, 6.5.4.5
telephone solicitations, 6.5.4.3
credit card status, 6.2.4.2
defined, 6.2.4.3
disclosures, account-opening, see OPEN-END DISCLOSURES (TILA)
disclosures, applications and solicitations, 6.5
balance transfer fees, 6.5.3.11
cash advance fees, 6.5.3.9
CFPB website reference, 6.5.3.14
direct mail applications and solicitations, 6.5.4.1
due and payable statement, 6.5.3.9
electronic applications and solicitations, 6.5.4.2
electronic disclosures, 6.5.2.4
fees based on percentage, 6.5.2.5
fees for issuance or availability, 6.5.3.3
format, 6.5.2.3
general public applications and solicitations, 6.5.4.4
overview, 6.5.1
penalty fees, 6.5.3.10
prominence, 6.5.2.3.2, 6.5.2.4.1, 6.6.3.2
relationship to account-opening disclosures, 6.6.1.2
required disclosures, 6.5.3.1
state law preemption, 6.5.6
state variations, 6.5.2.6
tabular format, 6.3.2.3.1, 6.5.2.3.1, 6.6.3.2
telephone applications and solicitations, 6.5.4.3
timing, 6.5.2.4.2, 6.5.4.4.4
transaction charges, 6.5.3.5
violations, remedies, 6.5.7
when not required, 6.5.2.2
when required, 6.5.2.1
disclosures, generally
see also OPEN-END DISCLOSURES (TILA)
Fair Credit and Charge Card Disclosure Act, 1.2.3
prominence, 6.6.3.2
relationship between disclosures, 6.6.1.2
substitutions, 6.3.4.4
surcharges for use, 7.14.4
disclosures, periodic, see PERIODIC STATEMENTS
discounts and surcharges, 7.14.4
due and payable statement, 6.5.3.9
fees
application fees, 6.5.3.3.2, 6.6.2.4
balance transfers, 6.5.3.11
based on percentage, 6.5.2.5, 6.6.3.4
cash advances, 6.5.3.9
finance charge status, 3.6.5.1, 3.7.3.1
enhancements, 6.5.3.3.4
late payment, 6.5.3.10
membership fees, 6.5.3.3.3, 6.6.2.4
over-the-limit fees, 3.9.3.2, 6.5.3.10
periodic rate, exclusion, 6.5.3.2.2
returned-payment fees, 6.5.3.10
transaction fees, 3.6.5.1, 6.5.3.5
variance by state, 6.5.2.6
holders, see CARDHOLDERS
hybrid cards, 7.5.2.3
issuers, see CARD ISSUERS
periodic statements
see also PERIODIC STATEMENTS
delivery, 6.7.2.1.6
requirements, 6.7.1.5
renewal notices, 6.8.6
special rule, 6.5.5
TILA, application, 6.2.4.3
disclosure rules, 6.5.3.1
unauthorized use, see CREDIT CARDS
CHARGED-OFF ACCOUNTS
claims against merchants, asserting, 7.11.2
credit reporting, 7.11.7
periodic statements, 6.7.1.2.2
CHARGES
defined, 3.6.1.1
fees, see FEES
finance charges, see FINANCE CHARGE
CHARM BOOKLET
ARMs, 5.13.4.2
CHECK ADVANCEMENT LOANS
TILA, application, 2.5.6
CHECK GUARANTEE CARDS
credit card status, 6.2.4.1.2, 7.11.2
CHECKING ACCOUNTS
see also CHECKS; DEPOSIT ACCOUNTS
added credit features, 6.8.3.1, 7.12.2
overdraft fees, finance charge status, 3.6.5.3.3, 3.7.3.2
overdraft lines of credit, 3.7.3.2
Credit CARD Act, application, 6.2.4.2, 6.5.2.2, 7.1.2.2
periodic statement, see PERIODIC STATEMENTS
service charges, finance charge status, 3.7.3.2
CHECKLISTS
see also PRACTICE AIDS; RESEARCH AIDS
credit transactions, evaluation for TILA violations, 1.1.2
closed-end transaction, 1.7
statutory damages, 11.6.5.3.2
finance charge
regulatory roadmap, 3.2.4
walking through case, 3.11
HOEPA loans
prohibited acts and practices, 9.6.11.13
prohibited loan terms, 9.6.10.8
open-end credit violations, remedies
disclosure violations, 6.9
statutory damages, 11.6.7
substantive violations, 7.16
statutory damages
closed-end disclosure violations, 11.6.6.1
credit advertising violations, 11.6.5.4
credit billing violations, 11.6.5.5
credit transaction violations, 11.6.5.3.2
NCLC treatise, 11.6.1
open-end disclosure violations, 11.6.7
TILA rescission as defense, 10.9.8.1
CHECKS
see also CHECKING ACCOUNTS
convenience checks, see CONVENIENCE CHECKS
discounts for payment by, see CASH DISCOUNTS
CIVIL LIABILITY
see also ACTUAL DAMAGES; RESCISSION (TILA); STATUTORY DAMAGES; TILA VIOLATIONS
ARMs disclosure violations
calculation errors, 5.13.3.5
early disclosures, 5.13.4.6
maximum payment disclosures, 5.13.5
assignees, 9.6.13, 10.9.2, 11.3, 12.3
ability-to-repay violations, 12.3.5.3
notice violations, 5.15.2.1, 5.15.2.5, 11.6.9.3
steering violations, 12.3.5.3
vicarious liability, 11.6.9.5.4
calculation tools, faulty, 12.4.5
CLA violations, 13.7
advertising violations, 13.4.1, 13.7.1.3
assignees, 12.3.2.1, 13.7.5.2
damages, generally, 13.7.2.1
disclosure violations, 13.7.1.1
early termination penalties, 13.7.1.2
multiple statutory damages, 13.7.2.2
statutory defenses, 13.7.5
triggers, 13.7.1
class actions, 11.8.3
CLA violations, 13.7.2.1
closed-end disclosure violations
acknowledgment of receipt, effect, 4.2.5.2
actual damages only, 5.9
advertising violations, 5.10.3
amount financed, 5.9.3.1
APR, 5.5.2, 5.5.3
demand features, 5.9.4
down payments, 5.3.2.1
finance charge, 5.4.1, 5.4.2
insurance charges, 5.9.8
late payment charges, 5.9.7
more conspicuous standard, 5.5.3
mortgage transfer notice, 5.15.2.1, 5.15.2.5
payment schedule, 5.6.1, 5.13.5
pick-up payments, 5.3.2.3
prepayment consequences, 5.9.6.1
security interest charges, 5.9.9
security interests, 5.8.1
statutory damages, 5.2
timing violations, 4.4
total of payments, 5.6.9.1
variable-rate loans, 5.15.3.3, 5.13.4.6, 5.13.5
written copies, failure to supply, 4.2.5.1
credit and charge cards
advertising violations, 6.4.7
billing error violations, 7.9.9
disclosure violations, 6.5.7, 6.9
substantive violations, 7.16
summary, 6.9, 7.16
unauthorized use, maximum liability, 7.10.4
unauthorized use procedures, 6.7.13, 7.10.8
unsolicited issuance, 7.12.5
creditors, 11.3
vicarious liability, 11.6.9.5.3
defenses, see CREDITOR DEFENSES
Dodd-Frank Act, 9.3.8
Fair Credit and Charge Card Disclosure Act, violations, 6.5.7
FCBA violations, 7.9.9
governmental agencies, 11.3, 12.4.9
HELOC violations, 8.7
HOEPA loans
assignees, 9.6.13
disclosure violations, 9.6.9
enhanced damages, 9.6.12.1
prohibited terms, 9.6.10.1, 9.6.10.9
statute of limitations, 12.2.1
violations, generally, 9.6.12.1.1
mortgage originators, 11.3
multiple creditors, 11.3
open-end credit
advertising violations, 6.4.7
billing error violations, 7.9.9
disclosure violations, 6.5.7, 6.6.13, 6.7.15, 6.9
HELOC violations, 8.7
substantive violations, 7.16
summary, 6.9, 7.16
reverse mortgages, 8.8.5
servicers, 2.3.5.3, 11.3, 11.6.9.4
TILA rescission violations, 10.9
assignees, 10.9.2
damages, 10.9
excess tender demands, 10.8.1
generally, 10.9.1
TILA violations, generally
actual damages, 5.9.1, 11.5
attorney fees, 11.9
costs of litigation, 11.9.4.5
generally, 11.3
statute of limitations, 12.2.1
statutory damages, 5.2, 5.9.1, 11.6
untimely disclosures, 11.6.6.2.2
transfer notice violations, 11.6.9.3.2
unfair mortgage practices, 9.3.8, 9.4.4
higher-priced loans, 9.5.5
vicarious liability, see VICARIOUS LIABILITY
CIVIL PENALTIES
see STATUTORY DAMAGES
CIVIL RIGHTS ATTORNEY’S FEES AWARD ACT
TILA actions, application, 11.9.1.1
CLA ACTIONS
see also CONSUMER LEASING ACT (CLA)
advertising violations, 13.4.1, 13.7.1.3
class actions, 13.7.2.1, 13.7.2.3
disclosure violations, 13.7.1.1
jurisdiction, 13.7.4
recoupment claims, 13.7.3.2
remedies provided, 13.7.2
generally, 13.7.2.1
multiple damages, 13.7.2.2
removal to federal court, 13.7.4
sample complaint, Appx. E.2.5
sample discovery, Appx. F.6, Appx. F.7
statute of limitations, 13.7.3.1, 13.7.3.2
statutory defenses, 13.7.5
unreasonable early termination penalties, 13.7.1.2
CLAIM PRECLUSION
see RES JUDICATA
CLAIMS
CLA violations, see CLA ACTIONS
counterclaims, see COUNTERCLAIMS
credit cards, see CREDIT CARDS, claims and defenses against merchant
federal court, see FEDERAL COURT
state court, see STATE ACTIONS
TILA, see TILA ACTIONS
CLASS ACTIONS
actual damages
entitlement, 11.8.1, 11.8.3.1
individualized, effect, 11.8.2.7.1
importance, 11.5.1
presumption of reliance, 11.8.2.7.1
statutory damages, relationship, 11.8.3.2
arbitration of claims, 11.8.1, 12.7.8
attorney fees, 11.9.1.1, 11.9.5
background, 11.8.1
certification, 11.8.2
adequacy of representation, 11.8.2.5
common questions must predominate, 11.8.2.7.1
commonality, generally, 11.8.2.3
conditional certification, 11.8.2.1
cost of notification, effect, 11.8.2.5.3
counterclaims by creditor, effect, 11.8.2.5.2, 11.8.2.7.1
default, effect, 11.8.2.5.2
generally, 11.8.2.1
numerosity, 11.8.2.2
prerequisites, 11.8.2.1
superiority, 11.8.2.7.2
typicality, 11.8.2.4
CLA violations
class definition, 13.7.2.3
damages, 13.7.2.1
settlements, 13.7.2.3
class notice, 11.8.2.5.3
creditor counterclaims, 11.8.2.7.1, 12.6.3.2
creditor’s net worth, determination, 11.8.3.3
declaratory relief, 11.8.2.6
HOEPA claims, 11.8.3.1
injunctive relief, 11.8.2.6
named plaintiff, 11.8.2.5
Rule 23 revisions, 11.8.2.5.1, 11.8.2.5.2, 11.9.5
statutory damages
generally, 11.8.3.1
jury trial, rights, 11.8.3.5
maximum liability, 11.8.3.3, 11.8.3.4
multiple actions, 11.8.3.4
size of award, factors, 11.8.3.2
TILA rescission claims, 10.3.3.8, 10.9.9, 11.8.2.7.1
TILA violations
damages, 11.8.3
generally, 11.8.1
relief available, 11.8.3.1
tolling of individual claims, 12.2.4.2
CLEAR DISCLOSURES
see CONSPICUOUS DISCLOSURES (TILA)
CLERICAL ERRORS
see also ERRORS
bona fide error defense, 12.4.4
CLOSED-END AUTO LEASES
see AUTOMOBILE LEASES; CLOSED-END LEASES; CONSUMER LEASES
CLOSED-END CREDIT TRANSACTIONS
see also CONSUMER CREDIT
advertising rules, 5.10
APR calculation, 5.5.6
conversion from open-end account, effect on rescission rights, 10.2.6.3
credit card issuers, 6.2.4.4.3
defined, 4.1.2
disclosure requirements, see CLOSED-END DISCLOSURES (TILA)
disguised as open-end, 4.1.2, 6.2.3, 8.1.3
assessing, 6.2.3.5
FRB review, 1.5.3.4.3
land installment contracts, 2.5.5
mortgages, see RESIDENTIAL MORTGAGE LOANS
rescission rights, see RESCISSION (TILA)
series of advances, see MULTIPLE ADVANCES
student loans, see STUDENT LOANS
yo-yo sales, see YO-YO SALES
CLOSED-END DISCLOSURES (TILA)
see also CLOSED-END CREDIT TRANSACTIONS; DISCLOSURES (TILA)
abbreviated disclosures, see ABBREVIATED DISCLOSURES
advertising rules, 5.10
general requirements, 5.10.1
format, 5.10.1.2
mortgages, 5.10.1.4, 5.10.2
remedies, 5.10.3
amount disclosed
dollar amount, 5.6.3.2
tolerance levels, see TOLERANCE LEVELS
amount financed, see AMOUNT FINANCED
APR, see ANNUAL PERCENTAGE RATE (APR)
ARMs, 4.4.8, 5.6.6, 5.13
graduated-payment ARMs, 4.5.5
redisclosure, 4.5.9
as applicable, meaning of term, 4.1.5
assumption policy, 5.9.11
assumptions, requirement, 5.15.10
automobile sales, 4.1.3.2, 4.4.6, 4.5.6
balloon payments, 5.6.5, 5.7.1
basis of disclosures, 4.5
brokers, 4.1.3.2
buydowns, 4.5.5
cash or merchandise premiums, 4.5.5, 5.3.4
checklist, 1.7
clear and conspicuous requirement, 4.2.4
advertisements, 5.10.1.2
clear, 4.2.4.4
conspicuous, 4.2.4.3
electronic disclosures, 4.3.9
HOEPA loans, 9.6.6.2
more conspicuous disclosures, 4.2.4.6, 5.5.3
construction loans, 4.5.4
APR accuracy tolerance, 5.5.4.1.2
payment schedule, 5.6.3.2, 5.7.4
content, 4.5
clear and conspicuous, 4.2.4
electronic disclosures, 4.3.9
HOEPA loans, 9.6.6.4
contradictory information, 4.2.4.5
court agreements, effect, 5.15.6
creditor identity, 5.9.2
creditor liability, 4.1.3.2, 4.2.4.5.2
delivery, 4.2.4.2
HOEPA loans, 9.6.6.9
demand features, 4.5.10, 5.9.4
distinguishing by consequences, 5.2
dollar amount, 5.6.3.2
down payments, 5.3.2, 5.9.5.2
electronic disclosures, 4.3
see also ELECTRONIC DISCLOSURES
HOEPA loans, 9.6.8
escrow accounts, 5.7.2, 5.13.6
cancellation notice, 5.15.15
estimates, 4.4.7, 4.5.6.3.4, 4.5.7
federal box, 4.2.6
finance charges, see FINANCE CHARGE
form, 4.2
advertisements, 5.10.1.2
clear and conspicuous, 4.2.4
early disclosures, 4.4.7.2.2
electronic disclosures, 4.3.4, 4.3.7, 4.3.9
model forms, 4.2.2
written form, 4.2.5
FRB review, 1.5.3.4.3
HOEPA loans, 9.6.6–9.7.9
payoff statements, 5.15.13.4
inconsistent additional information, effect, 4.2.4.5.4
HOEPA loans, 9.6.6.7
insurance charges, 5.9.8
renewals, 5.15.8
interest-bearing transactions, 5.9.6.2
late payment charges, 5.9.7
legal obligation, reflection of terms, 4.5.1
change in obligation, effect, 4.5.3
unenforceable term, effect, 4.5.2
legibility, 4.2.4.1, 4.2.4.2
loan premiums, 4.5.5, 5.3.4
mail orders, 4.4.5.1
material disclosures, 10.4.3.2
meaningful disclosures, 4.2.3
minor variations or irregularities, effect, 4.5.8
model forms, 4.2.2, 4.2.4
Morris Plan transactions, 4.5.5
mortgage loan transfer, 5.15.2, 11.6.9.3
mortgage loans, generally, 4.1.1
advertisements, 5.10.1.2, 5.10.1.4, 5.10.2
ARMs, 5.13
balloon payments, 5.6.5, 5.7.1
combined regime, see COMBINED DISCLOSURES (TILA/RESPA)
Dodd-Frank Act, 5.11.1, 9.3.6
HOEPA loans, 9.6.6
model forms, 4.2.2.1
negative amortization, 9.3.6
“no-guarantee-to-refinance” clause, 5.7.1
segregation, 4.2.6.2
mortgage loans, payment schedule, 5.7
high-cost mortgages, 5.15.13.4
interest and payment summary, 5.7.1
mortgage insurance premiums, 5.7.3
taxes and insurance, 5.7.2, 5.13.6
violations, remedies, 5.15.13.5
mortgage loans, payoff statements, 5.15.13
current rules, 5.15.13.3
old rules, 5.15.13.2
overview, 5.15.13.1
mortgage loans, periodic statements, 5.15.12
contents, 5.15.12.2
coverage, 5.15.12.1
electronic delivery, 5.15.12.6
form, 5.15.12.4
timing, 5.15.12.3
violations, remedies, 5.15.12.5
mortgage transactions, special timing rules
ARMs, 4.4.8
good faith estimates, 4.5.7.3, 5.9.3.1
redisclosures, 4.4.7.3, 4.5.9, 9.6.6.5
RESPA transactions, 4.4.7
multiple advances, 4.5.4
variable rate caps, 5.13.2.1
multiple borrowers, 4.1.4
HOEPA loans, 9.6.6.3
multiple creditors, 4.1.3.1, 5.9.2
multiple-purpose forms, use, 4.2.6.1
multiple transactions, 4.5.4
NCLC treatise, organization, 4.1.1
negative amortization, 5.7.1, 5.13.4.4, 9.3.6
negative equity, 5.3.2.2, 5.9.5.2
non-applicable disclosures, 4.2.6.1
non-creditors, 4.1.3.2
non-purchase money security interests, 5.8.4, 5.8.5
non-signatories, 1.5.1
numerical disclosures, similar, combining, 4.1.5
ostensible leasing transactions, 4.2.6
overdisclosure, 4.5.11, 5.4.3.5, 5.5.4.2
partial payments policy, 5.15.14
payment schedule, see PAYMENT SCHEDULE
payoff statements, 5.15.13
periodic statements, 5.15.12
pickup payments, 5.3.2.3, 5.6.9.1.2, 5.9.5.2
PMI, 5.7.3
precomputed transactions, 5.9.6.3
prepayment consequences, 5.9.6
PROARMs, 5.6.6.2
purchase money security interests, 5.8.3, 5.8.5
RALs, 4.5.10.2
rebates, 4.5.5, 5.3.4
receipt
burden of proof, 4.2.5.2
primary obligee, 4.1.4
redisclosures
HOEPA loans, 9.6.6.5
RESPA transactions, 4.4.7.3, 4.5.9
waiver, 4.4.7.5
refinancings, 5.8.3, 5.15.3, 5.15.9
renewals of single payment obligations, 5.15.4
required deposits, 5.9.12
rescission rights, 10.4.3.2
RESPA transactions, 4.1.1
closing disclosures, 4.4.7.2.2, 4.4.7.4
combined disclosures, see COMBINED DISCLOSURES (TILA/RESPA)
early disclosures, 4.4.7.2, 4.4.7.5, 4.4.7.6
estimates, 4.5.7.3, 5.9.3.1
itemization, 5.9.3.1
timing rules, 4.4.7
redisclosures, 4.4.7.3, 4.5.9
segregation, 4.2.6.2
waiver of early disclosure, 4.4.7.5
retainable form, 4.2.5
electronic disclosures, 4.3.4, 4.3.7
security interest charges, 5.9.9
security interests, 5.8
segregated disclosures
electronic disclosures, 4.3.9
exceptions, 4.2.6.3
federal box, 4.2.6.2
finance charge, itemization, prohibition, 5.4.1
insurance disclosures, 5.9.8
prepayment penalties, 5.9.6.2
prepayment rebates, 5.9.6.3
referral to contract document, 5.9.10
requirements, 4.2.6
security interest charges, 5.9.9
violations, statutory damages, 4.2.6.1, 11.6.6.2.1, 11.6.6.2.3
series of advances, 4.5.4
series of sales, 4.4.5.2
simple-interest transactions, 4.5.7.4
spot delivery transactions, 4.5.6.3
spreader clauses, 5.8.6
statute of limitations, calculation, 12.2.2.2
statutory standards, 4.1.1
student loans, 1.2.7, 2.4.5.1, 4.4.9, 5.14
subsequent disclosures, 4.5.9, 5.15
subsequent occurrences, 5.15
tax refund loans, 4.5.10.2
telephone orders, 4.4.5.1
third party, by, 4.1.3.2
creditor liability for, 4.1.3.2, 4.2.4.5.2
TILA rescission rights, 10.4.3.2
timing, 4.4
ARMs, 4.4.8
automobile sales, 4.4.6
consummation, defined, 4.4.4
general rule, 4.4.2
HOEPA loans, 9.6.6.8
importance, 4.4.1
mail or telephone orders, 4.4.5.1
RESPA transactions, 4.4.7
series of sales, 4.4.5.2
special rules, 4.4.3
student loans, 4.4.9
violations, statutory damages, 11.6.6.2.1, 11.6.6.2.2
tolerance levels, see TOLERANCE LEVELS
total of payments, 5.6.9
total sale price, 5.9.5
trade-ins, 5.3.2
type size, former requirements, 4.2.4
unknown information, 4.5.7
unusual transactions, 4.5.5
variable rate transactions
ARMs, 4.4.8, 5.7, 5.13
loans, 5.12
violations
see also TILA VIOLATIONS
different consequences, 5.2
early disclosure rules, 4.4.7.6
HOEPA loans, 9.6.9
statute of limitations, 12.2.2.2
statutory damages, 11.6.6
waiver, 12.5.4
early RESPA disclosures, 4.4.7.5
HOEPA loans, 9.6.7
who is required to make, 4.1.3
workout agreements, effect, 5.15.7
wraparound financing, 4.5.5
written copies, requirement, 4.2.5
yield-spread premiums, 9.8.3.4
yo-yo sales, 4.5.6.3
CLOSED-END LEASES
see also CONSUMER LEASES
adjusted lease balance, see ADJUSTED LEASE BALANCE
advertising disclosures, 13.4.3.1
automobile, see AUTOMOBILE LEASES
early termination penalties, see EARLY TERMINATION FORMULAS
CLOSED-END LOANS
see CLOSED-END CREDIT TRANSACTIONS
CLOSING AGENTS
see SETTLEMENT AGENTS
CLOSING COSTS
average cost pricing, 3.9.6.3.5
bona fide and reasonable, 3.9.6.3
credits against closing costs, 3.6.1.2
disclosure booklet, 4.4.7.2.1, 5.11.2.4
disclosures, 3.9.6.4, 3.9.6.3.7
average cost pricing, 3.9.6.3.5
initial escrow payment, 5.11.2.5.6.3, 5.11.2.6.6.3
finance charge status, 3.9.6.3.1
attorney fees, 3.9.6.2.4
courier fees, 3.7.3.4
document preparation fees, 3.6.2.2.3
settlement agent charges, 3.6.3.3, 3.9.6.2.4
looking behind the papers, practice aids, 3.11.3
points and fees, inclusion, 9.8.3.5
third party fees, 3.6.3.3, 3.9.6.3.6
CO-OBLIGORS
see ACCOMMODATION PARTIES; COSIGNERS
COERCION
credit insurance, 3.9.4.4.3
COLLATERAL
see also SECURITY INTERESTS; SPREADER CLAUSES
closed-end disclosures
identification, 5.8.4.2
mixed security interests, 5.8.5
overinclusive description, 5.8.4.3
property not owned by debtor, 5.8.7
purchase money security interests, 5.8.3
underinclusive description, 5.8.4.4
insurance, see PROPERTY INSURANCE
COLLATERAL ESTOPPEL
see also EQUITABLE ESTOPPEL
creditor defense, 11.4.2.5.8, 12.6.5.3
COLLATERAL PURCHASES
finance charge status, 3.6.1.3.4
COLLECTION ACTIONS
billing error disputes
relationship, 7.9.3
restrictions, 7.9.6.4
costs, see COLLECTION COSTS
counterclaims, as, 12.6.3.2
credit cards, amounts disputed as against merchant, 7.11.7
defending, attorney fees, 11.9.2.1, 11.9.4.2.2
defenses, see CONSUMER DEFENSES
jurisdiction, 12.6.3.2
open-end leases, excess liability, 13.3.6.13, 13.6
removal to federal court, 12.6.2, 13.7.4
res judicata, application, 12.6.5.2.3
TILA awards, offset restrictions, 12.4.12
TILA counterclaims, 12.6.9
TILA recoupment claims, 12.2.5.1
COLLECTION AGENCIES
creditor status, 2.3.2.2
COLLECTION COSTS
see also FEES
CLA disclosures, 13.3.6.17
late payment charge, status, 5.9.7
COLORADO RIVER ABSTENTION DOCTRINE
federal relief interfering with state proceedings, 11.4.2.3
COMBINED DISCLOSURES (TILA/RESPA)
see also CLOSED-END DISCLOSURES (TILA); REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)
APR, conspicuousness, 5.5.3
CFPB
compliance resources, 5.11.2.3
mandate to integrate disclosures, 4.4.7.1.3, 5.11.1
closing disclosures, 4.4.7.2.2, 4.4.7.4, 5.11.2.6
additional information, 5.11.2.6.7
adjustable interest rate table, 5.11.2.6.7.4
adjustable payment table, 5.11.2.6.7.3
appraisals, 5.11.2.6.7.6
assumptions, 5.11.2.6.7.2
cash to close, 5.11.2.6.6.5
clear and conspicuous, 5.11.2.6.1
closing cost details, 5.11.2.6.6
contact information, 5.11.2.6.7.8
contract details, 5.11.2.6.7.6
costs at closing, 5.11.2.6.5
demand features, 5.11.2.6.7.2
escrow account, 5.11.2.6.7.2
estimates, relationship to, 5.11.2.6.6.1
format, 5.11.2.6.1, 5.11.2.6.7.10
general information section, 5.11.2.6.2
initial escrow payment, 5.11.2.6.6.3
late payments, 5.11.2.6.7.2
liability after foreclosure, 5.11.2.6.7.6
loan calculations, 5.11.2.6.7.5
loan costs, 5.11.2.6.6.2
loan disclosures, 5.11.2.6.7.2
loan terms, 5.11.2.6.3
model forms, 5.11.2.6.1
negative amortization, 5.11.2.6.7.2
origination charges, 5.11.2.6.6.2
other costs, 5.11.2.6.6.3
other disclosures, 5.11.2.6.7.6
overview, 5.11.2.6.1
partial payments, 5.11.2.6.7.2
prepaids, 5.11.2.6.6.3
projected payments, 5.11.2.6.4
questions subsection, 5.11.2.6.7.7
refinancing, 5.11.2.6.7.6
revisions, 4.4.7.3, 4.5.9
security interest, 5.11.2.6.7.2
“services borrower did not shop for,” 5.11.2.6.6.2
“services borrower did shop for,” 5.11.2.4, 5.11.2.6.6.2
signature statement, 5.11.2.6.7.9
summaries of transactions, 5.11.2.6.6.6
tax deductibility, 5.11.2.6.7.6
taxes and government fees, 5.11.2.6.6.3
totals, 5.11.2.6.6.4
waiver, 4.4.7.5
corrected disclosures, 12.4.7
early disclosures, 4.4.7.2, 5.11.2.4
loan estimate, 5.11.2.5
effective date, 4.1.1, 4.4.7.1.3, 5.11.1
finance charge
identifying from, 3.9.6.4
tolerance, 5.4.3.3.1
HELOCs, application, 8.1.1
itemization of closing costs, 5.9.3.1, 5.11.2.5.6
loan estimate form, 4.4.7.2, 4.4.7.3, 5.11.2.5
additional information, 5.11.2.5.7
adjustable interest rate table, 5.11.2.5.6.6
adjustable payment table, 5.11.2.5.6.5
appraisals, 5.11.2.5.7.3
assumptions, 5.11.2.5.7.3
cash to close, 5.11.2.5.6.4
clear and conspicuous, 5.11.2.5.1
closing cost details, 5.11.2.5.6
comparisons table, 5.11.2.5.7.2
costs at closing, 5.11.2.5.5
creditor information, 5.11.2.5.7.1
fees prior to, 4.4.7.2.3
format, 4.4.7.2.2, 5.11.2.5.8
general information section, 5.11.2.5.2
good faith, 4.5.7.3
homeowner’s insurance, 5.11.2.5.7.3
initial escrow payment, 5.11.2.5.6.3
liability after foreclosure, 5.11.2.5.7.3
loan costs, 5.11.2.5.6.2
loan terms, 5.11.2.5.3
model forms, 5.11.2.5.1
origination charges, 5.11.2.5.6.2
other considerations, 5.11.2.5.7.3
other costs, 5.11.2.5.6.3
prepaids, 5.11.2.5.6.3
projected payments, 5.11.2.5.4
refinancing, 5.11.2.5.7.3
refunds over estimate, 12.4.7
revisions, 4.4.7.3, 4.5.9, 12.4.7
“services you can shop for,” 5.11.2.4, 5.11.2.5.6.2
“services you cannot shop for,” 5.11.2.5.6.2
servicing, 5.11.2.5.7.3
signature statement, 5.11.2.5.7.4
taxes and government fees, 5.11.2.5.6.3
time, 4.4.7.2.1
waiver, 4.4.7.5
model forms, 4.2.2.1, 5.11.2.5.1, 5.11.2.6.1
overview, 3.9.6.4, 5.11.2.1
redisclosures, 4.4.7.3, 4.5.9
scope, 3.9.6.4, 4.4.7.1.3
exemptions, 5.11.2.1
persons subject to rule, 5.11.2.2
segregation rule, 4.2.6.2, 5.11.2.5.1
settlement information
service providers, list of, 4.4.7.2.1, 5.11.2.4
special booklet, 4.4.7.2.1, 5.11.2.4
timing rules, 4.4.7.1.1, 4.4.7.2.1, 4.4.7.3
violations
broker liability, 11.6.9.2
remedies, 5.11.2.6.8
settlement agent liability, 11.6.9.2
statutory damages, 11.6.8.3
COMMERCIAL CREDIT
see BUSINESS CREDIT
COMMITMENT FEES
see APPLICATION FEES; FEES; THIRD PARTY FEES
COMMODITIES ACCOUNTS
TILA exemption, 2.4.7
COMPENSATING BALANCES
TILA disclosure, 5.9.12
COMPENSATION
mortgage originator rules, 9.3.2
compensation based on mortgage terms, 9.3.2.6
coverage, 9.3.2.2
definitions, 9.3.2.3–9.3.2.5
dual compensation, 9.3.2.7
overview, 9.3.2.1
COMPETITIVE EQUALITY BANKING ACT
ARMs
application, 5.13.1.4, 5.13.2.1
caps, text, Appx. A.3
HELOCs, application, 8.4.7.1
COMPLAINTS
see PLEADINGS
COMPOUND DAMAGES
see also MULTIPLE DAMAGES
HOEPA violations, 9.6.12.1.4
COMPTROLLER OF THE CURRENCY
variable-rate regulations, substitution for TILA, 5.12.2.3
COMPULSORY CREDIT INSURANCE
see CREDIT INSURANCE
COMPUTER BREAKDOWNS AND ERRORS
see also ERRORS
bona fide error defense, 12.4.4.4
CONCURRENT LITIGATION
federal and state court, 12.6.4
CONDITIONAL AGREEMENTS
see YO-YO SALES
CONDITIONAL RESCISSION
see also EQUITABLE MODIFICATION; RESCISSION (TILA)
security interest remains pending tender, 10.6.1, 10.7
ability to tender, effect, 10.7.3.1, 10.7.5
attorney fee rights, 10.9.4
case law, 10.7.3, 10.7.4
CONFLICT OF LAWS
disclosure laws, TILA preemption, 2.6.3
CONSEQUENTIAL DAMAGES
see also DAMAGES
TILA violations, 11.5.6.1
CONSIDERATION
nominal consideration, definition, 13.2.3
CONSOLIDATION OF DEBTS
see PRIOR DEBT PAYOFFS; REFINANCING
CONSPICUOUS DISCLOSURES (TILA)
additional information, effect, 4.2.4.5.4, 6.3.2.3.3
ARP, more conspicuous
closed-end disclosures, 4.2.4.6, 5.5.3
change in terms provisions, 6.8.4.1, 6.8.4.3.1
CLA advertising requirements, 13.4.3.1
clear, definition, 4.2.4.4, 6.3.2.2
closed-end disclosures
clear and conspicuous requirement, 4.2.4
closing disclosures, 5.11.2.6.1
loan estimate, 5.11.2.5.1
more conspicuous disclosures, 4.2.4.6, 5.4.2, 5.5.3
conspicuous, definition, 4.2.4.3, 6.3.2.3
contradictory information, 4.2.4.5
credit and charge card solicitations, 6.5.2.3.2
credit insurance, 3.9.4.4.1, 3.9.4.4.3.2
electronic disclosures, 4.3.9
finance charge, more conspicuous, 3.1.1
closed-end disclosures, 4.2.4.6, 5.4.2, 5.5.3
HELOCs
advertising disclosures, 8.2.3
APR, more conspicuous, 8.3.5.7
conditions for disclosed terms, 8.3.5.3
early disclosures, 8.3.2.1
HOEPA disclosures, 9.6.6.2
more conspicuous disclosures, 4.2.4.6
open-end disclosures, 6.3.2
change in terms, 6.8.4.1, 6.8.4.3.1
clear, 6.3.2.2
conspicuous, 6.3.2.3
credit card solicitations, 6.5.2.3.2
deferred interest period, 6.4.6.3
minimum monthly payment, 6.7.11.4.3
promotional interest rates, 6.4.5.3
renewal notice, 6.8.6.2
prominently located, defined, 6.5.2.3.2
statutory damages, 11.6.5.3.3
TILA rescission notice, 10.4.4.1, 10.4.4.5
CONSTITUTIONAL CHALLENGES
TILA, 12.5.7
CONSTRUCTION LOANS
see also IRREGULAR TRANSACTIONS; RESIDENTIAL MORTGAGE TRANSACTIONS
affordability standards exemption, 9.3.3.2.1
balloon payment terms, 9.6.2.4.4, 9.6.10.4.2
closed-end disclosure rules, 4.5.4
APR accuracy tolerance, 5.5.4.1.2
APR calculation, 5.5.6.3.5
payment schedule, 5.6.3.2, 5.7.4
higher-priced loan exemption, 1.5.3.4.4
appraisal standards, 9.5.4.6.2
escrow requirements, 9.5.4.5.2
HOEPA, application, 9.6.1.1, 9.6.2.1, 9.6.2.4.1, 9.6.2.4.4
TILA rescission, application, 10.2.6.1
variable-rate disclosure exemption, 5.12.2.8
CONSUMER BUYDOWNS
see also BUYDOWNS
closed-end disclosures, 4.5.5
variable-rate rules, 5.12.2.4
escrow holdback accounts as, 3.9.6.2.7
finance charge status, 3.8.2
CONSUMER CREDIT
see also CREDIT; CREDITORS
amount financed, see AMOUNT FINANCED
annual percentage rate, see ANNUAL PERCENTAGE RATE (APR)
balloon payments, see BALLOON PAYMENT FINANCING
billing errors, see BILLING ERRORS
charges, see FINANCE CHARGE
closed-end, see CLOSED-END CREDIT TRANSACTIONS
cost
dollar basis, see FINANCE CHARGE
yearly basis, see ANNUAL PERCENTAGE RATE (APR)
creditor-splitting, 2.3.3
defined, 2.2
official interpretation exemptions, 2.4.9
open-end credit, 6.2.1
disclosure requirements, see CLOSED-END DISCLOSURES (TILA); DISCLOSURES (TILA); OPEN-END DISCLOSURES (TILA)
disguised credit, see DISGUISED CREDIT
evaluating transaction, checklists, 1.1.2, 1.7
extensions without regard to ability to repay, 9.6.11.2
finance charges, see FINANCE CHARGE
HOEPA protections, see HOME OWNERSHIP AND EQUITY PROTECTION ACT (HOEPA)
insurance, see CREDIT INSURANCE
irregular transaction, defined, 5.5.4.1.2, 5.5.6.2.1
land trusts, see LAND TRUST TRANSACTIONS
loans, see CONSUMER LOANS
Morris Plan transactions, see MORRIS PLAN TRANSACTIONS
open-end, see OPEN-END CREDIT
payment schedule, see PAYMENT SCHEDULE
predatory lending, regulation, 9.1
primarily for personal, family, or household, 2.2.3
regularly extends, definition, 2.3.3, 10.2.2
rescission, see RESCISSION (TILA)
sales, see CREDIT SALES
substance not form dictates, 2.1.2, 2.5.1
TILA application, 2.1–2.4, 10.2.2
exemptions, 2.4
monetary exemption, 2.4.4
official interpretation exemptions, 2.4.9
state exemptions, 2.6.2
CONSUMER CREDIT PROTECTION ACT (CCPA)
see CONSUMER LEASING ACT (CLA); FAIR CREDIT BILLING ACT (FCBA); TRUTH IN LENDING ACT (TILA)
CONSUMER DEFENSES
assignee liability, 12.3.4
CLA claims as, 13.7.3.2
credit cards, see CREDIT CARDS, claims and defenses against merchant
foreclosures, see HOME DEFENSE
recoupment, see RECOUPMENT
rescission claims as, 10.9.6
set-offs, see SET-OFFS
TILA violations as, 11.1, 12.6.9
CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)
calculation tool error, notification, 5.5.4.3.1
CLA
official interpretations, see OFFICIAL INTERPRETATIONS ON REGULATION M
regulations, see REGULATION M (CLA)
rule-making authority, 13.1.3
compliance resources, 5.11.2.3
creation, 1.2.11
credit card agreement database, 6.4.4
credit card website, 6.5.3.14
E-Sign authority, 4.3.2
good faith conformity with rulings and interpretations, 12.4.2
HOEPA protections
APR coverage, changes, 9.6.3.1
exemption discretion, 9.6.2.4.4
integrated disclosures, see COMBINED DISCLOSURES (TILA/RESPA)
model forms, see MODEL FORMS
mortgage regulation, 9.1.1
private student loan report, 5.14.2.4
state exemption process, 2.6.2
state preemption process, 2.6.3
TILA
compliance resources, 5.11.2.3
enforcement powers, 11.11.1
official interpretations, see OFFICIAL INTERPRETATIONS ON REGULATION Z
regulations, see REGULATION Z (TILA)
rule-making authority, 1.5.3.1, 1.5.3.3, 2.1.1, 8.1.2, 10.1
unfair trade practices, power to prohibit, 9.2.1, 9.4.4
CONSUMER HANDBOOKS
see also BROCHURES
ARMs brochure, 5.13.4.2
CHARM booklet, 5.13.4.2
HELOCs brochure, 8.3.2.2
CONSUMER LEASES
adjusted lease balance, see ADJUSTED LEASE BALANCE
advertising requirements
generally, 13.4.3
remedies, 13.4.1, 13.7.1.3
agreed-upon value, 13.3.6.6.2
amounts to be paid, itemization, 13.3.6.2.1, 13.3.6.2.2
appraisal rights, 13.3.6.12
arranging to lease, meaning of term, 13.2.5
automobiles, see AUTOMOBILE LEASES
CLA, application, 2.2.4.2.1, 13.2
closed-end, see CLOSED-END LEASES
consummation, determination, 13.3.2.1
contractual obligation, determination, 13.2.2
credit sale distinguished, 2.2.4.2, 13.2.3
default penalties, 13.5
see also EARLY TERMINATION FORMULAS
CLA standards, 13.5.1
computation, 13.5.3
disclosure requirements, 13.3.6.7
other legal standards, 13.5.2
definition, 13.2.4
disclosure requirements, 13.3
federal, see DISCLOSURES (CLA)
state, see DISCLOSURE LAWS (STATE)
disguised credit sale, 2.5.3, 13.2.3
early termination, see EARLY TERMINATION FORMULAS
initial lease balance, 13.5.3.2.3
key terms, 13.1.4
open-end, see OPEN-END LEASES
purchase options, see PURCHASE OPTIONS
rate information, 13.3.6.19, 13.4.3.1
realized value, see REALIZED VALUE
rent-to-own, see RENT-TO-OWN (RTO) TRANSACTIONS
residual value, see RESIDUAL VALUE
sale/leasebacks, see SALE/LEASEBACK TRANSACTIONS
security deposits, 13.5.5.7
signature location, 13.3.2.1, 13.3.4.2
state law, see LEASING STATUTES (STATE)
TILA application, 2.2.4.2, 2.5.3
total contractual obligation, 13.2.2
UCC, application, 13.5.2.2, 13.5.2.4
unamortized cost portion, see ADJUSTED LEASE BALANCE
unearned charges, rebates, see UNEARNED LEASE CHARGE REBATES
wear or use charges, see WEAR OR USE CHARGES
CONSUMER LEASING ACT (CLA)
see also TRUTH IN LENDING ACT (TILA)
actions, see CLA ACTIONS
advertising provisions, 13.4, 13.7.1.3
cross references to 15 U.S.C., Appx. H.1.1
default charges
disclosure requirements, 13.3.6.7
substantive regulation, 13.5
disclosure requirements, see DISCLOSURES (CLA)
early termination charges
disclosure requirements, 13.3.6.7
remedies, 13.7.1.2
substantive regulation, 13.5
general overview, 1.4, 13.1
key terms, 13.1.4
lease disclosures, see DISCLOSURES (CLA)
regulations, see REGULATION M (CLA)
remedies, 13.1.2, 13.7
see also CLA ACTIONS
remedies provided, 13.7.2
triggering remedies, 13.7.1
requirements, summary, 13.1.1
scope, 13.2
exemptions, 13.2.6, 13.2.7
state law preemption, 13.3.1.2, 13.5.2.1
structure, 13.1.2
text, Appx. H.1.2
TILA remedies, application, 13.1.2
violations, 13.7
statutory defenses, 13.7.5
CONSUMER LOANS
see also CONSUMER CREDIT
amount financed, see AMOUNT FINANCED
check advancement loans, see CHECK ADVANCEMENT LOANS
construction, see CONSTRUCTION LOANS
contingent on future event, see CONTINGENT LOANS
disclosure requirements, see CLOSED-END DISCLOSURES (TILA); DISCLOSURES (TILA); OPEN-END DISCLOSURES (TILA)
insurance, see CREDIT INSURANCE
loan-splitting, see LOAN-SPLITTING
model forms, see MODEL FORMS
payday loans, see PAYDAY LOANS
peer-to-peer lending programs, 2.3.5.4.2
preferred-rate employee loans, see EMPLOYEE PREFERENTIAL RATES
proceeds distributed to consumer, see LOAN PROCEEDS
securitization, see SECURITIZED LOANS
tax refund loans, see REFUND ANTICIPATION LOANS (RALs)
underlying invalidity as TILA defense, 12.5.5
variable rate, see VARIABLE-RATE TRANSACTIONS
CONSUMER REPORTS
see CREDIT REPORTS
CONSUMERS
see also OBLIGORS
contribution to TILA violations, 12.5.2, 12.5.3
defenses, see CONSUMER DEFENSES
definition, 2.2.2, 6.2.1, 10.2.8.1
disclosure rights, 2.2.2.3
financially distressed, credit card advice, 6.1.4
fraud in obtaining residential mortgage, 12.4.11, 12.5.3
low-income, see LOW-INCOME CONSUMERS
TILA rescission, tender obligations, see TENDER
waiver of TILA rights, 12.5.4
young consumers, improvident lending, 7.6.3
CONSUMER’S ACCOUNT
amount financed, itemization, 5.9.3.3
hidden finance charges, 5.9.3.3
meaning of term, 5.9.3.3
CONSUMMATION
closed-end credit transactions, determination, 4.4.4, 12.2.2.2
defined, 4.4.4.1
leases, determination, 13.3.2.1
post-consummation events, see SUBSEQUENT EVENTS
state law determination, 10.3.3.9, 12.2.2.2
tax refund anticipation loans, 4.4.4
TILA rescission
after consummation, 10.3.1, 10.3.2
delays, effect, 10.3.3.9
determination, 10.3.1
prior to consummation, 10.2.3.1
CONTACT INFORMATION
see also ADDRESSES
assignees, 5.15.2.4.2
authorized agents, 5.15.2.4.4
creditors, 5.9.2
CONTINGENT LOANS
demand obligation disclosure rules, application, 4.5.10.1
RALs, 4.5.10.2
CONTINGENT RATE INCREASES
see PENALTY RATES
CONTRACT LAW
mistake doctrine, 11.5.4.5
TILA preemption, 10.1
CONTRACTORS
see also CONSTRUCTION LOANS
liens, see STATUTORY LIENS
sale of services, see HOME IMPROVEMENT SALES
security interests, see SECURITY INTERESTS
CONTRACTS
see CONTRACT LAW; CREDIT AGREEMENTS
CONVENIENCE CHECKS
see also CASH ADVANCES
balance transfers, see BALANCE TRANSFERS
credit card status, 6.2.4.1.1, 6.8.3.3.1
declined check fees, 7.5.2.5.4
grace periods, effect on, 6.4.6.1, 6.5.3.6, 6.6.2.2, 6.6.7.1
special disclosures, 6.8.3.3
APR, 6.8.3.3.2
change in terms, 6.8.4.6.7
circumstances, 6.8.3.3.1
fees and grace period, 6.8.3.3.3
format, 6.3.2.3.1, 6.8.3.3.1
promotional rates, 6.8.3.3.2
timeliness, 6.6.2.2
unauthorized use, 7.10.1.2.2
CONVERSION
ARMs disclosure requirements, 5.12.2.5
open-end to closed-end account, 10.2.6.3
COOLING-OFF PERIOD RULE (FTC)
see also COOLING-OFF PERIODS; FEDERAL TRADE COMMISSION (FTC)
TILA rescission, interrelationship, 10.2.10
COOLING-OFF PERIODS
FTC rule, see COOLING-OFF PERIOD RULE (FTC)
home solicitation sales, see HOME SOLICITATION SALES
interrelationship, 10.2.10
spiking, see SPIKING
TILA, 10.3.1, 10.5.1
see also RESCISSION (TILA)
COOPERATIVES
see ORGANIZATIONS
COPY FEES
see also FEES
billing error procedures
HELOCs, 8.4.3.1
notice of change, exemption, 6.8.4.6.8
restrictions, 7.9.8.4
HELOCs, 8.4.3.1, 8.4.3.2
CORPORATIONS
see ORGANIZATIONS
CORRECTION OF ERRORS
see also ERRORS
actual damages calculations, relationship, 11.5.4.2
billing errors, 7.9.8
combined TILA/RESPA disclosure, 12.4.7
informational errors, 12.4.6.3
loan estimate, refund over estimate, 12.4.7
statutory defense
CLA, 13.7.5.3
HOEPA, 9.6.12.4
TILA, 12.4.6
TILA correctable errors, 12.4.6.3
sufficient notice and correction, 12.4.6.4
timely correction, 12.4.6.2
TILA rescission, effect, 10.3.1, 10.4.4.1, 12.4.6.1, 12.4.6.5
COSIGNERS
see also ACCOMMODATION PARTIES; JOINT ACCOUNTS
cardholder status, 6.2.4.6
CLA, application, 13.2.4
credit cards
ability-to-repay, 7.6.2.3.2
young consumers, 7.6.3.1.2, 7.6.3.1.3
credit insurance, affirmative request, 3.9.4.4.3.3
consumer status, 2.2.2.2
disclosure rights, 2.2.2.3, 11.2.2
closed-end disclosures, 4.1.4
HOEPA disclosures, 9.6.6.3
open-end disclosures, 6.3.4.3
HELOCs, requests for suspension, 8.6.7.7.1
standing, 11.2.2
statutory damages, 11.2.2
HOEPA violations, 9.6.12.1.5
COST
see also FEES
business, see BUSINESS COSTS
consumer credit
dollar basis, see FINANCE CHARGE
yearly basis, see ANNUAL PERCENTAGE RATE (APR)
expenses, see EXPENSES
price, see PRICE
COSTS
see ATTORNEY FEES AND COSTS
COUNSELING
see CREDIT COUNSELING
COUNTERCLAIMS
see also SET-OFFS
accommodation parties, standing, 11.2.2
attorney fee awards, 11.9.2.1, 11.9.4.2.2
creditor, see COLLECTION ACTIONS
filing, effect on correction defense, 12.4.6.2
foreclosure actions, 10.9.6.3, 12.6.9
jurisdiction, 12.6
supplemental jurisdiction, 12.6.3.2
permissive or compulsory, distinction, 12.6.3.2
pleadings, see PLEADINGS
recoupment claims, 10.3.3, 12.2.5, 12.6.9
removal to federal court, 12.6.2, 13.7.4
res judicata defense, 12.6.5.2.3
TILA violations, asserting, 12.6.9
COUPON BOOKS
credit card status, 6.2.4.1.1
COURIER FEES
see DELIVERY CHARGES
COURT ACTIONS
see CLA ACTIONS; CLASS ACTIONS; COLLECTION ACTIONS; COUNTERCLAIMS; TILA ACTIONS
COURT AGREEMENTS
refinancing status, 5.15.6
COURT COSTS
see ATTORNEY FEES AND COSTS
COURT JUDGMENTS
see JUDGMENTS
CREDIT
see also CREDITORS
agreements, see CREDIT AGREEMENTS
agricultural purposes, see AGRICULTURAL CREDIT
arrangers, see ARRANGERS OF CREDIT
balances, see CREDIT BALANCES
business or commercial purposes, see BUSINESS CREDIT
cards, see CREDIT CARDS
categories of credit, 2.2.4.1.2
consumer purposes, see CONSUMER CREDIT
defined, 2.2.4.1.1, 2.4.9, 6.2.1
devises, see CREDIT DEVISES
disguised, DISGUISED CREDIT
features, see CREDIT FEATURES
insurance, see CREDIT INSURANCE
limits, see CREDIT LIMITS
lines, see CREDIT LINES
paper, see CREDIT PAPER
privileges, see CREDIT PRIVILEGES
reports, see CREDIT REPORTS
sales, see CREDIT SALES
TILA scope, Ch. 2
CREDIT AGREEMENTS
abandonment, effect on TILA liability, 12.5.5
arbitration clauses, 12.7
balance computation method, disclosure, 6.6.8.2
billing error rights, disclosure, 6.6.11
change in terms, see CHANGE IN CREDIT TERMS
conditional agreements, 4.5.6.2
consummation, defined, 4.4.4
credit cards, see CREDIT CARDS
erroneous disclosure terms, enforcement as contract term, 11.5.4.4
forged, TILA standing, 11.2.3
FTC holder rule, 12.3.11
HOEPA restrictions, 9.6.10
invalidity as TILA defense, 4.5.2, 12.5.5
legal obligation, determination, 4.5.1
mistake, avoidance or reformation due to, 11.5.4.5
non-signatories, disclosure rights, 4.1.4
rescission rights, incorporating, 10.2.7.2
RISCs, see RETAIL INSTALLMENT SALES CONTRACTS (RISCs)
security interests, disclosure, 6.6.10
TILA trigger, 2.3.4.3
CREDIT ARRANGERS
see ARRANGERS OF CREDIT
CREDIT BALANCES
mortgage loans, 9.1.3
open-end disclosures, 6.7.10, 7.15.2
abbreviations, use, 6.7.3, 6.7.10
refunds, 6.7.10, 7.15.2
CREDIT BUREAU FEES
see CREDIT REPORT FEES
CREDIT CARD ACCOUNTABILITY, RESPONSIBILITY AND DISCLOSURES (CARD) ACT
application, 6.2.4.2
disclosure requirements, 6.5
scope, 6.5.1, 6.5.2.2
legislative history and overview, 1.2.8
FRB implementation, 1.5.3.4.2
substantive protections, 7.1.2.1
repricing prohibitions, 7.2
substantive protections, scope, 7.1.2.2
waiver of rights, 7.1.2.2
CREDIT CARD BALANCES
see also CREDIT CARDS
definition, 7.2.3.5.1
disclosure to executors, 7.15.4.2
periodic statements
see also PERIODIC STATEMENTS
summary of terms, 6.7.1.5
when required, 6.7.1.2
protected balances, 7.2.3.5
rate increase protections, 7.2.3
revolving, effect on grace periods, 6.5.3.6, 6.6.7.1, 6.7.11.1
CREDIT CARDS
see also CHARGE CARDS; OPEN-END CREDIT
ability-to-repay, requirement to consider, 7.6.2
young consumers, 7.6.3.1
acceptance, defined, 6.6.2.4.2, 7.12.3.3
account opening date, 7.8.2.3
acquired accounts
rate increase protections, 7.2.3.1.3
rate re-evaluation, 7.2.5.7
adding new features, 6.8.3.1, 7.12.2
advising clients, 6.1.4
agreements
see also CREDIT AGREEMENTS
posting on Internet, 6.4.4
applications and solicitations
ability-to-repay, consideration, 7.6.2, 7.6.3.1
aggressive solicitation, 7.6.1
bait-and-switch tactics, 6.5.3.1
direct mail, 6.5.4.1
disclosure rules, 6.5
electronic, 6.5.4.2
fees, 6.5.3.3.2, 6.6.2.4
general public, 6.5.4.4
in-person, 6.5.4.5
requirement of request, 7.12.1
telephone, 6.5.4.3
young consumers, 7.6.3
APR
change in rate, 6.8.4.4.2, 6.8.4.6.3, 6.8.4.6.4
contingent increases, 7.2.3.2.3
creditworthiness dependent, 6.5.3.2.3
disclosure, 6.3.3.1, 6.5.3.2, 6.8.4.2
employee preferential rate, 6.5.3.2.11, 6.6.5.6.4
effective rate, 6.7.6.4
first year of account, 7.2.4
fixed rates, 6.3.3.3
increases, mandatory re-evaluation, 7.2.5
increases, restrictions, 7.2
penalty rates, 6.3.3.2, 6.5.3.2.9, 6.5.3.2.10, 6.5.3.2.11, 6.8.5, 7.2.2.1
periodic rate, 6.5.3.2.2
“pick-a-rate” pricing, 6.6.5.4.4, 6.8.4.6.4
promotional rates, 6.5.3.2.6, 6.5.3.2.8, 6.5.3.2.10, 6.8.4.6.3, 7.2.3.2
universal default, 7.2.2.2
variable rates, 6.5.3.2.6, 6.6.5.4, 6.8.4.6.4, 7.2.3.3
variance by state, 6.5.3.2.4
waiver or rebates, 7.2.3.2.5
authorized payment plans, 7.13.2
authorized users
activation of renewal cards, 7.10.2.1, 7.12.3.1
apparent authority, 7.10.2.3
billing error rights, 7.9.2.1
cardholder status, 2.2.2.2, 6.2.4.6
issuance of cards to, 7.10.2.1
joint holder distinguished, 7.10.2.1, 7.15.4.3
liability to creditor, 7.10.2.1
misuse by, 7.10.2.2
unofficial users, 7.10.2.2, 7.10.2.3
young consumers, 7.6.3.1.1
balance computation method, 6.5.3.7, 6.6.8
balance owing, see CREDIT CARD BALANCES
balance transfers, 6.5.3.11, 6.6.6.2.5
billing errors, see BILLING ERRORS
“biometric” credit cards, 6.2.4.1.1
business credit cards, see BUSINESS CREDIT CARDS
cardholders, see CARDHOLDERS
cash advances, 6.5.3.9, 6.6.6.2.5
cash discount offers, 3.7.11.2, 7.14.4
change in terms
insurance provider, 6.8.7
notice requirements, 6.8.4
rate increase protections, 7.2
right to reject, 7.3
significant change, 6.8.4.4.1
charge card distinguished, 6.2.4.3
claims and defenses against merchant, 7.11
adverse credit reports, 7.11.7
application of payments and credits, 7.11.4
billing errors, distinction, 7.11.5
card issuer’s liability, 7.11.1, 7.11.2
generally, 7.11.1
nondelivery of goods, 7.11.3, 7.11.5
payment as waiver against card issuer, 7.11.2
preconditions to asserting against issuer, 7.11.4
quality of goods, 7.11.3, 7.11.5
tort claims, 7.11.3
types of actionable claims and defenses, 7.11.3
unauthorized use, distinction, 7.11.1, 7.11.5
withholding payments, 7.11.4, 7.11.6, 7.11.7
convenience checks, status, 6.8.3.3.1
credit balances, 7.15.2
Credit CARD Act, see CREDIT CARD ACCOUNTABILITY, RESPONSIBILITY AND DISCLOSURES (CARD) ACT
credit counseling information, provision, 6.7.11.4.6
credit limit
abuses, 7.5.3.1, 7.5.3.3
changes during first year, 7.8.2.2
notice of change, 6.8.4.6.2
over-the-limit transactions, 7.5.3
replenishment of line, 7.5.3.3.4
young consumers, 7.6.3.1.3
creditor definition, 2.3.7, 6.2.4.4
debit cards, status, 2.5.8.4, 6.2.4.1.2, 6.2.4.1.3, 7.11.2
debt buyers, 6.2.4.5
deceased persons, timely settlement of debts, 7.15.4
default, accounts in, 6.7.1.2.2
deferred interest programs, see DEFERRED-INTEREST PROGRAMS
definition, 6.2.4.1.1
Credit CARD Act, 6.2.4.2
direct mail solicitations, 6.5.4.1
disclosures, account-opening, see OPEN-END DISCLOSURES (TILA)
disclosures, applications and solicitations, 6.5
APR disclosure, 6.5.3.2
available credit, subprime cards, 6.5.3.13
balance computation method, 6.5.3.7
balance transfer fees, 6.5.3.11
cash advance fees, 6.5.3.9
CFPB website reference, 6.5.3.14
direct mail applications and solicitations, 6.5.4.1
electronic applications and solicitations, 6.5.4.2
electronic disclosures, 6.5.2.4
fees based on percentage, 6.5.2.5
fees for issuance or availability, 6.5.3.3
format, 6.5.2.3
general public applications and solicitations, 6.5.4.4
grace period, 6.5.3.6
minimum interest charges, 6.5.3.4
overview, 6.5.1
penalty fees, 6.5.3.10
prominence, 6.5.2.3.2, 6.5.2.4.1, 6.6.3.2
relationship to account-opening disclosures, 6.6.1.2
required disclosures, 6.5.3.1
required insurance, 6.5.3.12
state law preemption, 6.5.6
state variations, 6.5.2.6, 6.5.3.2.4
tabular format, 6.3.2.3.1, 6.5.2.3.1, 6.6.3.2
telephone applications and solicitations, 6.5.4.3
timing, 6.5.2.4.2, 6.5.4.4.4
transaction charges, 6.5.3.5
violations, remedies, 6.5.7
when not required, 6.5.2.2
when required, 6.5.2.1
disclosures, change in terms
credit terms, 6.8.4, 6.8.5
insurance provider, 6.8.7
disclosures, generally
see also OPEN-END DISCLOSURES (TILA)
bankruptcy amendments, 1.2.6
boilerplate notices, 6.8.5.2
change in terms, 6.8.4
Fair Credit and Charge Card Disclosure Act, 1.2.3
FRB review of Regulation Z, 1.5.3.4.2
prominence, 6.6.3.2
relationship between disclosures, 6.6.1.2
substitutions, 6.3.4.4
surcharges for use, 7.14.4
terminology, 6.3.3
disclosures, over-the-limit opt in, 7.5.3.2
initial notice of rights, 7.5.3.2.2
right to revoke consent, 7.5.3.2.6
disclosures, penalty rate imposition, 6.8.5
contents of notice, 6.8.5.4
format of notice, 6.8.5.3
general rule, 6.8.5.1
over-the-limit transactions, 6.8.5.5, 7.5.3.2
timing of notice, 6.8.5.2
disclosures, periodic, see PERIODIC STATEMENTS
double cycle billing, 7.4
described, 7.4.2
exceptions to prohibition, 7.4.4
higher interest effect, 7.4.1
prohibition, 7.4.2, 7.4.3
employee preferential rates, 6.5.3.2.11, 6.6.5.6.4
FCBA, application, 7.9.2.1
“fee-harvester” cards, 6.5.3.13, 6.7.6.4.1, 7.8.1, 7.8.2.4.3
fees
abusive, 6.5.3.13, 6.7.6.4.1, 7.8.1
account inactivity, 6.5.3.3.1, 6.6.6.2.2, 7.5.2.5.6
account termination, 7.5.2.6
advance fees, 7.8.2.5
application fees, 6.5.3.3.2, 6.6.2.4, 6.6.6.2.2
balance transfers, 6.5.3.11
based on percentage, 6.5.2.5, 6.6.3.4
cash advances, 6.5.3.9
declined access checks, 7.5.2.5.4
declined transactions, 7.5.2.5.5
enhancements, 6.5.3.3.4
finance charge status, 3.6.5.1, 3.7.3.1
first year of card, 7.8.2
inactivity fees, 6.5.3.3.1, 6.6.6.2.2, 7.5.2.5.6
junk fees, 7.5.1
late payment, 6.5.3.10, 6.6.6.2.6, 7.5.2.5.1
membership fees, 6.5.3.3.3, 6.6.2.4, 6.6.6.2.2
method of payment, 7.7.6
over-the-limit fees, 3.9.3.2, 6.5.3.10, 6.6.6.2.6, 7.5.2.5.3, 7.5.3
penalty fee protections, 7.5
periodic rate, exclusion, 6.5.3.2.2
pre-account opening fees, 7.8.2.5
processing fees, 7.8.2.5
prohibited fees, 7.5.2.4, 7.8.2
promotional fees, 6.4.5.2, 7.2.3.2.1
reasonable and proportional penalties, 7.5.2
renewal fees, 6.8.6.1.2
returned-payment fees, 6.5.3.10, 6.6.6.2.6, 7.5.2.5.2
transaction fees, 3.6.5.1, 3.7.3.1, 6.5.3.5, 6.6.6.2.4
variance by state, 6.5.2.6
waiver or rebates, 7.2.3.2.5, 7.5.2.5.6
financially distressed consumers, advising, 6.1.4
“flips,” 7.12.3.1
grace period, 6.5.3.6, 6.6.7, 6.7.11.1
honorers
creditor status, 2.3.7, 6.2.4.4.6
restrictions on, 7.14
hybrid cards, 7.5.2.3
insurance coverage
change in provider, 6.8.7
required insurance, 6.5.3.12, 6.6.6.2.7
voluntary insurance, 6.6.12
issuance, restrictions, 7.12
adding features, 7.12.2
general rule, 7.12.1
renewal cards, 7.13.3
scope, 7.12.4
substitute cards, 7.12.3
violations, remedies, 7.12.5
issuers, see CARD ISSUERS
joint accounts
authorized users distinguished, 7.10.2.1, 7.15.4.3
death of joint holder, effect, 7.15.4.3
late payments
due to payment address change, 7.7.5.1
fees, 6.5.3.10, 6.6.6.2.6, 7.5.2.5.1
loss of grace period, 7.4
sixty-day delinquency exception, 7.2.3.4
lines of credit, cards accessing, status, 2.5.8.4, 6.2.4.1.2, 6.2.4.1.3, 6.2.4.2
loss or theft, notification, 7.10.5
merchant participation, 7.14
identification requests, 7.14.1
minimum purchase amounts, 7.14.5
refunds, 7.14.3
restrictions on tie-ins, 7.14.2
surcharges, 7.14.4
minimum finance charges, 6.5.3.4, 6.6.6.2.3
minimum monthly payment
ability-to-repay, 7.6.2.4
allocation, 7.7.7.2
amount, 6.7.11.2
increase after other rejections, 7.3.4.3
no right to reject, 7.3.2.2
protected balances, 7.2.3.5.3
repayment disclosures, 6.7.11.4
sixty days late before rate increase, 7.2.3.4
new account protections, 7.2.4, 7.8
offsets against consumer’s deposit account, 7.13
outstanding balance, see CREDIT CARD BALANCES
overdraft credit, cards accessing, status, 2.5.8.4, 6.2.4.1.2, 6.2.4.2
over-the-limit transactions
fee abuses, 7.5.3.1, 7.5.3.3
fee protections, 7.5.2.5.3, 7.5.3
interest or fees triggering, 7.5.3.3.6
opt-in requirement, 7.5.3.2
prohibited practices, 7.5.3.3
payments
abuses by issuers, 7.7.1
address for payment, 7.7.5
allocation of payments, 7.7.7, 7.11.4
crediting payments, 7.7.3
due date restrictions, 7.7.4
electronic payments, 7.7.3
in-person payments, 7.7.5.2
method of payment, 7.7.6
nonconforming payments, 7.7.3
prompt crediting, 7.7.2
reasonable requirements, 7.7.3
withheld payments, 7.7.7.5, 7.9.6.3, 7.6.11, 7.11.4
periodic statements, see PERIODIC STATEMENTS
protected balance, 7.2.3.5
public utility payments, 2.4.6
see also TELEPHONE CREDIT CARDS
refunds, prompt crediting, 7.14.3
reissuance, 7.12.3
rejection of changes, 7.3
effect, 7.3.4
overview, 7.3.1
reasonableness, 7.3.3
use after, 7.3.5
when applicable, 7.3.2
renewal cards, 7.12.3
renewal notices, 6.8.6
contents, 6.8.6.2
periodic statement, on, 6.8.6.3
requirement, 6.8.6.1
replacement cards, 7.12.3
accepted cards only, 7.12.3.3
general rule, 7.12.3.1
one-for-one rule, 7.12.3.2
retail cards, conversion into general card, 7.12.3.1
sale transactions, 6.7.4.2
secured cards, 7.8.1, 7.8.2.4.3, 7.13.2
allocation of payments, 7.7.7.4
subprime cards
available credit, 6.5.3.13, 6.6.9
overview, 7.8.1
substantive protections, 7
billing errors, 7.9
cardholder claims and defenses, 7.11
creditor-merchant-cardholder relationship, 7.13
double cycle billing, 7.4
first-year fees, 7.8
improvident lending, 7.6
offset protections, 7.13
other protections, 7.15
overview, 7.1
payments on account, 7.7
penalty fee abuses, 7.5
price increases, 7.2
rejection of changes, 7.3
restrictions on issuance, 7.12
unauthorized use, 7.10
violations, remedies, 7.16
substitute cards, 7.12.3
surcharges
disclosure, 7.14.4
finance charge status, 3.7.11.2
merchant’s rights, 7.14.4
telephone, see TELEPHONE CREDIT CARDS
telephone solicitations, 6.5.4.3
termination
after rejection of change, 7.3.4.2
fees, 7.3.4.2, 7.5.2.6
prior to expiry date, 7.15.3
notice requirements, 6.8.4.6.2
TILA, application, 2.4.2.3
transaction charges, 3.6.5.1, 3.7.3.1, 6.5.3.5, 6.6.6.2.4
declined transactions, 7.5.2.5.5
foreign transaction fees, 6.5.3.5.2
unauthorized use, 7.10
adverse credit reports, 7.10.7
benefit to cardholder, 7.10.3
cardholder’s liability, 6.7.13, 7.10.4
claims against merchant distinguished, 7.11.5
defined, 7.10.1.1, 7.10.2
investigation procedures, 7.10.6
maximum liability, 7.10.1.1, 7.10.4
misuse distinguished, 7.10.2.2
notice to issuer, 7.10.5
overview of protections, 7.10.1
remedies, 7.10.8, 12.2.2.3.2
resolution process, 7.10.7
scope of protections, 7.10.1.2
“under an open-end (not home-secured) consumer credit plan,” 6.2.4.1
unsolicited issuance, 7.12
added credit features, 7.12.2, 7.12.3.1
examples, 7.12.1.3
PINs, 7.12.3.1
replacement cards, 7.12.3
restrictions, 7.12.1
scope of protections, 7.12.4
statute of limitations, 12.2.2.3.2
remedies, 7.12.5
withholding of payments
allocation of payments, 7.7.7.5, 7.11.4
disclosure of right, 6.6.11
right to withhold, 7.9.6.3, 7.11.6
young consumers, 7.6.3
ability-to-repay, 7.6.3.1
agreements between issuers and schools, 7.6.3.3
credit line increase, 7.6.3.1.3
cosigners, 7.6.3.1.2, 7.6.3.1.3
marketing to college students, 7.6.3.2, 7.6.3.3
written application, 7.6.3.1.4
CREDIT COUNSELING
credit cards, provision, 6.7.11.4.6
HOEPA loans, 9.6.11.10
model forms, 4.2.2.1
negatively amortizing mortgages, 9.3.6
CREDIT DEVICES
see also CREDIT CARDS; CREDIT FEATURES
credit card status, 6.2.4.1
noncredit devices, see NON-CREDIT CARDS
open-end credit plans, addition, notice, 6.8.3
CREDIT DISABILITY INSURANCE
see CREDIT INSURANCE
CREDIT FEATURES
see also CREDIT DEVICES
noncredit cards, addition, restrictions, 7.12.2
open-end credit plans, addition, notice, 6.8.3, 6.8.4.6.7
CREDIT INSURANCE
affirmative written request, 3.9.4.4.3.3
amount financed, inclusion, 3.9.4.1
assumptions, disclosure, 5.15.10.5
benefits, 3.9.4.3.2
change in provider, 6.8.7
CLA disclosures, 13.3.2.8, 13.3.6.15
closed-end segregated disclosures, exclusion, 4.2.6
compulsory, 3.9.4.4.3
non-TILA claims, 3.9.4.4.3.7
proof of coercion, 3.9.4.4.3.4–3.9.4.4.3.6
credit card accounts
change in provider, notice, 6.8.7
required insurance disclosure, 6.5.3.12, 6.6.6.2.7
voluntary insurance, 6.6.12
credit loss, see CREDIT LOSS INSURANCE
debt cancellation agreements, distinction, 3.7.10
disclosures
clear and conspicuous, 3.9.4.4.1, 3.9.4.4.3.2
finance charge exclusion, 3.9.4.4.4
location, 3.9.4.4.4
premium cost, 3.9.4.4.5
segregated disclosure exclusion, 4.2.6.3
term, 3.9.4.4.6
timing, 3.9.4.4.4
violations, administrative enforcement, 3.9.4.5.9
Dodd-Frank amendments, 3.9.4.1, 3.9.4.5.8, 9.3.4
fees, see CREDIT INSURANCE PREMIUMS
finance charge status, 3.9.4.1
exclusions, 3.9.4.4
financing of, restrictions, 3.9.4.1, 3.9.4.5.8, 9.3.4
force-placed, see FORCE-PLACED INSURANCE
loan guarantee insurance, see CREDIT LOSS INSURANCE
loss of property insurance, see PROPERTY INSURANCE
McCarran-Ferguson Act, relationship, 3.9.4.2.1
negative authorization, 3.9.4.4.3.3
non-credit insurance distinguished, 3.9.4.5.7
nonfiling insurance, see NONFILING INSURANCE PREMIUMS
open-end credit plans, disclosure requirements, 6.3.3.4, 6.5.3.12, 6.6.6.2.7, 6.6.12
overview, 3.9.4.1, 3.9.4.3
packing, 3.6.3.4
PMI, see PRIVATE MORTGAGE INSURANCE (PMI)
points and fees, inclusion, 9.8.3.7
post-consummation, 3.9.4.4.2, 3.9.4.5.4
preexisting policies, 3.9.4.4.2
premiums, see CREDIT INSURANCE PREMIUMS
property insurance, see PROPERTY INSURANCE
renewals, refinancing status, 5.15.8
single-premium credit insurance, 9.3.4.1, 9.8.3.7
financing ban, 3.9.4.2.1, 3.9.4.5.8, 9.3.4.1
sliding, 3.9.4.4.3.6
state law regulation, 3.9.4.2.2
challenging coercive insurance, 3.9.4.4.3.7
TILA application, 3.9.4.2
TILA violations
administrative enforcement, 3.9.4.5.9
proving coercion, 3.9.4.4.3.4–3.9.4.4.3.6
voluntariness, 3.9.4.4.3
factual issue, 3.9.4.4.3.4
“optional,” what constitutes, 3.9.4.4.3.2, 5.15.8
parol evidence, 3.9.4.4.3.5
proof of coercion, 3.9.4.4.3.6
written in connection with credit transaction, 3.9.4.4.2
CREDIT INSURANCE PREMIUMS
see also CREDIT INSURANCE; THIRD PARTY FEES
closed-end disclosures, 5.9.3.4.1, 5.9.8
payment schedule, 5.6.9.1.2, 5.7.3
credit cards, first year, 7.8.2.4.1
disclosure requirements, 3.9.4.4.5
finance charge status, 3.6.3.1, 3.7.9, 3.9.4
financing of, 3.9.4.5.8, 9.3.4
McCarran-Ferguson Act, impact, 9.3.4.2
unemployment insurance, 3.9.4.5.8
HELOCs, refunds, circumstances, 8.6.2.1
mortgage insurance, see PRIVATE MORTGAGE INSURANCE (PMI)
new advance, exclusion from definition, 10.2.6.2.2
open-end disclosures
credit cards, 6.5.3.12, 6.6.6.2.7
significant change, 6.8.4.4.1
payment schedule, disclosure in, 5.6.3.1, 5.6.9.1.2, 5.7.3
rate changes, disclosure requirements, 5.12.2.2
rebates of unearned charges, 3.7.2.3.2
seller’s points, as, 3.7.5.2
single-premium insurance, 9.3.4.1, 9.8.3.7
TILA rescission, refunds, 10.6.4.2
total contractual obligation, exclusion, 13.2.2.2, 13.2.2.3
CREDIT INVESTIGATION FEES
see CREDIT REPORT FEES
CREDIT LIFE INSURANCE
see CREDIT INSURANCE
CREDIT LIMITS
see also CREDIT PRIVILEGES; OPEN-END CREDIT
billing errors, disputed amounts, effect, 7.9.6.4
changes, notice, 6.8.4.4.1, 6.8.4.6.2, 6.8.5.5, 8.5.2
credit cards
abuses, 7.5.3.1, 7.5.3.3
changes during first year, 7.8.2.2
replenishment of line, 7.5.3.3.4
transactions over, opt-in, 7.5.3.2
young consumers, 7.6.3.1.3
HELOCs
changes, disclosure, 8.5.3.3, 8.6.7.7.2
disclosure, 8.3.5.10
reductions, restrictions, 8.6.7.7
over-the-limit fees, see OVER-THE-LIMIT FEES
CREDIT LINES
account numbers or cards accessing, credit card status, 6.2.4.1.3, 6.2.4.2
Credit CARD Act, application, 6.2.4.2, 6.5.2.2, 7.1.2.2
credit cards, see CREDIT CARDS
credit limit, see CREDIT LIMITS
fees, finance charge status, 3.7.3.2
home-secured, see HOME EQUITY LINES OF CREDIT (HELOCs)
open-end credit, requirement, 6.2.2.4
overdraft checking accounts, 3.7.3.2
overdraft lines of credit, see OVERDRAFT LINES OF CREDIT
self-replenishment, 6.2.2.4
CREDIT LOSS INSURANCE
finance charge status, 3.7.7, 3.9.4.5.2.2
CREDIT PAPER
discount fees, finance charge status, 3.6.2.2.1, 3.7.8
CREDIT PRIVILEGES
see also CREDIT LIMITS
change in terms, see CHANGE IN CREDIT TERMS
credit cards, termination
after rejection of change, 7.3.4.2
prior to expiry date, 7.15.3
notice requirements, 6.8.4.6.2
HELOCs
disclosure, 8.3.5.10
early termination, 8.6.5
temporary suspensions, 8.6.7.7
reverse mortgages, termination, 8.6.6
CREDIT PROPERTY INSURANCE
see PROPERTY INSURANCE
CREDIT REPORT FEES
see also CREDIT REPORTS; FEES; THIRD PARTY FEES
bona fide and reasonable, 3.9.6.3.8
closed-end disclosure, 5.9.3.4.1
finance charge status, 3.6.3.1, 3.7.6, 3.9.6.2.5
HELOCs, disclosure, 8.3.5.9, 8.4.3.3
points and fees, inclusion, 9.8.3.5
RESPA transactions, 4.4.7.2.3
TILA rescission, refunds, 10.6.4.2
CREDIT REPORTS
billing error disputes, 7.9.6.5
FCBA requirements, 7.9.6.5.1
FCRA requirements, 7.9.6.5.2
credit card disputes
claims and defenses against merchant, 7.11.7
unauthorized use, 7.10.7
fees, see CREDIT REPORT FEES
HOEPA loans, use to verify consumer debt, 9.6.10.2
CREDIT SALES
see also CONSUMER CREDIT; MERCHANTS
advertising disclosures, 6.4.3
amount financed, calculation, 5.3.1
CLA, application, 13.2.3
credit card purchases, see CREDIT CARDS
defined, 2.2.4.2.1, 2.2.4.2.4
disclosure requirements, see CLOSED-END DISCLOSURES (TILA); DISCLOSURES (TILA); OPEN-END DISCLOSURES (TILA)
disguised, 2.5, 13.2.3
down payments, see DOWN PAYMENTS
leases distinguished, 2.2.4.2, 13.2.3
model disclosure form, 4.2.2.1
multiple transactions, examples, 4.5.4
open-end credit, return of purchases made prior to disclosures, 6.6.2.5
price, see PRICE
security interests, see PURCHASE MONEY SECURITY INTERESTS
TILA, application, 2.2.4.2
total sale price, see TOTAL SALE PRICE
variable rate caps, 5.13.2
CREDIT TERMS
see CHANGE IN CREDIT TERMS; CREDIT PRIVILEGES
CREDIT TRANSACTIONS
agricultural purposes, see AGRICULTURAL CREDIT
business or commercial purposes, see BUSINESS CREDIT
comparable cash transaction, 3.6.5
consumer purposes, see CONSUMER CREDIT
disguised transactions, see DISGUISED CREDIT
insurance written in connection with, see CREDIT INSURANCE
primary purpose, 2.4.2.1
multiple transactions, examples, 4.5.4
sales transactions, see CREDIT SALES
status as, 2.1.2, 2.2.4.1.1
statutory damages, 11.6.5.3
TILA coverage, 2.2, 2.3
exemptions, 2.4
opting-in, 2.1.3, 10.2.7
CREDITING OF PAYMENTS
prompt crediting, 7.7.2, 9.4.3.2
electronic payments, 7.7.3
nonconforming payments, 7.7.3, 9.4.3.2.3
statute of limitations, 12.2.2.2
CREDITOR DEFENSES
actual knowledge of rights by consumer, 10.4.2
calculation tool error, 5.5.4.2, 12.4.5
CLA violations, 13.7.5
collateral estoppel, 11.4.2.5.8, 12.6.5.3
combined TILA/RESPA disclosures, provision, 5.11.2.2
conditional rescission, 10.7
constitutional challenges, 12.5.7
consumer contribution to violation, 12.5.3
consumer fraud, 12.4.11, 12.5.3
consumer not misled, 12.5.2
correction of error, 9.6.12.4, 12.4.6, 13.7.5.3
creditors’ counterclaims, 12.6.3.2
de minimis, see DE MINIMIS DEFENSE
failed banks, 12.6.6
invalidity of underlying loan, 12.5.5
judicial decisions, prospective applicability, 12.5.6
judicial estoppel, 12.6.5.4
jurisdictional, 12.6
miscellaneous defenses, 12.5.7
overview, 12.1
procedural, 12.6
ratification, 12.5.7
res judicata, 11.4.2.5.8, 12.6.5.2
Rule 68 offer acceptance, 12.6.5.5
statute of limitations, 12.2
statutory defenses
APR overstatement, 5.5.4.2
assignees, 12.3, 13.7.5.2
bona fide errors, 9.6.12.4, 12.4.4, 13.7.5.4
CLA violations, 13.7.5.1
correction defense, 12.4.6, 13.7.5.3
faulty calculation tool, 5.5.4.2, 5.5.4.3.1, 12.4.5
federal forms, use, 12.4.9
fraud by obligor, 12.4.11
good faith conformity, 4.2.2.2, 12.4.2, 13.7.5.5
governmental agencies, 12.4.9
HOEPA violations, 9.6.12.4
model forms, use, 12.4.3
offset restrictions, 12.4.12
overview, 12.4.1
retroactive immunity, see RETROACTIVE IMMUNITY
subsequent occurrences, 12.4.8, 13.3.5.3
tolerance levels, see TOLERANCE LEVELS
technical violations, 12.5.1
waiver by consumer of TILA rights, 12.5.4
CREDITORS
ability-to-repay, regard to, 9.6.10.4, 9.6.11.2
credit cards, 7.6.2
address, see ADDRESSES
assignees, status, 2.3.5.2
attorney fees, entitlement, 11.9.3.4
attorneys as, 2.3.2.2
billing error procedures, see BILLING ERRORS
class actions, statutory damages, maximum liability, 11.8.3.3
collection actions, see COLLECTION ACTIONS
collection agencies, status, 2.3.2.2
conduct, effect on equitable remedies, 10.7.6.2
cost of doing business, finance charge status, 3.6.2, 3.6.3.2
counterclaims, 12.6.3.2
counties as, see MUNICIPAL CREDITORS
credit card honorers as, 2.3.7, 6.2.4.4.6
creditor-splitting, 2.3.3
defenses, see CREDITOR DEFENSES
defined, 2.3.1–2.3.7, 5.9.2, 11.3
credit card definition, 2.3.7, 6.2.4.4
HOEPA definition, 2.3.6, 9.6.2.3
open-end credit, 6.2.1
delay of performance rule, 10.5
disclosure obligations, see CLOSED-END DISCLOSURES (TILA); DISCLOSURES (CLA); DISCLOSURES (TILA); OPEN-END DISCLOSURES (TILA)
error-preventing procedures, standard of care, 12.4.4.5
fair dealing, detrimental reliance, 11.5.4.6
FRB model disclosure forms, use, 4.2.2.2, 4.2.4, 10.4.4.9
HOEPA, application, 2.3.6, 9.6.2.3
identity, disclosure, 5.9.2
insurance, sale of, 3.9.4.3.1
non-credit, non-property insurance, 3.9.4.5.7
MERS, status, 2.3.5.5
mortgage creditors
compliance policies, 9.3.1
contact information, 5.11.2.5.7.1
multiple creditors, see MULTIPLE CREDITORS
municipalities as, see MUNICIPAL CREDITORS
non-credit insurance, selling, 3.9.4.5.7
obligation initially payable, 2.3.5
peer-to-peer lending programs, 2.3.5.4.2
record retention requirements, 7.15.1
refinancing, different creditor, effect, 10.2.6.2.3
regularly extends credit, 2.3.3, 2.3.6, 10.2.2
servicers, status, 2.3.5.2
small creditors, see SMALL CREDITORS
start up creditors, TILA application, 2.3.3, 10.2.2
state agencies as, see STATE AGENCY CREDITORS
TILA evasion techniques, 2.1.2
TILA liability, 11.3
see also CIVIL LIABILITY
disclosures by others, 4.1.3.2, 4.2.4.5.2
servicing violations, 9.4.4, 11.6.9.5
statute of limitations, 12.2.2
TILA rescission
obligations upon receipt of notice, 10.6.4, 10.6.5
opting in, 10.2.7
payment of proceeds after, 10.6.4.4
scope, 10.2.2
TILA, application, 2.3
opting in, 2.1.3, 10.2.7
townships as, see MUNICIPAL CREDITORS
transfer of debt
see also ASSIGNMENTS
information, 5.15.1, 5.15.2.2.1, 5.15.11.1, 10.6.2.4.2
notice, 5.15.2
trusts, status, 2.3.2.2
VISA and Mastercard, status, 6.2.4.4.5
CROSS-COLLATERALIZATION CLAUSES
see SPREADER CLAUSES
D’OENCH, DUHME DOCTRINE
TILA claims, application, 10.9.2, 12.6.6
DAILY BALANCE METHOD
see BALANCE COMPUTATION METHODS
DAMAGES
see also TILA REMEDIES
actual, see ACTUAL DAMAGES
CLA violations, 13.7.2
compound, see COMPOUND DAMAGES
consequential, see CONSEQUENTIAL DAMAGES
default, see EARLY TERMINATION FORMULAS; LIQUIDATED DAMAGES CLAUSES
enhanced, see ENHANCED DAMAGES
FCBA violations, 7.9.9
HOEPA violations, 10.9.3, 9.6.12.1
assignees, 9.6.13.5
liability for, see CIVIL LIABILITY
liquidated, see LIQUIDATED DAMAGES CLAUSES
missed opportunity, see MISSED OPPORTUNITY DAMAGES
multiple, see MULTIPLE DAMAGES
prejudgment interest, 11.5.6.2
punitive, see PUNITIVE DAMAGES
recoupment claims, 10.3.3.11, 12.2.5.1
rescission, distinguished, 10.9.6.3
restitutionary, see RESTITUTIONARY DAMAGES
state law, additional recovery to TILA damages, 11.6.4.3
statutory, see STATUTORY DAMAGES
tender offset, 10.8.2
TILA violations
actual damages, 11.5
legislative background, 11.5.2
rescission violations, 10.9.3
sample complaint, Appx. E.2.1
standing, 11.2
statutory damages, 11.6, 11.8.3
DE MINIMIS DEFENSE
see also CREDITOR DEFENSES
attorney fee awards, 11.9.2.1
TILA violations, 12.5.1
DEALERS
arrangers of leases, status, 13.2.5
car dealer practices, 4.4.6.1
CLA
advertising provisions, application, 13.7.1.3
application, 13.2.5
closed-end disclosures, 4.1.3.2
rebates, see REBATES
spot delivery transactions, see YO-YO SALES
upcharges or other hidden payments, 5.9.3.4.2, 11.5.3.2.5
DEATH
see ESTATES
DEBIT CARDS
see also NON-CREDIT CARDS
addition of credit features, 7.12.2
credit card status, 7.11.2
accessing credit lines or overdraft loans, 2.5.8.4, 6.2.4.1.2, 6.2.4.1.3, 6.2.4.2
PINs, see PERSONAL IDENTIFICATION NUMBERS (PINs)
unsolicited cards, 7.12.2
DEBT BUYERS
see also ASSIGNEES
credit card debt, 6.2.4.5
collection actions, defenses, 7.10.8, 7.12.5
DEBT CANCELLATION AGREEMENTS (DCAs)
see also CREDIT INSURANCE; GAP INSURANCE
disclosure requirements, 3.9.4.5.6
closed-end credit, 5.9.8
model forms, 4.2.2.1
open-end credit, 6.3.3.4, 6.5.3.12, 6.6.6.2.7, 6.6.12
finance charge status, 3.7.10, 3.9.4.4.2, 3.9.4.5.6
financing of payments, restrictions, 3.7.10, 3.9.4.5.8, 9.3.4
McCarran-Ferguson Act, impact, 9.3.4.2
insurance status, 3.9.4.2.2, 3.9.4.5.6
points and fees, inclusion, 9.8.3.7
state regulation, 3.9.4.2.2
TILA, application, 3.9.4.5.6
DEBT COLLECTION
see COLLECTION ACTIONS
DEBT COLLECTORS
see COLLECTION AGENCIES
DEBT CONSOLIDATIONS
see REFINANCING
DEBT LOAD
creditor consideration, 9.6.10.4, 9.6.11.2
credit card issuance, 7.6.2, 7.6.3.1
HOEPA loans, effect, 9.6.10.4
young consumers, 7.6.3
DEBT SUSPENSION INSURANCE
see DEBT CANCELLATION AGREEMENTS (DCAs); GAP INSURANCE
DECEPTIVE PRACTICES
see UDAP REMEDIES; UNFAIR MORTGAGE PRACTICES
DECLARATORY RELIEF
see also INJUNCTIVE RELIEF
availability as TILA remedy, 11.4.1
when related state court case, 11.4.2
class actions, 10.9.9, 11.8.2.6
Colorado River abstention doctrine, 11.4.2.3
jurisdiction, 12.6.1.1
Rooker-Feldman doctrine, 11.4.2.5
TILA standing, 11.4.1
Younger abstention doctrine, 11.4.2.2
DEFAULT
see also ACCELERATION; EARLY TERMINATION
charges, see DEFAULT PENALTIES; PREPAYMENT PENALTIES
class actions, effect, 11.8.2.5.2
closed-end disclosures, referral to contract document, 5.9.10
credit card accounts, 6.7.1.2.2
demand obligation disclosure rules, application, 4.5.10.1, 5.9.4
HELOCs, termination by creditor, 8.6.5
reverse mortgages, 8.6.6
HOEPA loans, interest rate increase, prohibition, 9.6.10.3
insurance, see CREDIT LOSS INSURANCE
leases, appraisal rights, 13.3.6.12
variable rate caps, effect, 5.13.2.2
workout agreements, see WORKOUT AGREEMENTS
DEFAULT INSURANCE
see CREDIT LOSS INSURANCE
DEFAULT JUDGMENTS
see also JUDGMENTS
attorney fee awards, 11.9.2.1
DEFAULT PENALTIES
see also LIQUIDATED DAMAGES CLAUSES; PREPAYMENT PENALTIES
closed-end disclosures, 5.9.10
finance charge status, 3.9.3.1, 3.9.3.4
leases, 13.5
see also EARLY TERMINATION FORMULAS
CLA standards, 13.5.1
computation, 13.5.3
disclosure requirements, 13.3.6.7
other legal standards, 13.5.2
open-end credit disclosures, see PENALTY FEES; PENALTY RATES
DEFENSES
see also COUNTERCLAIMS
consumer, see CONSUMER DEFENSES
creditor, see CREDITOR DEFENSES
homes from foreclosure, see HOME DEFENSE
DEFERRAL AND EXTENSION CHARGES
HOEPA loans, 9.6.11.9
late payment charge status, 5.9.7
DEFERRED PAYMENT PRICE
see TOTAL SALE PRICE
DEFERRED-INTEREST PROGRAMS
double cycle billing prohibition, exemption, 7.4.3, 7.4.4.2
deferred interest, defined, 6.4.6.2
deferred interest period, defined, 6.4.6.2
disclosure requirements, 6.4.6, 6.5.3.2.7
balance on which interest computed, 6.7.7.5
billing cycles, 6.7.8.3.2
change in terms notice, exception, 6.8.4.6.3
end of deferred period, 6.7.14
overview, 6.4.6.1
periodic rate, 6.7.6.3
required disclosures, 6.4.6.3
grace periods, effect on, 6.4.6.1, 6.5.3.6, 6.6.2.2, 6.6.7.1
late payments, effect, 7.2.3.2.4
payment allocation, 7.7.7.3
promotional rate exception, application, 6.8.4.6.3, 7.2.3.2.4
DEFICIENCY ACTIONS
see COLLECTION ACTIONS
DEFICIENCY JUDGMENTS
state mortgage protections, notice of refinancing effect, 5.11.1
DEFINITIONS
accepted credit card, 7.12.3.3
accommodation party, 2.2.2.2
adjustable-rate mortgage, 5.13.1.4
advertisement, 13.4.1, 13.4.2
agricultural, 2.4.2.4
application fee, 3.9.2
annual percentage rate, 7.2.3.1.2
arranger of credit, 2.3.5.4.1
arranging to lease, 13.2.5
assignee, 12.3.1
assumption, 5.15.10.1
authorized user, 7.10.2.3
balloon payment, 8.2.6, 8.3.5.6.2
billing cycle, 6.7.2.2
billing error, 7.9.4.1
bona fide, 3.9.6.3.2
business credit, 2.4.2.2.1
business day, 10.2.10, 10.4.4.7
cap, 5.12.1
capitalized cost reduction, 13.3.6.6.4
card issuer, 6.2.4.4.4
cardholder, 6.2.4.6
cash price, 3.6.5.2, 3.10.1
charge, 3.6.1.1
charge card, 6.2.4.3
clear, 4.2.4.4, 6.3.2.2
closed-end credit, 4.1.2
comparable maturities, 9.6.3.3
compensation, 9.3.2.5
conspicuous, 4.2.4.3, 6.3.2.3
consumer, 2.2.2.1, 6.2.1, 10.2.8.1
consumer credit, 2.2.1
consumer lease, 13.2.4
consummation, 4.4.4.1
credit, 2.2.4.1.1, 6.2.1
credit card, 6.2.4.1.1
credit card under an open-end (not home-secured) consumer credit plan, 6.2.4.2
credit device, 6.8.3.2
credit feature, 6.8.3.2
credit sale, 2.2.4.2.1, 2.2.4.2.4
creditor, 2.3.1, 2.3.6, 2.3.7, 5.9.2, 6.2.1, 6.2.4.4, 9.6.2.3, 11.3
deferred interest, 6.4.6.2
deferred interest period, 6.4.6.2
deferred interest program, 6.4.6.1
down payment, 5.3.2.1
due date, 6.7.2.1.2
dwelling, 2.3.3, 10.2.4.1, 12.7.2.1
fee appraiser, 9.4.2.5
finance charge, 3.5, 3.6
finder fee, 3.7.5.1
grace period, 6.7.2.1.2
graduated payment mortgage, 5.13.4.4.2
gross capitalized cost, 13.3.6.6.2
HOEPA loans, 2.3.6
incident to credit, 3.6.4.2
incidental interests, 5.8.2.2
index, 5.12.1.2
introductory rate, 6.4.5.2, 6.5.3.2.6
irregular transaction, 5.5.4.1.2, 5.5.6.2.1
lessor, 13.2.5
loan originator, 9.3.2.4
margin, 5.12.1.2
material disclosures, 10.4.3.1
meaningful disclosure, 4.2.3
mortgage broker, 9.3.2.3, 9.6.2.3.1.3
negative amortization loan, 5.7.1
new advance, 10.2.6.2.2
nominal consideration, 13.2.3
open-end credit, 4.1.2, 6.2.2, 8.8.1
originator, 2.3.5.4.1
organization, 2.3.2.1
outstanding balance, 7.2.3.5.1
ownership interest, 10.2.8.1
pattern or practice, 9.6.11.2.1, 9.6.11.2.2
penalty, 5.9.6.2
periodic payment, 9.4.3.2.3
periodic rate, 6.5.3.2.2
person, 2.3.2.1
points and fees, 9.8.3.1
prepaid finance charge, 3.8.2
prepayment penalty, 5.9.6.2, 9.3.5.1
primarily, 2.4.2.1
principal dwelling, 8.1.4, 10.2.4.1
private education loan, 2.4.5.1.3
prominently located, 6.5.2.3.2, 6.5.2.4.1
promotional fee, 6.4.5.2
promotional rate, 6.4.5.2
protected balance, 7.2.3.5.1
qualified mortgage, 9.3.3.4
realized value, 13.5.4.5
reasonable, 3.9.6.3.3
refinancing, 5.15.3.1
regular price, 7.14.4
regularly, 2.3.3, 10.2.2
rent charge, 13.3.6.6.8
residential mortgage loan, 9.3.3.2.1
residential mortgage transaction, 9.6.2.4.1
residual value, 13.3.6.6.6
reverse mortgage, 9.6.2.4.2
sale credit, 6.7.4.2.1
security interest, 5.8.2, 10.2.3.1, 13.3.6.18
servicer, 2.3.5.3, 9.4.3.1
significant change in account terms, 6.8.4.4.1
solicitation, 6.5.2.1
step rate mortgage, 5.13.4.4.2
substantial decrease, 6.8.7.4
surcharge, 7.14.4
total contractual obligation, 13.2.2.2
total lease obligation, 13.2.2.4
total loan amount, 9.8.2
total of payments, 5.6.9.1.1
total sale price, 5.9.5.1
unauthorized use, 7.10.1.1
DELINQUENCY CHARGES
see DEFAULT PENALTIES; LATE PAYMENT CHARGES
DELIVERY
acknowledgment of receipt, see ACKNOWLEDGMENT OF RECEIPT
billing error notice, 7.9.5.3
charges, see DELIVERY CHARGES
closed-end disclosures, 4.2.5.2
electronic disclosures, 4.3.10
HOEPA notice, 9.6.6.9
open-end credit
change-in-terms notice, 6.8.4.9
periodic statements, 6.7.1.4, 6.7.2.1
proof of delivery, 4.2.5.2, 10.3.1, 10.4.5, 9.6.6.9
TILA rescission disclosures, 10.4.5
TILA rescission, notice of cancellation, 10.6.2.1, 10.6.2.3, 10.6.2.4
time, see TIME LIMITS
DELIVERY CHARGES
see also FEES; THIRD PARTY FEES; TRANSACTION FEES
bona fide and reasonable, 3.9.6.3.5
CLA disclosures, 13.3.6.2
finance charge status, 3.6.3.3, 3.7.3.1, 3.7.3.4
DEMAND OBLIGATIONS
see also DUE-ON-DEMAND CLAUSES; PROMISSORY NOTES
APR, calculation, 4.5.10, 5.5.6.2.2, 5.5.7
ARMs disclosures, 5.13.4.1
balloon payment mortgages, status, 4.5.10.1
closed-end disclosures
closing disclosures, 5.11.2.6.7.2
general rule, 5.9.4
payment schedule, 5.6.7
sample mortgage, 4.2.2.1
special rules, 4.5.10
total of payments, 5.6.9.2
variable-rate transactions, 5.12.2.8
contingent loans, status, 4.5.10.1
RALs, status, 4.5.10.2
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD)
FRB joint report, 3.2.2, 9.6.1.3
settlement statement, 3.9.6.4
finance charge, identifying from, 3.9.6.4
replaced by combined disclosures, 4.4.7.2.2, 5.11.2.1, 5.11.2.6.2
variable-rate regulations, substitution for TILA, 5.12.2.3
DEPOSIT ACCOUNTS
see also CHECKING ACCOUNTS
credit card debts
offsets or freezes, restrictions, 7.13.1
security interests, 7.8.1, 7.8.2.4.3, 7.13.2
interest forfeitures, finance charge status, 3.6.1.4
required deposits, see REQUIRED DEPOSITS
DEPOSITS
accounts, see DEPOSIT ACCOUNTS
required deposits, see REQUIRED DEPOSITS
security deposits, see SECURITY DEPOSITS
DEPRECIATION
CLA disclosures, 13.3.6.6.7
early termination formulas, 13.5.3.2.2
DETRIMENTAL RELIANCE
actual damages, disclosure violations
dealer upcharges, 11.5.3.2.5
development of standards, 11.5.3.1
establishment, 11.5.3.2
measure of damages, 11.5.3.2.2
necessity, 11.5.1, 11.5.3.1, 11.5.4.1
actual damages, substantive restriction violations, 11.5.5
case law standards, 11.5.3.2
class actions, presumption, 11.8.2.7.1
fair dealing by creditor, 11.5.4.6
regulatory agency rulings and interpretations, 12.4.2.2
restitution, necessity, 11.5.4.3
DEVICES
see CREDIT DEVICES; TOOLS
DIRECT MAIL SOLICITATIONS
see also SOLICITATION
credit and charge card disclosures, 6.5.4.1
DISASTER AREAS
rescission, temporary waiver rules, 10.2.9.3
DISBURSEMENT OF FUNDS
see also LOAN PROCEEDS
cooling-off period, during, 10.5.2
fees, finance charge status, 3.6.5.3.1
required deposit status, 5.9.12
DISCLAIMERS
warranties, CLA disclosures, 13.3.6.16.2, 13.3.6.16.3
DISCLOSURE
Credit CARD Act, 6.4.4
electronic disclosures, see ELECTRONIC DISCLOSURES
HOEPA, see HOME OWNERSHIP AND EQUITY PROTECTION ACT (HOEPA)
leases, 13.3
federal requirements, see DISCLOSURES (CLA)
state requirements, 13.3.1.2
Mortgage Disclosure Improvement Act, 1.2.9
RESPA transactions, see REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)
state laws, see DISCLOSURE LAWS (STATE)
student loans
HEA, 2.4.5.2
HEOA, 1.2.7
TILA, 2.4.5.1, 5.14
TILA
closed-end credit, see CLOSED-END DISCLOSURES (TILA)
generally, see DISCLOSURES (TILA)
integrated disclosures, see COMBINED DISCLOSURES (TILA/RESPA)
open-end credit, see OPEN-END DISCLOSURES (TILA)
DISCLOSURE LAWS (STATE)
federal preemption, 2.6.3, 13.3.1.2
generally, 2.6.1
leases
early termination formula, 13.3.6.7.1
generally, 13.3.1.2
inclusion with federal disclosures, 13.3.4.1
statutory damages, 11.6.5.1, 11.6.6.3
additional to TILA, 11.6.4.3
student loans, application, 2.4.5.1.2
TILA exemptions, 2.6.2
TILA preemption, 2.6.3
use where TILA unavailable, 2.4.4.3, 2.6.1
violations, statute of limitations, 2.6.2, 12.2.1
DISCLOSURES (CLA)
acknowledgment, 13.3.2.1
acquisition charges, 13.5.5.1
additional information, 13.3.4.1, 13.3.4.2
adjusted capitalized cost, 13.3.6.6.5
adjusted lease balance, 13.3.6.7.3
advance monthly payments, 13.3.6.2.1
advertising requirements, 13.4, 13.7.1.3
agreed-upon value, 13.3.6.6.2
amortized amounts, 13.3.6.6.7
amount due at signing or delivery, 13.3.6.2
amounts to be paid, 13.3.6.2.1
how to be paid, 13.3.6.2.2
rebates, effect, 13.3.6.2.4
trade-ins, effect, 13.3.6.2.3
appraisal rights, 13.3.6.12
assignees, liability, 13.7.5.2
assumptions, 13.3.2.6
attorney fees, 13.3.6.17
auto leases, 13.3.6.2.2, 13.3.6.6
capitalized cost reductions, 13.3.6.2.1, 13.3.6.6.4
clear and conspicuous, 13.3.2.1, 13.3.4.2
collection costs, 13.3.6.17
complex formulas, 13.3.6.7.4
corrections, effect, 13.7.5.3
credits, application, 13.3.6.2.2, 13.3.6.2.3
default penalties, 13.3.6.7, 13.3.6.17
delinquency charges, 13.3.6.17
depreciation, 13.3.6.6.7
description of property, 13.3.6.1
disposition fees, 13.3.6.4
early termination formula, 13.3.6.7, 13.3.6.17
generally accepted formulas, 13.3.6.7.3
unreasonable formula, 13.3.6.7.1, 13.7.1.2.1
electronic disclosures, 13.3.2.4
estimates, 13.3.5.2
excess differential liability, 13.3.6.11, 13.3.6.13
excess wear and use standards, 13.3.6.8
open-end leases, 13.6
excusable errors, 13.3.5
express warranties, 13.3.6.16
extensions, effect, 13.3.2.6
federal box, 13.3.4.1
federal requirements, 13.3.1.1
format, 13.3.2.2, 13.3.4
gross capitalized cost
generally, 13.3.6.6.2
itemization, 13.3.6.6.3
identification of parties, 13.3.3
incidental services, 13.3.2.8
insurance, 13.3.2.8, 13.3.6.15
language, 13.3.2.3
late payment charges, 13.3.6.17
location of disclosures, 13.3.2.2
maintenance or service responsibility, 13.3.6.8
mileage charges, 13.3.6.8
minor variations, 13.3.5.4
model forms, 13.3.4.1, 13.3.4.2
motor vehicle leases, 13.3.6.2.2
multiple leased items, 13.3.2.5
multiple lessors, lessees, 13.3.3
non-segregated disclosures
delinquency charges, 13.3.6.17
early termination and default charges, 13.3.6.7
excess differential liability, 13.3.6.11, 13.3.6.13
express warranties, 13.3.6.16
form, 13.3.4.2
insurance, 13.3.6.15
official fees and taxes, 13.3.6.14
open-end leases, 13.3.6.13, 13.3.6.20
property description, 13.3.6.1
purchase option, 13.3.6.9.1
security interests, 13.3.6.18
statement referencing, 13.3.6.10
wear and use charges, 13.3.6.8
official fees, 13.3.6.14
open-end leases, 13.3.6.13, 13.3.6.20
other charges, 13.3.6.4
outstanding lease or credit balances, 13.3.2.7, 13.3.6.6.2
overview, 13.1.1
payment schedule and periodic payments, 13.3.6.3
auto leases, 13.3.6.6
practice aids, 13.3.6.2.5
purchase options, 13.3.6.9
rate information, limits on, 13.3.6.19
advertisements, 13.4.3.1
realized value differential, liability, 13.3.6.11, 13.3.6.13
rebates, 13.3.6.2.4
Regulation M, 13.3.1.1
renegotiations, effect, 13.3.2.6
rent charges, 13.3.6.6.8
requirements
generally, 13.3.1.1
specific disclosures, 13.3.6
residual value, 13.3.6.6.6
realized value differential, liability, 13.3.6.11, 13.3.6.13
security deposits, 13.3.6.2.1
failure to pay interest, 13.3.6.4
security interests, 13.3.6.18
segregated disclosures
amount due at consummation, 13.3.6.2
generally, 13.3.4.1
mileage charges, 13.3.6.8
motor vehicle leases, 13.3.6.6, 13.3.6.8
other charges, 13.3.6.4
payment schedule, 13.3.6.3
periodic payment total, 13.3.6.3
purchase option price, 13.3.6.9.2
statement referencing non-segregated, 13.3.6.10
total of all payments, 13.3.6.5
separate document, 13.3.2.2, 13.3.4.2
signature placement, 13.3.2.1, 13.3.4.2
statutory defenses, 13.7.5
subsequent occurrences, 13.3.5.3
taxes, 13.3.6.14
terminology, 13.1.4
timing, 13.3.2.1
total lease obligation, 13.2.2.4
total of payments, 13.3.6.5
base periodic payments, 13.3.6.6.9
trade-in allowances, 13.2.2.2, 13.3.6.2.2, 13.3.6.2.3
negative equity, 13.3.2.7, 13.3.6.2.3
unamortized cost portion, 13.3.6.7.3
unknown information, 13.3.5.2
violations
damages, 13.3.1.1, 13.7.2.1
remedies, 13.7.1.1, 13.7.2
unreasonable early termination charge, 13.7.1.2.1
written statement, 13.3.2.2
DISCLOSURES (TILA)
abbreviated disclosures, see ABBREVIATED DISCLOSURES
accuracy tolerance level, see TOLERANCE LEVELS
acknowledgment of receipt, effect, 4.2.5.2, 10.4.5.2
amount financed, see AMOUNT FINANCED
APR, see ANNUAL PERCENTAGE RATE (APR)
assignee liability, 10.9.2, 12.3
bankruptcy amendments of 2005, 1.2.6
burden of proof, delivery, 4.2.5.2, 10.4.5
charge cards, see CHARGE CARDS
clear and conspicuous standard, see CONSPICUOUS DISCLOSURES (TILA)
closed-end transactions, see CLOSED-END DISCLOSURES (TILA)
contradictory information, 4.2.4.5
corrected disclosures, 12.4.6.4
new TILA rescission notice, 10.3.1, 10.4.4.1
credit advertising, 11.6.5.4
credit billing, 11.6.5.5
credit cards, see CREDIT CARDS
credit insurance, 3.9.4.4, 5.9.8
McCarran-Ferguson Act, effect, 3.9.4.2.1
post-consummation insurance, 3.9.4.4.2, 3.9.4.5.4
premium cost disclosures, 3.9.4.4.5
property insurance, 3.9.4.5.1
renewals, 5.15.8
state laws, effect, 3.9.4.2.2
term disclosures, 3.9.4.4.6
timing and location, 3.9.4.4.4
credit sales, 2.2.4.2.1
credit transactions, 11.6.5.3
creditor’s identity, 5.9.2
debt cancellation agreements, 3.9.4.5.6, 5.9.8
delivery, 10.4.5
demand features, see DEMAND OBLIGATIONS
electronic disclosures, see ELECTRONIC DISCLOSURES
erroneous terms, enforcement as contract term, 11.5.4.4
errors, see ERRORS
E-Sign, application, 4.3
exempt transactions, 2.4
opt-in, 2.1.3, 2.4.4.3, 10.2.7.2
state requests, 2.6.2
finance charge, see FINANCE CHARGE
force-placed insurance, 3.9.4.4.2, 3.9.4.5.4
good faith conformity with FRB forms, 12.4.3
governmental agencies, 12.4.9
HOEPA loans, 9.6.6
inaccuracies facially apparent, liability, 12.3.2
interest, see FINANCE CHARGE
legislative history, 1.2
liens arising by operation of law, 10.2.3.3
material disclosures, see MATERIAL DISCLOSURES (TILA)
model forms, see MODEL FORMS (CFPB)
nonreceipt, burden of proof, 4.2.5.2, 10.4.5
open-end disclosures, see OPEN-END DISCLOSURES (TILA)
oral disclosure, 12.5.7
payment schedule, see PAYMENT SCHEDULE
purpose, 1.1.1, 3.1.1
refinancing, effect, 2.4.2.2.4, 2.4.4.5, 10.2.6.2.2
rescission right, 10.4.4
residential mortgages, see under RESIDENTIAL MORTGAGE LOANS
RESPA combined disclosures, see COMBINED DISCLOSURES (TILA/RESPA)
reverse mortgages
other disclosures, 8.8.4
TALC rate, 8.8.3
right to receive, 2.2.2.3, 4.1.4, 6.3.4.3
sample clauses, see SAMPLE CLAUSES (TILA)
sample jury instructions, Appx. G.2
security interests, see SECURITY INTERESTS
segregated disclosures, see SEGREGATED DISCLOSURES
state laws
exemption process, 2.6.2
preemption process, 2.6.3
strict liability, 10.4.2
student loans, 1.2.7, 2.4.5.1, 5.14
subsequent occurrence defense, 12.4.8
tolerance levels, see TOLERANCE LEVELS
total sale price, 5.9.5
violations
see also TILA VIOLATIONS
actual damages, 10.9, 11.5.3, 11.5.4
statutory damages, 11.6.5–11.6.7
written in a form the consumer may keep, 4.2.5
yield-spread premiums, 9.8.3.4
DISCOUNT INTEREST
see also INTEREST CHARGES; PRECOMPUTED TRANSACTIONS
comparison with simple interest, 1.1.1
introductory rates, see INTRODUCTORY OR PROMOTIONAL RATES
prepaid finance charge status, 3.8.2
DISCOUNTED CREDIT PAPER
finance charge status, 3.6.2.2.1, 3.7.8, 3.10.1
DISCOUNTED VARIABLE RATE TRANSACTIONS
special disclosure rules, 5.12.2.2
DISCOUNTS
see also REBATES
assignees, see ASSIGNMENT FEES
cash, see CASH DISCOUNTS
credit paper, see DISCOUNTED CREDIT PAPER
interest, see DISCOUNT INTEREST
time-price differentials, see TIME-PRICE DIFFERENTIALS
DISCOVERY
see also PRACTICE AIDS
APR calculations, 5.5.4.1.3, 5.5.5
assignee liability, 12.3.2.2
auto dealers, payment packing, 3.6.3.4.2
CLA claims
sample interrogatories, Appx. F.6
sample request for production, Appx. F.7
class actions, investigation of creditor’s net worth, 11.8.3.3
credit insurance
coercion, 3.9.4.4.3.6
excluded charges, 3.11.3
third party charges, 3.6.3.3
credit mark-ups, 3.10.2
creditor loan patterns, 9.6.11.2
FCBA claims
sample interrogatories, Appx. F.4
sample request for production, Appx. F.5
first set of interrogatories, sample, Appx. F.2
hidden finance charges, 3.10.2
interrogatories, sample first set, Appx. F.2
CLA claims, Appx. F.6
FCBA claims, Appx. F.4
pattern or practice, 9.6.11.2.2.5
postjudgment discovery, 11.9.5
production of documents, sample request, Appx. F.3
CLA claims, Appx. F.7
FCBA claims, Appx. F.5
real estate transaction fees
bona fide and reasonable, 3.9.6.3.4
document fees, 3.9.6.2.3
sample discovery, Appx. F
time spent, attorney fee awards, 11.9.4.2.2
using to defeat motion to dismiss or summary judgment, 3.9.7.3
yield-spread premiums, 9.8.3.4.6
DISCRETION
ARMs, interest rate cap, 5.13.2.2
judicial, see JUDICIAL DISCRETION
variable-rate increases, disclosure, 5.12.2.5
DISCRIMINATION
credit insurance practices, 3.9.4.4.3.7
FCBA rights exercise, prohibition, 7.9.6.4
young consumers, 7.6.3.1.1
DISGUISED CREDIT
bank overdrafts, 2.5.8
close-end as open-end, 4.1.2, 6.2.3
assessing, 6.2.3.5
HELOCs, 8.1.3
foreclosure rescue scams, 2.5.3
land installment contracts, 2.5.5
leases, 2.5.3, 13.2.3
pawn transactions, 2.5.2
payday loans, 2.5.6
refund anticipation loans, 2.5.7
rent-to-own transactions, 2.5.4
sale/leaseback or sale/repurchase, 2.5.3
substance not form dictates, 2.1.2, 2.5.1
DISPOSITION FEES
see also FEES
CLA disclosures, 13.3.6.4
total contractual obligation, inclusion, 13.2.2.4
DOCUMENT PREPARATION FEES
see also FEES; REAL ESTATE TRANSACTION FEES
finance charge status, 3.6.2.2.3, 3.6.5.3.1, 3.9.6.2.3, 3.9.6.2.4
points and fees, inclusion, 9.8.3.5
RESPA transactions, 3.9.6.2.3
TILA rescission, refunds, 10.6.4.2
unauthorized practice of law, 3.9.6.2.3
DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT
changes under, 1.2.11
appraisals, 9.4.1, 9.4.2, 9.5.1, 9.5.4.6.1, 11.6.3.5
arbitration restrictions, 9.3.7, 12.7.2.1
balloon payments, 9.6.10.4
cash discounts, 3.7.11.2
CFPB, 1.5.3.1, 2.1.1, 11.11.1
credit card transactions, 3.7.11.2
credit insurance, 3.9.4.1, 3.9.4.5.8, 9.3.4
due-on-demand clauses, 9.6.10.7
effective dates, 1.3
escrow accounts, 9.5.4.5.3
federal preemption, 13.3.1.2
HOEPA contract terms, 9.6.10.1, 9.6.10.2.3, 9.6.10.4, 9.6.10.7
HOEPA coverage, 9.6.2.1, 9.6.3.1, 9.6.4, 9.6.5
HOEPA defense, 9.6.12.4
HOEPA, generally, 9.6.1.1, 9.6.1.3
mortgage affordability 9.3.3.1, 9.3.5
mortgage arbitration restrictions, 9.3.7, 12.7.2.1
mortgage broker compensation, 3.7.4.1, 9.3.2.8.2
mortgage disclosures, 5.11.1, 5.13.4.4.1, 5.15.1, 9.3.6
mortgage payoff statements, 5.15.13.3.1
mortgage protections, 9.3.1, 9.3.4.1, 9.3.8
mortgage remedies, 9.3.7
mortgage servicing, 9.4.1, 9.4.3
mortgage steering, 9.3.2.8.2
points and fees calculation, 9.8.1
prepayment penalties, 9.6.10.2.3
Regulation Z, 1.5.3.1
retroactive effect, 1.3.1, 12.7.2.2
statute of limitations, 9.6.12.1.1
effective date of TILA amendments, 1.3
enforcement, 11.11.1
legislative history and overview, 1.2.11
preemption standard, 2.6.4.3
remedies, 9.3.8, 9.5.5, 11.6.3.5
safe harbor
points and fees calculation, 9.8.1
qualified mortgages, 9.3.3.4
DOOR-TO-DOOR SALES
see HOME SOLICITATION SALES
DOWN PAYMENTS
advertisements, 5.10.1.1
CLA disclosure requirements, 13.3.6.2.1, 13.3.6.6.4
closed-end disclosure requirements, 5.3.2, 5.9.5.2
advertisements, 5.10.1.1
deferred, see PICK-UP PAYMENTS
defined, 5.3.2.1
negative equity situations, 5.3.2.2, 5.9.5.2
netting, 5.3.2.2, 5.9.5.2
payments made on day of transaction, 5.3.1
total contractual obligation, inclusion, 13.2.2.2
total sale price, inclusion, 5.9.5.2
trade-ins as, 5.3.2, 5.9.5.2
DRAFTING
see PLEADINGS; PRACTICE AIDS
DRAGNET CLAUSES
see SPREADER CLAUSES
DUE DILIGENCE
equitable tolling, requirement, 12.2.3.4
HOEPA loans, assignees, 9.6.13.3
DUE PROCESS
see CONSTITUTIONAL CHALLENGES
DUE-ON-DEMAND CLAUSES
see also DEMAND OBLIGATIONS
HOEPA restrictions, 9.6.10.7
DUE-ON-SALE CLAUSES
closed-end disclosures, 4.2.6
demand obligation disclosure rules, application, 4.5.10.1, 5.9.4
DWELLING
credit secured by, see RESIDENTIAL MORTGAGE LOANS
definition, 2.3.3, 10.2.4.1
principal, see PRINCIPAL DWELLING
EARLY TERMINATION
see also ACCELERATION; PREPAYMENT
HELOCs, 8.6.5
reverse mortgages, 8.6.6
leases, see EARLY TERMINATION FORMULAS
penalties, see DEFAULT PENALTIES; EARLY TERMINATION FORMULAS; PREPAYMENT PENALTIES
EARLY TERMINATION FORMULAS
see also DEFAULT PENALTIES; EARLY TERMINATION OF LEASES; LIQUIDATED DAMAGES CLAUSES; PREPAYMENT PENALTIES
acquisition costs, 13.5.5.1
additional penalties, 13.5.5.3
adjusted lease balance method, 13.3.6.7.3, 13.5.3.2.3
applicable laws, 13.5.1, 13.5.2
appraisal rights, 13.3.6.12, 13.5.4.6
capitalized cost manipulation, 13.5.5.1
CLA disclosures, 13.3.6.7
adjusted capitalized cost or rent, 13.5.5.1
both default and voluntary, 13.3.6.17
complete and full disclosure, 13.3.6.7.2
complex formulas, 13.3.6.7.4
deviations from, 13.3.6.7.5, 10.5.3.3, 13.5.3.8
generally accepted methods, 13.3.6.7.3
generally, 13.3.6.7.1
realized value differential, liability, 13.3.6.11
unreasonable charges, 13.7.1.2.1
CLA remedies
disclosure violations, 13.3.6.7.1, 13.7.1.1
method used other than specified, 13.5.3.3
unreasonable penalties, 13.7.1.2
CLA standards, 13.5.1
clear formulas, 13.3.6.7.2
computations
deviations from disclosed method, 13.3.6.7.5, 13.5.3.3
generally, 13.5.3.1
standard formulas, 13.3.6.7.3
understanding disclosed method, 13.3.6.7.4, 13.5.3.2
constant yield method, 13.3.6.7.3
default terminations, 13.3.6.17
extra penalties, 13.5.5.3
lessor’s core damage, 13.5.3.2.2
liquidated damages clauses, 13.5.2.2
military personnel, 13.5.5.5
named formulas, 13.3.6.7.3
reading the formula, 13.5.3.2.1
realized value
determination by sale price, 13.5.4.5
determination methods, 13.5.4.5, 13.5.4.6
failure to credit, 13.5.4.9
inadequate, 13.5.4
liability for differential, 13.3.6.11
Regulation M definition, 13.5.4.5
reasonableness requirement, 13.3.6.7.1, 13.3.6.17
rebate of unearned charges, 13.5.5.1, 13.5.5.2
remaining lease payments and residual value, 13.5.3.2.4
residual value
calculations based on, 13.5.3.2.4
excessive, 13.5.4
inflated, 13.5.4.3
manufacturer supported, 13.5.4.4
realized differential, 13.3.6.11
security deposits, handling, 13.5.5.7
selling expenses, 13.5.4.8
servicemembers, 13.5.5.5
state leasing statutes, 13.3.6.7.1, 13.5.2.3
substantive regulation, 13.5
taxes not paid, 13.5.5.4
UCC standards, 13.5.2.2
unconscionability, 13.5.2.4
unreasonable formulas
CLA remedies, 13.7.1.2, 13.5.1
disclosure as disclosure violation, 13.3.6.7.1, 13.7.1.2.1
excessive residual values, 13.5.4
inadequate realized values, 13.5.4
not enforced, standing, 13.7.1.2.3, 13.7.1.2.4
other charges and aspects, 13.5.5
prohibition, 13.7.1.2.2
UCC remedies, 13.5.2.2a, 13.5.2.4
vehicle loss, 13.5.5.6
voluntary early termination, 13.3.6.7.1
EDUCATIONAL MATERIALS
CLA advertising provisions, application, 13.4.2
ELECTRONIC ADVERTISEMENTS
see also ADVERTISEMENTS; ELECTRONIC SOLICITATIONS
CLA requirements, 13.4.3.4
TILA requirements, 5.10.1.2
ELECTRONIC DELIVERY
billing error notice, 7.9.5.3
disclosures, see ELECTRONIC DISCLOSURES
ELECTRONIC DISCLOSURES
see also ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT (E-SIGN)
ARMs, 5.13.2.2.2
CFPB authority, 4.3.2
CLA disclosures, 13.3.2.4
closed-end disclosures, 4.3
consent requirement, 4.3.6
E-Sign exempt disclosures, 4.3.5
format requirements, 4.3.4, 4.3.9
periodic statements, 5.15.12.6
retainable form, 4.3.4, 4.3.7
timing requirements, 4.3.8
transmission of notice, 4.3.10
credit card agreements, posting on Internet, 6.4.4
credit and charge card solicitations, 6.5.2.4, 6.5.4.2
location and prominence, 6.5.2.4.1
timing, 6.5.2.4.2
FRB rules
exemptions, 4.3.5
final rule, 4.3.4
interim rule, 4.3.3
HOEPA loans, 9.6.8
open-end disclosures, 6.3.5
credit card solicitations, 6.5.2.4, 6.5.4.2
periodic statements, 6.3.5.1, 6.7.1.4
rescission notice by consumer, 10.6.2.3
TILA rescission notice, 10.4.4.4
violation of safeguards, penalties, 4.3.11
ELECTRONIC ENTERTAINMENT EQUIPMENT
CLA, application, 13.2.7
ELECTRONIC FUNDS TRANSFERS
see also AUTOMATIC PAYMENT PLANS
mortgage payments by, 9.4.3.2.3
open-end credit
billing errors, rights, 7.9.2.3, 7.9.6.4
date of payment, 7.7.3
mandatory payment by, prohibition, 7.7.3, 7.13.2
ELECTRONIC PAYMENTS
see ELECTRONIC FUNDS TRANSFERS
ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT (E-SIGN)
CLA application, 13.3.2.4
consumer consent requirement, 4.3.6
federal agency interpretation, 4.3.2, 13.3.2.4.3
CFPB authority, 4.3.2
FRB interpretations, 4.3.3, 4.3.4
HOEPA application, 9.6.8
overview, 4.3.1, 6.3.5.2, 13.3.2.4.2
TILA application, 4.3
closed-end disclosures, 4.3
exemptions, 4.3.5
form of disclosure, 4.3.7
format requirements, 4.3.9
manner of transmission, 4.3.10
open-end disclosures, 6.3.5
timing requirements, 4.3.8
violations, effect, 4.3.11
ELECTRONIC SOLICITATIONS
see also ELECTRONIC ADVERTISEMENTS
credit and charge cards, 6.5.4.2
EMERGENCIES
HOEPA protections, waiver, 9.6.7
rescission waiver, 10.2.9.1, 10.2.9.3
EMOTIONAL DISTRESS
TILA violations, damages, 11.5.6.1
EMPLOYEE PREFERENTIAL RATES
credit cards, 6.5.3.2.11, 6.6.5.6.4
variable-rate disclosure rules, application, 5.12.2.2
ENDING BALANCE METHOD
see BALANCE COMPUTATION METHODS
ENDORSERS
see ACCOMMODATION PARTIES
ENHANCED DAMAGES
HOEPA violations, 9.6.12.1
all finance charges and fees, 9.6.12.1.4
material violation standard, 9.6.12.1.3
multiple awards, 9.6.12.1.5
EQUAL BILLING PAYMENT PLANS
see HOME FUEL BUDGET PLANS; INSTALLMENT PAYMENTS
EQUAL CREDIT OPPORTUNITY ACT (ECOA)
credit insurance practices, application, 3.9.4.4.3.7
young consumers, application, 7.6.3.1.1
EQUITABLE ESTOPPEL
see also COLLATERAL ESTOPPEL
due diligence, necessity, 12.2.3.4
equitable tolling distinguished, 12.2.3.2
TILA rescission, exempted transactions, 10.2.7.3
EQUITABLE MODIFICATION
see also CONDITIONAL RESCISSION
TILA rescission process, 10.7
ability to tender, 10.7.3.1, 10.7.5
American Mortgage Network v. Shelton, 10.7.4.2
burden of persuasion, 10.7.6.1
case law, 10.7.3, 10.7.4
creditor’s obligations, 10.6.4.1, 10.7.1
general principles, 10.7.2.1
judicial authority, extent, 10.7.1, 10.7.2
Ninth Circuit, 10.7.3, 10.7.5
overview, 10.6.1, 10.7.1
practice aids, 10.7.6
tender obligations, 10.7.1, 10.7.2
vesting remedy, 10.6.5, 10.9.5.3
weighing the equities, 10.7.6, 10.9.5.3, 10.9.8.1
Williams v. Homestake Mortgage Company, 10.7.4.1
Yamamoto v. Bank of New York, 10.7.3.1, 10.7.3.2
EQUITABLE MORTGAGES
see also MORTGAGES
sale/repurchase agreement as, 2.5.3.1, 9.9.1
EQUITABLE RESCISSION
automatic voiding of security interest, 10.6.3.1.2
EQUITABLE TOLLING
see TOLLING
ERRORS
billing, see BILLING ERRORS
bona fide error defense, 12.4.4, 13.7.5.4
calculation tool defense, relationship, 5.5.4.3.1, 12.4.5
correction, see CORRECTION OF ERRORS
disclosures, tolerance levels, see TOLERANCE LEVELS
lease disclosures, 13.3.5
subsequent occurrence defense, 12.4.8, 13.3.5.3
ESCHEATS
credit balances, unrefunded, 7.15.2
ESCROW ACCOUNTS
see also REAL ESTATE TRANSACTION FEES
cancellation notice, 5.15.15
contents, 5.15.15.4
coverage, 5.15.15.2
model form, 4.2.2.1, 5.15.15.4
overview, 5.15.15.1
provision, 5.15.15.3
timing, 5.15.15.5
violations, remedies, 5.15.15.6
closed-end disclosure requirements, 5.7.2, 5.11.2.6.7.2, 5.13.6
initial payment at closing, 5.11.2.5.6.3, 5.11.2.6.6.3
finance charge exclusions
impound accounts, 3.9.6.2.7
standard costs, 3.9.6.2.6
higher-priced mortgages, 9.5.4.5
exemptions, 9.5.4.5.2
generally, 9.5.4.5.1
remedies, 9.5.5
requirements, 9.5.4.5.3
required deposit status, 3.9.6.2.7, 5.9.12
ESCROW COSTS
see CLOSING COSTS
ESTATES
see also ORGANIZATIONS; SUCCESSORS
cardholder status, 6.2.4.6
periodic statement rights, 6.7.1.3
CLA, application, 13.2.4
credit card debts, timely settlement
account balance disclosure, 7.15.4.2
joint accounts, 7.15.3
reasonable policies and procedures, 7.15.4.1
statutory damages, recovery, 11.6.2
TILA, application, 2.3.2.2
TILA claims, standing, 11.2.1, 11.6.2
TILA rescission rights, exercise, 10.2.8.3
ESTIMATES
CLA disclosures, 13.3.5.2
purchase option price, 13.3.6.9.2
residual value, 13.3.6.6.6
taxes, 13.3.6.14
closed-end disclosures
basis for estimates, 4.2.6
combined TILA/RESPA disclosures, 4.4.7.2, 4.4.7.3, 5.11.2.5
conditional contracts, 4.5.6.3.4
early mortgage disclosures, 4.4.7.2, 4.4.7.3, 4.5.7.3
general requirements, 4.5.7.1
multiple estimates, 4.5.7.2
payment start date, 4.5.7.5
per diem interest, 4.5.7.6
simple interest transactions, 4.5.7.4
student loans, 5.14.2.1, 5.14.2.2
variable-rate disclosures, effect, 5.12.2.4
yo-yo sales, 4.5.6.3.4
HELOC fees, 8.3.5.9
monthly payment, repayment time, 6.7.11.4.1, 6.7.11.4.4
ESTOPPEL
see COLLATERAL ESTOPPEL; EQUITABLE ESTOPPEL; JUDICIAL ESTOPPEL
EVICTIONS
see FORECLOSURES
EVIDENCE
see also BURDEN OF PROOF; TRANSCRIPTS
APR accuracy, 5.5.5
attorney fee awards, justification, 11.9.4.3, 11.9.5
bona fide error defense, 12.4.4.2, 12.4.4.5
credit cards, apparent authority, 7.10.2.3
credit insurance coercion, 3.9.4.4.3.4–3.9.4.4.3.6
credit mark-ups, 3.10.2
detrimental reliance, 11.5.3.2
hidden finance charges, 3.10.2
HOEPA notice, delivery, 9.6.6.9
parol evidence rule, see PAROL EVIDENCE RULE
TILA compliance, record retention, 7.15.1
TILA disclosures, nondelivery, 4.2.5.2, 10.4.5
yo-yo transactions, 4.5.6.4
EXCESS WEAR AND TEAR
see WEAR AND USE CHARGES
EXPENSES
creditor’s, see BUSINESS COSTS
TILA rescission, refunds, 10.6.4.2
EXPERT WITNESSES
see also ATTORNEY FEES AND COSTS
APR calculations, 5.5.5
fees, reimbursement, 11.9.4.5
EXPRESS WARRANTIES
CLA disclosures, 13.3.6.16
EXTENDED WARRANTIES
see also MECHANICAL BREAKDOWN PROTECTION; SERVICE CONTRACTS
disclosures when dealer keeps part of the fee, 5.9.3.4.2
finance charge status, 3.6.3.1
FAIR CREDIT AND CHARGE CARD DISCLOSURE ACT
see also CHARGE CARDS; CREDIT CARDS; TRUTH IN LENDING ACT (TILA)
exemptions, 6.5.2.2
legislative history, 1.2.3
overview, 6.5.1
standing, 11.2.1
state law preemption, 2.6.3.3
violations, remedies, 6.5.7
FAIR CREDIT BILLING ACT (FCBA)
see also BILLING ERRORS; TRUTH IN LENDING ACT (TILA)
billing error requirements, see BILLING ERRORS
credit reporting requirements, 7.9.6.5.1
HELOCs, application, 8.6.1
overview, 1.4, 7.9.1
preemption, 7.9.10
relationship to other TILA rights, 7.9.3
scope, 7.9.2
violations
remedies, 7.9.9
sample complaint, Appx. E.2.4
sample discovery, Appx. F.4, Appx. F.5
statute of limitations, 12.2.2.3.2
statutory damages, 11.6.5.5
FAIR CREDIT REPORTING ACT (FCRA)
billing error disputes, application, 7.9.6.5.2
FAMILY CREDIT
see CONSUMER CREDIT
FAX ORDERS
see MAIL ORDERS; TELEPHONE ORDERS
FEDERAL AGENCIES
see also GOVERNMENTAL AGENCIES
credit programs administered by, use of forms, effect, 12.4.9
E-Sign interpretation, 4.3.2
TILA enforcement, 11.11
rescission rights, 10.3.3.7
restitution policy, 11.5.4.3
TILA liability, 12.4.9
TILA rescission
application, 12.4.9
enforcement, 10.3.3.7
variable-rate regulations, substitution for TILA, 5.12.2.3
FEDERAL COURT
concurrent litigation with state court, 12.6.4
related state court action, 11.4.2
Anti-Injunction Act, 11.4.2.4
Colorado River abstention, 11.4.2.3
declaratory or injunctive relief, 11.4.2.1
Rooker-Feldman doctrine, 11.4.2.5
Younger abstention, 11.4.2.2
removal of claims to, 12.6.2, 13.7.4
Rooker-Feldman doctrine, application, 11.4.2.5.6
stay pending state court action, 12.6.4
supplemental jurisdiction, 12.6.3
TILA jurisdiction, 12.6.1
FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
assigned obligations, TILA claims, 12.4.9
restitution policy, 11.5.4.3
super-defendant status, effect on TILA rescission, 10.9.2
FEDERAL HOME LOAN BANK BOARD
variable-rate regulations, substitution for TILA, 5.12.2.3
FEDERAL PREEMPTION
see PREEMPTION OF STATE LAW
FEDERAL REBATE STATUTE
see also UNEARNED FINANCE CHARGE REBATES
Rule of 78, prohibition, 3.7.2.3.3, 11.7
TILA codification, 3.7.2.3.3, 11.7
unearned interest rebates, 3.7.2.3.3, 11.7
violations, remedies, 3.7.2.3.3, 11.7
FEDERAL RESERVE BOARD (FRB)
APR tables, see ANNUAL PERCENTAGE RATE TABLES
automobile dealers, Dodd-Frank carve-out, 1.5.3.1, CFPB, transfer of authority to, 1.2.11, 2.1.1
CHARM booklet, 5.13.4.2
Credit CARD Act, implementation, 1.5.3.4.2
credit card calculator, 6.7.11.4.1
Dodd-Frank Act, effect, 1.2.11, 2.1.1
HELOC freezes and reductions, brochure, 8.6.7.7.1
HOEPA hearings, 9.2.1, 9.6.1.3
HUD joint report, 3.2.2, 9.6.1.3
official and unofficial staff commentaries
Regulation M, 13.1.3
Regulation Z, 1.5.3.1
reliance on, 12.4.2.2
validity, 1.5.3.2
open-end credit guidelines, 6.2.3.3
public information letters, 1.5.3.1
Regulation Z, 2004–2011 review, 1.5.3.4
TILA, implementation, 1.2.1, 1.5.3.1
FEDERAL TRADE COMMISSION (FTC)
Cooling-Off Period Rule, see COOLING-OFF PERIOD RULE (FTC)
Dodd-Frank Act, effect, 11.11.1
federal lending law enforcement, 11.11.1
Holder Rule, see HOLDER RULE (FTC)
TILA enforcement, 11.11.1
FEDERALLY-CHARTERED FINANCIAL INSTITUTIONS
federal preemption of state law, 2.6.4.2
FEDERALLY-INSURED MORTGAGES
exemptions
“qualified mortgage” underwriting, 9.3.3.4.1.1
streamlined refinancing, ability-to-repay, 9.3.3.3.7.1
qualified mortgage status, 9.3.3.4.1.3
FEES
see also COST; POINTS; TAXES
application fees, see APPLICATION FEES
appraisal fees, see APPRAISAL FEES
arbitration fees, 12.7.7
assumption fees, see ASSUMPTION FEES
attorney fees, see ATTORNEY FEES AND COSTS
billing error resolution procedures, restrictions, 7.9.4.2, 7.9.8.4
broker fees, see BROKER FEES
business costs, see BUSINESS COSTS
charge cards, see CHARGE CARDS
CLA disclosure requirements, 13.3.6.4, 13.3.6.14
closed-end calculations, 9.8.4.2
closed-end disclosures, circumstances, 5.3.3
closing agents, 3.9.6.2.4
see also CLOSING COSTS
collection costs, see COLLECTION COSTS
condition of credit, 3.6.4.1, 3.6.4.2
credit cards, see CREDIT CARDS
credit reports, see CREDIT REPORT FEES
document copies, see COPY FEES
filing fees, see FILING FEES
finance charge, see FINANCE CHARGE
finders’ fees, see FINDERS’ FEES
HELOCs, see HOME EQUITY LINES OF CREDIT (HELOCs)
hidden, see HIDDEN FINANCE CHARGES
HOEPA loans
coverage trigger, 9.6.4, 9.8
enhanced damages, 9.6.12.1.4
foreclosure rescue scams, 9.9.3
payoff statements, 5.15.13.4.3, 9.6.11.12
imposition of fee, defined, 4.4.7.2.3
incident to credit, 3.6.4.1, 3.6.4.2, 3.6.4.5
junk fees, see JUNK FEES
late fees, see LATE PAYMENT CHARGES
license fees, see LICENSE FEES
loan fees, see LOAN FEES
membership fees, see MEMBERSHIP FEES
nonfiling fees, see NONFILING INSURANCE PREMIUMS
official fees, see OFFICIAL FEES
open-end credit, see OPEN-END CREDIT
overdrafts, see OVERDRAFT LOANS AND FEES
over-the-limit, see OVER-THE-LIMIT FEES
padded fees, 1.2.5, 5.4.3.5.3
penalty fees, see PENALTY FEES
purchase options, 13.3.6.9.4
processing fees, see PROCESSING FEES
qualified mortgages, 9.3.3.4.1.1, 9.3.3.4.1.2
real property transactions, see REAL ESTATE TRANSACTION FEES
registration fees, see REGISTRATION FEES
RESPA transactions, 4.4.7.2.3
returned payments, see RETURNED-PAYMENT FEES
security interests, see SECURITY INTEREST FEES
tag fees, see TAG FEES
third party fees, see THIRD PARTY FEES
TILA rescission, return, 10.6.4.2
transaction fees, see TRANSACTION FEES
unbundling, 1.2.5
FILING FEES
see also CLOSING COSTS; FEES; REAL ESTATE TRANSACTION FEES; SECURITY INTEREST FEES; THIRD PARTY FEES
finance charge status, 3.7.8, 3.9.7.2, 5.9.9
HELOCs, disclosure, 8.4.3.3
TILA actions, reimbursement, 11.9.4.5
TILA rescission, refunds, 10.6.4.2
FINANCE CHARGE
advertisements, 5.10.1.1
all-inclusive
basic definition, 3.5
TILA concept, 3.2.2
amount financed, distinguished, 3.2.2
application fees, status, 3.9.2
appraisal fees, status, 3.7.6, 3.9.6.2.5
assignment fees, status, 3.7.8
assumption fees, status, 3.7.5
average cost pricing, relationship, 3.9.6.3.5
billing errors, see BILLING ERRORS
bona fide charges, 3.9.6.3
broker fees
failure to include, 10.2.6.1.4
status, 3.7.4.1
business costs, status, 3.6.2.
calculation errors, effect on related disclosures, 5.3.5, 5.4.3.4, 5.5.4.1.4
cash discounts, status, 2.3.7, 3.6.5.2, 3.7.11
cash transactions, comparable charges, 3.6.5
examples, 3.6.5.3
charges payable by consumer, 3.6.2
examples, 3.6.2.2
payable by consumer, 3.6.2.3
checklist, 3.11
closed-end disclosures, 5.4
assumptions, 5.15.10.5
estimates, 4.5.6.3.4, 4.5.7
fixed dollar charges, 5.5.4.3.3
general rule, 5.4.1
more conspicuous requirement, 4.2.4.6, 5.4.2, 5.5.3
overdisclosure, 5.4.3.5
proposed changes, 3.2.2
tolerance levels, 5.4.3, 10.4.3.2
closing cost credits, exclusion, 3.6.1.2
closing costs, status, 3.6.3.1, 3.6.3.3, 3.9.6.3
collateral purchases, status, 3.6.1.3.4
condition of credit, 3.6.4.1, 3.6.4.3
consumer buydowns, status, 3.8.2
costs absorbed by creditor, exclusion, 3.6.2.1
credit card surcharges, status, 3.6.5.2, 3.7.11
credit card transaction fees, status, 3.6.5.1
credit cards, restrictions on increases, 7.2.3
credit insurance premiums, status, 3.6.3.1, 3.7.7, 3.7.9, 3.9.4, 5.9.8
credit limit, overdraft charges, status, 3.6.5.3.3
credit loss insurance, status, 3.7.7, 3.9.4.5.2.2
credit report fees, status, 3.7.6, 3.9.6.2.5
debt cancellation agreements, status, 3.7.9
debt payoffs, status, 3.6.1.3.1, 3.6.1.3.2
deferred payment plans, see DEFERRED-INTEREST PROGRAMS
definition, 3.5
concepts underlying, 3.2.1
elements of definition, 3.6
examples, 3.7
deposits, exclusion, 5.9.12
disclosure
generally, 3.1.1
revised forms, 3.2.2
discounts on credit paper, status, 3.6.2.2.1, 3.7.8
document preparation fees, status, 3.6.2.2.3, 3.9.6.2.3
errors by creditor
correction, 12.4.6.4
tolerance levels, 5.4.3
estimates, 4.5.6.3.4, 4.5.7
examples, 3.7
exclusions, 3.9
basic definition, 3.5
statutory construction, 3.4
finders’ fees, status, 3.7.5
fixed dollar charges, APR disclosure, 5.5.4.3.3
FRB/HUD joint report, 3.2.2
GAP insurance, status, 3.6.4.4, 3.7.9, 3.9.4.5.5.2
grace periods, see GRACE PERIODS
graduated payment mortgages, 5.13.4.4.2
HELOC disclosures, 8.4.2, 8.5.1.2
hidden charges, see HIDDEN FINANCE CHARGES
HOEPA loans
enhanced damages, 9.6.12.1.4
included points and fees, 9.8.3.2
incident to credit, 3.6.4.1, 3.6.4.2
examples, 3.6.4.5
insurance premiums, inclusion, 3.9.4, 5.9.8
intangible taxes, status, 3.6.2.2.2, 3.6.3.2
interest component, 3.7.2
interest distinguished, 3.2.3
interest forfeitures and offsets, status, 3.6.1.4
investigation fees, status, 3.7.6
late charges, status, 3.9.3.4
loan fees, status, 3.7.5
material disclosure
closed-end credit, 10.4.3.2
open-end credit, 10.4.3.3
membership fees, status, 3.7.3.3
MERS fee, status, 3.9.6.3.2
mortgage broker fees, status, 3.7.4
negative amortization, inclusion, 5.13.4.4.2
new advance, exclusion from definition, 10.2.6.2.2
non-credit, non-property insurance, status, 3.9.4.5.7
nonfiling insurance, status, 3.9.7.3
notary fees, status, 3.9.6.2.5
open-end credit plans
billing cycle, 6.7.8
calculating, 11.6.3.4.2
credit card increases, restrictions, 7.2.3
delay in crediting payments, 7.7.2
HELOCs, 8.4.2, 8.5.1.2
mailing of periodic statement, effect, 6.7.2.1
minimum charges, 6.5.3.4, 6.6.6.2.3
requirement, 6.2.2.3
significant change status, 6.8.4.4.1
temporary reductions, 6.8.4.6.6
overdisclosure, 5.4.3.5, 10.4.3.6
overdraft fees, status, 2.5.8.1, 3.6.5.3.3, 3.7.3.2, 3.9.3.3
over-the-limit fees, status, 3.9.3.2
overview, 3.1.1, 3.2
padded fees, 5.4.3.5.3
pawnbroker fees, status, 3.6.4.4
payment schedule, inclusion, 5.6.3.1
payoff of prior debt, status, 3.6.1.3.1, 3.6.1.3.2
PMI, status, 5.7.3
points, status, 3.7.5
post-consummation services, status, 3.9.6.2.8
precomputed transactions, prepayment rebates, 5.9.6.1, 5.9.6.3, 5.9.6.5
prepaid, see PREPAID FINANCE CHARGES
prepayment penalties, status, 3.6.4.6
RALs, 2.5.7, 3.6.5.3.2, 4.5.10.2
reaffirmations, status, 3.6.1.3.3
real estate transaction fees, status, 3.9.5, 3.9.6
reasonable charges, 3.9.6.3
recording fees, status, 3.9.7.2
refinancing, effect, 3.7.2.3, 5.15.9
regulatory roadmap, 3.2.4
reverse mortgages, TALC rate, 8.8.3
sample jury instructions, Appx. G.3
security interest charges, status, 3.9.7, 5.9.9
service charges, status, 3.7.3
settlement statement, identifying from, 3.9.6.4
statutory damage awards, use in calculating, 11.6.3.4
surcharges, status, 3.7.11
taxes, status, 3.6.3.1, 3.6.3.2, 3.9.7.2
third party fees, status, 3.6.2, 3.6.3, 3.9.5
TILA coverage, trigger, 2.3.4.2, 3.3
TILA rescission
cancellation through, 10.6.3.2
installments during litigation, 10.8.3
return, 10.6.4.2
TILA rules
compliance check, 3.11
outline, 3.2.4
statutory construction, 3.4
total of payments, relationship, 5.6.9.1.1
total sale price, relationship, 5.9.5.1
transaction fees, status, 3.6.5.3, 3.7.3
credit cards, 3.6.5.1
unearned rebates, see UNEARNED FINANCE CHARGE REBATES
usurious interest as misdisclosure, 4.5.2
voluntariness, 3.6.4.4
working examples, 3.8.5, 3.11
yield-spread premiums, status, 3.7.4.4
yo-yo transactions, 4.5.6.3
FINDERS’ FEES
see also BROKER FEES; FEES
broker fees as, 3.7.5.1
defined, 3.7.5.1
finance charge status, 3.7.5
FIXED-RATE TRANSACTIONS
credit cards, terminology, disclosure, 6.3.3.3
mortgages, see MORTGAGES
FLIPPINGS
see also REFINANCING
equitable balances, 10.7.6.2
TILA damages, 10.9.3
FLOOD INSURANCE
see HOMEOWNER’S INSURANCE
FORCE-PLACED INSURANCE
see also CREDIT INSURANCE
disclosure requirements, 3.9.4.4.2, 3.9.4.5.4
credit cards, 6.5.3.12
open-end credit, 6.3.3.4, 6.6.6.2.7
finance charge exclusion, 3.9.4.4.2, 3.9.4.5.4
FORECLOSURE RESCUE SCAMS
see also FORECLOSURES
disguised credit, 2.5.3
equitable mortgage status, 2.5.3.1, 9.9.1
HOEPA application, 2.5.3.2
APR calculations, 9.9.2
points and fees calculations, 9.9.3
overview, 9.9.1
tender, 10.8.1.3
TILA, application, 2.5.3
TILA rescission
sample notice, Appx. D.2
standing, 10.2.8.3
FORECLOSURES
see also HOME DEFENSE
Anti-Injunction Act, application, 11.4.2.4.2
bankruptcy stay, application, 11.4.2.6
Colorado River abstention doctrine, application, 11.4.2.3
fees, see COLLECTION FEES
liability after, closed-end disclosures
closing disclosures, 5.11.2.6.7.6
early disclosures, 5.11.2.5.7.3
refinancing to prevent, TILA application, 2.4.2.2.4
related state and federal court actions, 11.4.2
rescission defense
see also RESCISSION (TILA)
arbitration clauses, effect, 12.7.6
extended rescission, 10.7.1
failure to raise, effect, 10.9.6.1
forum selection, 10.9.7.1
generally, 10.9.6
non-judicial foreclosure states, 10.3.3.12
open-end loans, application, 10.9.6
purchase money mortgages, 10.2.6.1.4
recoupment, 10.3.3
special rules, 10.9.6
rescission rights, termination, 10.3.2.2.1, 10.9.6
rescue scams, see FORECLOSURE RESCUE SCAMS
res judicata and, 12.6.5.2.3
Rooker-Feldman doctrine, application, 11.4.2.5
sample pleadings to enjoin
federal court, Appx. E.3.2
state court, Appx. E.3.1
TILA compliance tolerance, 5.4.3.3.3, 10.4.3.2, 10.9.6
TILA counterclaims, 10.9.6.3, 12.6.9
ability-to-repay and steering violations, 12.3.5
TILA recoupment claims, 10.3.3, 12.2.5.1
non-judicial foreclosure, 10.3.3.12, 12.2.5.4
Younger abstention doctrine, application, 11.4.2.2.2, 11.4.2.2.3
FORFEITURE
see VESTING REMEDY
FORGERY
see FRAUD; IDENTITY THEFT VICTIMS
FORMS
federally administered credit programs, use, 12.4.9
model forms, see MODEL FORMS (CFPB)
FORUM
see also JURISDICTION
TILA rescission enforcement, 10.9.7.1
FRAUD
see also FRAUDULENT CONCEALMENT
auto dealers
payment packing, 3.6.3.4
yo-yo sales, 4.5.6.1, 4.5.6.4
benefit of the bargain damages, 11.5.3.2.4
consumer fraud as defense to TILA claim, 12.4.11, 12.5.3
credit cards, investigation, 7.10
forgery victims, standing, 11.2.3
HELOCs, termination by creditor, 8.6.5
hidden finance charges, 3.10.1
identity theft, see IDENTITY THEFT VICTIMS
merchant fraud, assertion against card issuer, 7.11.3
spurious open-end credit, 6.2.3.7
FRAUDULENT CONCEALMENT
see also FRAUD
circumstances raising claim, 12.2.3.5
due diligence, necessity for claim, 12.2.3.4
elements, pleading, 12.2.3.3, 12.2.3.6
equitable tolling doctrine and, 12.2.3.2
rescission rights, application, 10.3.3.10
FREE RIDE PERIODS
see GRACE PERIODS
FTC COOLING-OFF PERIOD RULE
see COOLING-OFF PERIOD RULE (FTC)
FTC HOLDER RULE
see HOLDER RULE (FTC)
FURNITURE LEASES
see also CONSUMER LEASES
CLA disclosures, model form, 13.3.6.1
FUTURE ADVANCE CLAUSES
see SPREADER CLAUSES
GAP INSURANCE
see also DEBT CANCELLATION AGREEMENTS (DCAs)
CLA disclosures, 13.3.6.15
described, 3.9.4.5.5.1
leased vehicle loss, 13.5.5.6
finance charge status, 3.6.4.4, 3.7.10, 3.9.4.5.5.2
open-end disclosures
account-opening, 6.6.6.2.7, 6.6.12
credit cards, 6.5.3.12, 6.6.12
points and fees, inclusion, 9.8.3.7
TILA, application, 3.9.4.5.5.2
total contractual obligation, exclusion, 13.2.2.3
GOOD FAITH
APR calculation tool errors, effect, 5.5.4.3.1, 12.4.5
bona fide errors, 12.4.4
card issuer liability, resolution attempts with merchant as precondition, 7.11.4
CLA violations, 13.7.5.4, 13.7.5.5
closed-end tolerance levels, 10.4.3.2
conformity
model forms, 12.4.3
rulings and interpretations, 12.4.2, 13.7.5.5
fair dealing by creditor, detrimental reliance,