Answer:
Certain home equity plans were affected by a change in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. This changed TILA itself and Reg Z (Section 226.16) has changed as well. The advertisements must include a statement that the interest on any portion of the credit extension that is greater than the fair market value of the dwelling is not deductible for Federal income tax purposes.
First published on BankersOnline.com 3/30/09
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