Home Improvement Loans: Is the early TIL disclosure required?

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Question:

Someone came back from a seminar saying that for a Home Improvement Home Equity the early truth and lending is not required. Is this true and if so where can I find that in the regulations?

Answer:

If the question relates to home equity lines of credit, then Section 226.5b(a)(1) requires delivery of the "preapplication disclosure" (aka "program disclosure") and "When Your Home is on the Line" booklet on or with the credit application.If, on the other hand, the question relates to the estimated disclosures required within 3 days of receiving a RESPA-covered appplication, the Section 226.19(a) applies.

First published on BankersOnline.com 2/4/02