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TITLE I - Troubled Assets Relief Program

Sec. 130. TECHNICAL CORRECTIONS. (0 Comments) subscribe to the comments feed

  1. INGENERAL.Section 128(b)(2) of the Truth in Lending Act (15 U.S.C. 1638(b)(2)), as amended by section 2502 of the Mortgage Disclosure Improvement Act of 2008 (Public Law 110-289), is amended

    1. in subparagraph (A), by striking In the case and inserting Except as provided in subparagraph (G), in the case; and

    2. by amending subparagraph (G) to read as follows:

      "(G)(i) In the case of an extension of credit relating to a plan described in section 101(53D) of title 11, United States Code

      "(I) the requirements of subparagraphs (A) through (E) shall not apply; and

      "(II) a good faith estimate of the disclosures required under subsection (a) shall be made in accordance with regulations of the Board under section 121(c) before such credit is extended, or shall be delivered or placed in the mail not later than 3 business days after the date on which the creditor receives the written application of the consumer for such credit, whichever is earlier.

      "(ii) If a disclosure statement furnished within 3 business days of the written application (as provided under clause (i)(II)) contains an annual percentage rate which is subsequently rendered inaccurate, within the meaning of section 107(c), the creditor shall furnish another disclosure statement at the time of settlement or consummation of the transaction..

  2. EFFECTIVE DATE.The amendments made by subsection (a) shall take effect as if included in the amendments made by section 2502 of the Mortgage Disclosure Improvement Act of 2008 (Public Law 110-289).

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