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Latest Compliance - Right of Rescission Topics

Signature on Notice of Right to Cancel Form

10/29/2012

In a rescindable transaction, is it required to have the Borrower's signature for "Acknowledgment of Receipt" AND for the signature for "Certificate of Noncancellation" on the SAME Notice of Right to Cancel form? Is it acceptable to have a signature for Acknowledgment of Receipt on 1 form and the signature for Certificate of Noncancellation?

Reg Z TIL Right of Rescission-Spec Home

08/20/2012

We have a customer that is buying a spec home from a builder. The customer has moved into the spec home prior to the loan being closed. Does this loan require that we give a Right of Rescission to the borrower? Our compliance consultant company says NO but I have an employee at an IBA seminar today that is saying per Reg Z says No but Truth in Lending Law says Yes so we should do a rescission.

Spouse have to Sign Right of Rescission Notice?

04/23/2012

We are writing loan documents for a loan being secured by a mobile home without land. The mobile home is their primary residence titled under the husbands name only. Does the wife have to sign a right of rescission notice?

Right of Rescission for Consumer Construction Refi

12/05/2011

We are refinancing a consumer construction loan to add funds to complete construction. Consumers are residing at another residence until the new house is completed. The construction house in uninhabitable as it stands now - and secures the loan. The repayment source is the mortgage loan by the same lender. Would the new loan require a Right of Rescission even though the consumers have another principle address?

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Stopping Preauthorized Payments

10/20/2024

We currently have outside counsel providing what I believe is inaccurate guidance. However, I'm struggling to find resources I can use to refute their regulatory interpretations. Specifically, this applies to a consumer's right to stop payment under 1005.10(c). Can you please advise how these requirements apply to: 1. Preauthorized transfers for loan payments (we are the lender/servicer) drawn on both external (we obtain debit authorization) and internal deposit accounts; and 2. Preauthorized bill payments both issued against the bank's/vendor's account and debited directly from the consumer's account. We hold the consumer's deposit account and offer the bill pay service.

'Member FDIC' in trust department ads

10/13/2024

Our bank has a trust department and they want to run an advertisement. Does "Member FDIC" need to be included in the ad? The ad will state something like, "We can help you with your Trust and Estate Planning."

Unauthorized Authorized Debits

09/29/2024

If a customer authorizes someone to use their card and gives them the PIN for a specific transaction, and that someone uses the card for additional transactions that were not authorized by the customer, is their any negligence by the customer for giving the card and PIN for the first authorized transaction? What are the requirements according to Reg E ?

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