Browse Arkansas Code titles and sections

12 U.S.C. § 2603 — Uniform settlement statement

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2603 — Uniform settlement statement

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2603

Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.

Original supplied file — preserved unchanged

Download original Markdown file

File SHA-256: e5196ec91b2d8a2be0ad4c1333e21517fcecc9687c926c0049ef170e3bc77b37. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.

Authority boundary: historical or unconfirmed source not current law verified.

Open the recorded source website ↗

Record provenance

Stable record: federal_law:legal_authorities:record_usc_088b269d76a7086ba037f297
Source file: Laws/federal/codes/united-states-code/title-12/section-2603-uniform-settlement-statement--bcc66acdef.md
Pages: Not recorded – Not recorded
Passage SHA-256: 5a019bd2f8fefc6f42d1569c150fd3913f3420e134733d648969084507d0d213

Source location: Title 12, Chapter 27, § 2603; chapter-027-real-estate-settlement-procedures.md

Stored source content

**(a) Disclosure for mortgage loan transactions** The Bureau shall publish a single, integrated disclosure for mortgage loan transactions (including real estate settlement cost statements) which includes the disclosure requirements of this section and [section 2604 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2604&num=0&edition=prelim), in conjunction with the disclosure requirements of the Truth in Lending Act [[15 U.S.C. 1601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1601&num=0&edition=prelim) et seq.] that, taken together, may apply to a transaction that is subject to both or either provisions of law. The purpose of such model disclosure shall be to facilitate compliance with the disclosure requirements of this chapter 11 See References in Text note below. and the Truth in Lending Act, and to aid the borrower or lessee in understanding the transaction by utilizing readily understandable language to simplify the technical nature of the disclosures. Such forms shall conspicuously and clearly itemize all charges imposed upon the borrower and all charges imposed upon the seller in connection with the settlement and shall indicate whether any title insurance premium included in such charges covers or insures the lender’s interest in the property, the borrower’s interest, or both. The Bureau may, by regulation, permit the deletion from the forms prescribed under this section of items which are not, under local laws or customs, applicable in any locality, except that such regulation shall require that the numerical code prescribed by the Bureau be retained in forms to be used in all localities. Nothing in this section may be construed to require that that part of the standard forms which relates to the borrower’s transaction be furnished to the seller, or to require that that part of the standard forms which relates to the seller be furnished to the borrower. **(b) Availability for inspection; exceptions** The forms prescribed under this section shall be completed and made available for inspection by the borrower at or before settlement by the person conducting the settlement, except that (1) the Bureau may exempt from the requirements of this section settlements occurring in localities where the final settlement statement is not customarily provided at or before the date of settlement, or settlements where such requirements are impractical and (2) the borrower may, in accordance with regulations of the Bureau, waive his right to have the forms made available at such time. Upon the request of the borrower to inspect the forms prescribed under this section during the business day immediately preceding the day of settlement, the person who will conduct the settlement shall permit the borrower to inspect those items which are known to such person during such preceding day. **(c) Disclosure of fees** The standard form described in subsection (a) may include, in the case of an appraisal coordinated by an appraisal management company (as such term is defined in [section 3350(11) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3350/11&num=0&edition=prelim)), a clear disclosure of— (1) the fee paid directly to the appraiser by such company; and (2) the administration fee charged by such company. **(d) Disclosure for charitable mortgage loan transactions** With respect to a mortgage loan transaction involving a residential mortgage loan offered at 0 percent interest with only bonafide and reasonable fees and that is primarily for charitable purposes, an organization described in [section 501(c)(3) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section501/c/3&num=0&edition=prelim) and exempt from taxation under section 501(a) of such title may use forms HUD–1 and GFE (as defined under section 1024.2(b) of title 12, Code of Federal Regulations) together with a disclosure substantially in the form of the Loan Model Form H–2 (as depicted in Appendix H to part 1026 of title 12, Code of Federal Regulations), collectively, in lieu of the disclosure published under subsection (a) of this section.

Cross-references

Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2601 — Congressional findings and purpose

**(a)** The Congress finds that significant reforms in the real estate settlement process are needed to insure that consumers throughout the Nation are provided with greater and more timely information on the nature and costs of the settlement process and are protected from unnecessarily high settlement charges caused by certain abusive practices that have developed in some areas of the country. The Congress also finds that it has been over two years since the Secretary of Housing and Urban Development and the Administrator of Veterans’ Affairs submitted their joint report to the Congress on “Mortgage Settlement Costs” and that the time has come for the recommendations for Federal legislative action made in that report to be implemented. **(b)** It is the purpose of this chapter to effect certain changes in the settlement process for residential real estate that will result— (1) in more effective advance disclosure to home buyers and sellers of settlement costs; (2) in the elimination of kickbacks or referral fees that tend to increase unnecessarily the costs of certain settlement services; (3) in a reduction in the amounts home buyers are required to place in escrow accounts established to insure the payment of real estate taxes and insurance; and (4) in significant reform and modernization of local recordkeeping of land title information.

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2601

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1601 — Congressional findings and declaration of purpose

**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices. **(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1601

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1604 — Disclosure guidelines

**(a) Promulgation, contents, etc., of regulations** The Bureau shall prescribe regulations to carry out the purposes of this subchapter. Except with respect to the provisions of [section 1639 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1639&num=0&edition=prelim) that apply to a mortgage referred to in section 1602(aa) 11 See References in Text note below. of this title, such regulations may contain such additional requirements, classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for all or any class of transactions, as in the judgment of the Bureau are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion thereof, or to facilitate compliance therewith. **(b) Model disclosure forms and clauses; publication, criteria, compliance, etc.** The Bureau shall publish a single, integrated disclosure for mortgage loan transactions (including real estate settlement cost statements) which includes the disclosure requirements of this subchapter in conjunction with the disclosure requirements of the Real Estate Settlement Procedures Act of 1974 [[12 U.S.C. 2601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2601&num=0&edition=prelim) et seq.] that, taken together, may apply to a transaction that is subject to both or either provisions of law. The purpose of such model disclosure shall be to facilitate compliance with the disclosure requirements of this subchapter and the Real Estate Settlement Procedures Act of 1974, and to aid the borrower or lessee in understanding the transaction by utilizing readily understandable language to simplify the technical nature of the disclosures. In devising such forms,

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1604

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 552a — Records maintained on individuals

**(a) Definitions.—** For purposes of this section— (1) the term “agency” means agency as defined in section 552(e) 11 See References in Text note below. of this title; (2) the term “individual” means a citizen of the United States or an alien lawfully admitted for permanent residence; (3) the term “maintain” includes maintain, collect, use, or disseminate; (4) the term “record” means any item, collection, or grouping of information about an individual that is maintained by an agency, including, but not limited to, his education, financial transactions, medical history, and criminal or employment history and that contains his name, or the identifying number, symbol, or other identifying particular assigned to the individual, such as a finger or voice print or a photograph; (5) the term “system of records” means a group of any records under the control of any agency from which information is retrieved by the name of the individual or by some identifying number, symbol, or other identifying particular assigned to the individual; (6) the term “statistical record” means a record in a system of records maintained for statistical research or reporting purposes only and not used in whole or in part in making any determination about an identifiable individual, except as provided by [section 8 of title 13](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title13-section8&num=0&edition=prelim); (7) the term “routine use” means, with respect to the disclosure of a record, the use of such record for a purpose which is compatible with the purpose for which it was collected; (8) the term “matching program”— (A) means any computerized comparison of— (i) two or more automated systems of records or a system of records with non-Federal records for the purpose

Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 552a

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2602 — Definitions

For purposes of this chapter— (1) the term “federally related mortgage loan” includes any loan (other than temporary financing such as a construction loan) which— (A) is secured by a first or subordinate lien on residential real property (including individual units of condominiums and cooperatives) designed principally for the occupancy of from one to four families, including any such secured loan, the proceeds of which are used to prepay or pay off an existing loan secured by the same property; and (B) (i) is made in whole or in part by any lender the deposits or accounts of which are insured by any agency of the Federal Government, or is made in whole or in part by any lender which is regulated by any agency of the Federal Government, or (ii) is made in whole or in part, or insured, guaranteed, supplemented, or assisted in any way, by the Secretary or any other officer or agency of the Federal Government or under or in connection with a housing or urban development program administered by the Secretary or a housing or related program administered by any other such officer or agency; or (iii) is intended to be sold by the originating lender to the Federal National Mortgage Association, the Government National Mortgage Association, the Federal Home Loan Mortgage Corporation, or a financial institution from which it is to be purchased by the Federal Home Loan Mortgage Corporation; or (iv) is made in whole or in part by any “creditor”, as defined in section 1602(f) 11 See References in Text note below. of title 15, who makes or invests in residential real estate loans aggregating more than $1,000,000 per year, except that for the purpose of this chapter, the term “creditor” does not include any agency or instrumentality of any State; (2) the te

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2602

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2604 — Home buying information booklets

**(a) Preparation and distribution** The Director of the Bureau of Consumer Financial Protection (hereafter in this section referred to as the “Director”) shall prepare, at least once every 5 years, a booklet to help consumers applying for federally related mortgage loans to understand the nature and costs of real estate settlement services. The Director shall prepare the booklet in various languages and cultural styles, as the Director determines to be appropriate, so that the booklet is understandable and accessible to homebuyers of different ethnic and cultural backgrounds. The Director shall distribute such booklets to all lenders that make federally related mortgage loans. The Director shall also distribute to such lenders lists, organized by location, of homeownership counselors certified under [section 1701x(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701x/e&num=0&edition=prelim) for use in complying with the requirement under subsection (c) of this section. **(b) Contents** Each booklet shall be in such form and detail as the Director shall prescribe and, in addition to such other information as the Director may provide, shall include in plain and understandable language the following information: (1) A description and explanation of the nature and purpose of the costs incident to a real estate settlement or a federally related mortgage loan. The description and explanation shall provide general information about the mortgage process as well as specific information concerning, at a minimum— (A) balloon payments; (B) prepayment penalties; (C) the advantages of prepayment; and (D) the trade-off between closing costs and the interest rate over the life of the loan. (2) An explanation and sample of th

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2604

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2609 — Limitation on requirement of advance deposits in escrow accounts

**(a) In general** A lender, in connection with a federally related mortgage loan, may not require the borrower or prospective borrower— (1) to deposit in any escrow account which may be established in connection with such loan for the purpose of assuring payment of taxes, insurance premiums, or other charges with respect to the property, in connection with the settlement, an aggregate sum (for such purpose) in excess of a sum that will be sufficient to pay such taxes, insurance premiums and other charges attributable to the period beginning on the last date on which each such charge would have been paid under the normal lending practice of the lender and local custom, provided that the selection of each such date constitutes prudent lending practice, and ending on the due date of its first full installment payment under the mortgage, plus one-sixth of the estimated total amount of such taxes, insurance premiums and other charges to be paid on dates, as provided above, during the ensuing twelve-month period; or (2) to deposit in any such escrow account in any month beginning with the first full installment payment under the mortgage a sum (for the purpose of assuring payment of taxes, insurance premiums and other charges with respect to the property) in excess of the sum of (A) one-twelfth of the total amount of the estimated taxes, insurance premiums and other charges which are reasonably anticipated to be paid on dates during the ensuing twelve months which dates are in accordance with the normal lending practice of the lender and local custom, provided that the selection of each such date constitutes prudent lending practice, plus (B) such amount as is necessary to maintain an additional balance in such escrow account not to exceed one-sixth of the estimated total

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2609

Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5494 — Definitions

Except as otherwise provided in this title,11 See References in Text note below. for purposes of this title,1 the following definitions shall apply: (1) **Affiliate** — The term “affiliate” means any person that controls, is controlled by, or is under common control with another person. (2) **Bureau** — The term “Bureau” means the Bureau of Consumer Financial Protection. (3) **Business of insurance** — The term “business of insurance” means the writing of insurance or the reinsuring of risks by an insurer, including all acts necessary to such writing or reinsuring and the activities relating to the writing of insurance or the reinsuring of risks conducted by persons who act as, or are, officers, directors, agents, or employees of insurers or who are other persons authorized to act on behalf of such persons. (4) **Consumer** — The term “consumer” means an individual or an agent, trustee, or representative acting on behalf of an individual. (5) **Consumer financial product or service** — The term “consumer financial product or service” means any financial product or service that is described in one or more categories under— (A) paragraph (15) and is offered or provided for use by consumers primarily for personal, family, or household purposes; or (B) clause (i), (iii), (ix), or (x) of paragraph (15)(A), and is delivered, offered, or provided in connection with a consumer financial product or service referred to in subparagraph (A). (6) **Covered person** — The term “covered person” means— (A) any person that engages in offering or providing a consumer financial product or service; and (B) any affiliate of a person described in subparagraph (A) if such affiliate acts as a service provider to such person. (7) **Credit** — The term “credit” means the right

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5494

Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2603 — Uniform settlement statement

Page 1444 TITLE 12—BANKS AND BANKING § 2603 1 See References in Text note below. secured loan, the proceeds of which are used to prepay or pay off an existing loan secured by the same prop- erty’’ after ‘‘families’’. Par. (3). Pub. L. 102–550, § 908(a), inserted ‘‘the origina- tion of a federally related mortgage loan (including, but not limited to, the taking of loan applications, loan processing, and the underwriting and funding of loans),’’ after ‘‘broker,’’. 1983—Pars. (7), (8). Pub. L. 98–181 added pars. (7) and (8). 1976—Par. (1). Pub. L. 94–205, § 2(1), inserted ‘‘(other than temporary financing such as a construction loan)’’ in introductory text. Par. (1)(A). Pub. L. 94–205, § 2(2), inserted ‘‘a first lien on’’ after ‘‘is secured by’’. Par. (1)(B)(iii). Pub. L. 94–205, § 2(3)–(5), substituted ‘‘is intended to be sold by the originating lender to’’ for ‘‘is eligible for purchase by’’ and ‘‘a’’ and ‘‘is to’’ for ‘‘from any’’ and ‘‘could’’, respectively, and struck out ‘‘or’’ after ‘‘the Government National Mortgage Asso- ciation’’. Par. (1)(B)(iv). Pub. L. 94–205, § 2(6), inserted ‘‘, except that for the purpose of this chapter, the term ‘creditor’ does not include any agency or instrumentality of any State’’ after ‘‘more than $1,000,000 per year’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. EFFECTIVE DATE OF 1992 AMENDMENT Pub. L. 102–550, title IX, § 908(d), Oct. 28, 1992, 106 Stat. 3874, provided that: ‘‘This section [amending this sec- tion and enacting provisions set out below] shall take effect on the

Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2603

Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1601 — Congressional findings and declaration of

Page 1452 TITLE 15—COMMERCE AND TRADE § 1601 Sec. 1679f. Noncompliance with this subchapter. 1679g. Civil liability. 1679h. Administrative enforcement. 1679i. Statute of limitations. 1679j. Relation to State law. SUBCHAPTER III—CREDIT REPORTING AGENCIES 1681. Congressional findings and statement of pur- pose. 1681a. Definitions; rules of construction. 1681b. Permissible purposes of consumer reports. 1681c. Requirements relating to information con- tained in consumer reports. 1681c–1. Identity theft prevention; fraud alerts and ac- tive duty alerts. 1681c–2. Block of information resulting from identity theft. 1681c–3. Adverse information in cases of trafficking. 1681d. Disclosure of investigative consumer reports. 1681e. Compliance procedures. 1681f. Disclosures to governmental agencies. 1681g. Disclosures to consumers. 1681h. Conditions and form of disclosure to con- sumers. 1681i. Procedure in case of disputed accuracy. 1681j. Charges for certain disclosures. 1681k. Public record information for employment purposes. 1681l. Restrictions on investigative consumer re- ports. 1681m. Requirements on users of consumer reports. 1681n. Civil liability for willful noncompliance. 1681o. Civil liability for negligent noncompliance. 1681p. Jurisdiction of courts; limitation of actions. 1681q. Obtaining information under false pretenses. 1681r. Unauthorized disclosures by officers or em- ployees. 1681s. Administrative enforcement. 1681s–1. Information on overdue child support obliga- tions. 1681s–2. Responsibilities of furnishers of information to consumer reporting agencies. 1681s–3. Affiliate sharing. 1681t. Relation to State laws. 1681u. Disclosures to FBI for counterintelligence purposes. 1681v. Disclosure

Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 1601

Stored review status: historical_2024_not_currentness_verified. The source passage cites 15 U.S.C. § 1601. This identifies an authority to review, not proof of applicability.