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15 U.S.C. § 1604 — Disclosure guidelines
Federal law — U.S. Code and appendices · legal_authorities
**(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,
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Source location: Title 15, Chapter 41, § 1604; chapter-041-consumer-credit-protection.md
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**(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, the Bureau shall consider the use by creditors or lessors of data processing or similar automated equipment. Nothing in this subchapter may be construed to require a creditor or lessor to use any such model form or clause prescribed by the Bureau under this section. A creditor or lessor shall be deemed to be in compliance with the disclosure provisions of this subchapter with respect to other than numerical disclosures if the creditor or lessor (1) uses any appropriate model form or clause as published by the Bureau, or (2) uses any such model form or clause and changes it by (A) deleting any information which is not required by this subchapter, or (B) rearranging the format, if in making such deletion or rearranging the format, the creditor or lessor does not affect the substance, clarity, or meaningful sequence of the disclosure.
**(c) Procedures applicable for adoption of model forms and clauses** Model disclosure forms and clauses shall be adopted by the Bureau after notice duly given in the Federal Register and an opportunity for public comment in accordance with [section 553 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section553&num=0&edition=prelim).
**(d) Effective dates of regulations containing new disclosure requirements** Any regulation of the Bureau, or any amendment or interpretation thereof, requiring any disclosure which differs from the disclosures previously required by this part, part D, or part E or by any regulation of the Bureau promulgated thereunder shall have an effective date of that October 1 which follows by at least six months the date of promulgation, except that the Bureau may at its discretion take interim action by regulation, amendment, or interpretation to lengthen the period of time permitted for creditors or lessors to adjust their forms to accommodate new requirements or shorten the length of time for creditors or lessors to make such adjustments when it makes a specific finding that such action is necessary to comply with the findings of a court or to prevent unfair or deceptive disclosure practices. Notwithstanding the previous sentence, any creditor or lessor may comply with any such newly promulgated disclosure requirements prior to the effective date of the requirements.
**(e) 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 by 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, 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) shall, collectively, be an appropriate model form for purposes of subsection (b) of this section.
**(f) Exemption authority**
(1) **In general** — The Bureau may exempt, by regulation, from all or part of this subchapter all or any class of transactions, other than transactions involving any mortgage described in section 1602(aa) 1 of this title, for which, in the determination of the Bureau, coverage under all or part of this subchapter does not provide a meaningful benefit to consumers in the form of useful information or protection.
(2) **Factors for consideration** — In determining which classes of transactions to exempt in whole or in part under paragraph (1), the Bureau shall consider the following factors and publish its rationale at the time a proposed exemption is published for comment:
(A) The amount of the loan and whether the disclosures, right of rescission, and other provisions provide a benefit to the consumers who are parties to such transactions, as determined by the Bureau.
(B) The extent to which the requirements of this subchapter complicate, hinder, or make more expensive the credit process for the class of transactions.
(C) The status of the borrower, including—
(i) any related financial arrangements of the borrower, as determined by the Bureau;
(ii) the financial sophistication of the borrower relative to the type of transaction; and
(iii) the importance to the borrower of the credit, related supporting property, and coverage under this subchapter, as determined by the Bureau;
(D) whether the loan is secured by the principal residence of the consumer; and
(E) whether the goal of consumer protection would be undermined by such an exemption.
**(g) Waiver for certain borrowers**
(1) **In general** — The Bureau, by regulation, may exempt from the requirements of this subchapter certain credit transactions if—
(A) the transaction involves a consumer—
(i) with an annual earned income of more than $200,000; or
(ii) having net assets in excess of $1,000,000 at the time of the transaction; and
(B) a waiver that is handwritten, signed, and dated by the consumer is first obtained from the consumer.
(2) **Adjustments by the Bureau** — The Bureau, at its discretion, may adjust the annual earned income and net asset requirements of paragraph (1) for inflation.
**(h) Deference** Notwithstanding any power granted to any Federal agency under this subchapter, the deference that a court affords to the Bureau with respect to a determination made by the Bureau relating to the meaning or interpretation of any provision of this subchapter, other than section 1639e or 1639h of this title, shall be applied as if the Bureau were the only agency authorized to apply, enforce, interpret, or administer the provisions of this subchapter.
**(i) Authority of the Board to prescribe rules** Notwithstanding subsection (a), the Board shall have authority to prescribe rules under this subchapter with respect to a person described in [section 5519(a) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5519/a&num=0&edition=prelim). Regulations prescribed under this subsection may contain such classifications, differentiations, or other provisions, as in the judgment of the Board are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion thereof, or to facilitate compliance therewith.
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Federal law — U.S. Code and appendices · legal_authorities
**(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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Disclosures**
(1) **Specific disclosures** — In addition to other disclosures required under this subchapter, for each mortgage referred to in section 1602(aa) 11 See References in Text note below. of this title, the creditor shall provide the following disclosures in conspicuous type size:
(A) “You are not required to complete this agreement merely because you have received these disclosures or have signed a loan application.”.
(B) “If you obtain this loan, the lender will have a mortgage on your home. You could lose your home, and any money you have put into it, if you do not meet your obligations under the loan.”.
(2) **Annual percentage rate** — In addition to the disclosures required under paragraph (1), the creditor shall disclose—
(A) in the case of a credit transaction with a fixed rate of interest, the annual percentage rate and the amount of the regular monthly payment; or
(B) in the case of any other credit transaction, the annual percentage rate of the loan, the amount of the regular monthly payment, a statement that the interest rate and monthly payment may increase, and the amount of the maximum monthly payment, based on the maximum interest rate allowed pursuant to [section 3806 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3806&num=0&edition=prelim).
**(b) Time of disclosures**
(1) **In general** — The disclosures required by this section shall be given not less than 3 business days prior to consummation of the transaction.
(2) **New disclosures required**
(A) *In general* — After providing the disclosures required by this section, a creditor may not change the terms of the extension of credit if such changes make the disclosures inaccurate, unless new disclosures are provided that meet
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Federal law — U.S. Code and appendices · legal_authorities
**(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
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The definitions and rules of construction set forth in this section are applicable for the purposes of this subchapter.
**(b) Bureau.—** The term “Bureau” means the Bureau of Consumer Financial Protection.
**(c)** The term “Board” refers to the Board of Governors of the Federal Reserve System.
**(d)** The term “organization” means a corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, or association.
**(e)** The term “person” means a natural person or an organization.
**(f)** The term “credit” means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment.
**(g)** The term “creditor” refers only to a person who both (1) regularly extends, whether in connection with loans, sales of property or services, or otherwise, consumer credit which is payable by agreement in more than four installments or for which the payment of a finance charge is or may be required, and (2) is the person to whom the debt arising from the consumer credit transaction is initially payable on the face of the evidence of indebtedness or, if there is no such evidence of indebtedness, by agreement. Notwithstanding the preceding sentence, in the case of an open-end credit plan involving a credit card, the card issuer and any person who honors the credit card and offers a discount which is a finance charge are creditors. For the purpose of the requirements imposed under part D of this subchapter and sections 1637(a)(5), 1637(a)(6), 1637(a)(7), 1637(b)(1), 1637(b)(2), 1637(b)(3), 1637(b)(8), and 1637(b)(10) of this title, the term “creditor” shall also include card issuers whether or not the amount due is payable by agreement in more than four installments or the payment of a finance charge
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Federal law — U.S. Code and appendices · legal_authorities
**(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
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** This section applies, according to the provisions thereof, except to the extent that there is involved—
(1) a military or foreign affairs function of the United States; or
(2) a matter relating to agency management or personnel or to public property, loans, grants, benefits, or contracts.
**(b)** General notice of proposed rule making shall be published in the Federal Register, unless persons subject thereto are named and either personally served or otherwise have actual notice thereof in accordance with law. The notice shall include—
(1) a statement of the time, place, and nature of public rule making proceedings;
(2) reference to the legal authority under which the rule is proposed;
(3) either the terms or substance of the proposed rule or a description of the subjects and issues involved; and
(4) the Internet address of a summary of not more than 100 words in length of the proposed rule, in plain language, that shall be posted on the Internet website under section 206(d) of the E-Government Act of 2002 ([44 U.S.C. 3501](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title44-section3501&num=0&edition=prelim) note) (commonly known as regulations.gov).
Except when notice or hearing is required by statute, this subsection does not apply—
(A) to interpretative rules, general statements of policy, or rules of agency organization, procedure, or practice; or
(B) when the agency for good cause finds (and incorporates the finding and a brief statement of reasons therefor in the rules issued) that notice and public procedure thereon are impracticable, unnecessary, or contrary to the public interest.
**(c)** After notice required by this section, the agency shall give interested persons an opportunity to participate in the rule making through subm
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 553
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Federal law — U.S. Code and appendices · legal_authorities
**(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 relate
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2603
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Federal law — U.S. Code and appendices · legal_authorities
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
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Finding and purpose**
(1) **Finding** — The Congress finds that economic stabilization would be enhanced by the protection, limitation, and regulation of the terms of residential mortgage credit and the practices related to such credit, while ensuring that responsible, affordable mortgage credit remains available to consumers.
(2) **Purpose** — It is the purpose of this section and [section 1639c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1639c&num=0&edition=prelim) to assure that consumers are offered and receive residential mortgage loans on terms that reasonably reflect their ability to repay the loans and that are understandable and not unfair, deceptive or abusive.
**(b) Duty of care**
(1) **Standard** — Subject to regulations prescribed under this subsection, each mortgage originator shall, in addition to the duties imposed by otherwise applicable provisions of State or Federal law—
(A) be qualified and, when required, registered and licensed as a mortgage originator in accordance with applicable State or Federal law, including the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 [[12 U.S.C. 5101](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5101&num=0&edition=prelim) et seq.]; and
(B) include on all loan documents any unique identifier of the mortgage originator provided by the Nationwide Mortgage Licensing System and Registry.
(2) **Compliance procedures required** — The Bureau shall prescribe regulations requiring depository institutions to establish and maintain procedures reasonably designed to assure and monitor the compliance of such depository institutions, the subsidiaries of such institutions, and the employees of such institutions or subsidiarie
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Federal law — U.S. Code and appendices · legal_authorities
Page 1442
TITLE 12—BANKS AND BANKING
§ 2601
shall be entitled to escheat or take custody of
the sum payable on such money order, trav-
eler’s check, or similar written instrument, to
the extent of that State’s power under its own
laws to escheat or take custody of such sum,
subject to the right of the State of purchase to
recover such sum from the State of principal
place of business if and when the law of the
State of purchase makes provision for escheat
or custodial taking of such sum.
(Pub. L. 93–495, title VI, § 603, Oct. 28, 1974, 88
Stat. 1525.)
CHAPTER 27—REAL ESTATE SETTLEMENT
PROCEDURES
Sec.
2601.
Congressional findings and purpose.
2602.
Definitions.
2603.
Uniform settlement statement.
2604.
Home buying information booklets.
2605.
Servicing of mortgage loans and administra-
tion of escrow accounts.
2606.
Exempted transactions.
2607.
Prohibition against kickbacks and unearned
fees.
2608.
Title companies; liability of seller.
2609.
Limitation on requirement of advance depos-
its in escrow accounts.
2610.
Prohibition of fees for preparation of truth-
in-lending, uniform settlement, and escrow
account statements.
2611 to 2613. Repealed.
2614.
Jurisdiction of courts; limitations.
2615.
Contracts and liens; validity.
2616.
State laws unaffected; inconsistent Federal
and State provisions.
2617.
Authority of Bureau.
§ 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 infor-
mation on the nature and costs of the settle-
ment process and are protected from unneces-
sarily high settlement charges caused by certain
abusive practices that have develo
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2601
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