§14A-3-310. Estimates of disclosures.
697 words·~3 min read·
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(1)In the case of any extension of credit that is secured by the dwelling of a consumer, which is also subject to the Real Estate Settlement Procedures Act, 12 U.S.C. Sections 2601 et seq., good- faith estimates of the disclosures required by this part shall be made in accordance with the rules of the Administrator of Consumer Credit and shall be delivered or placed in the mail not later than three
(3)business days after the creditor receives the consumer’s written application, which shall be at least seven
(7)business days before consummation of the transaction.
(2)In the case of an extension of credit that is secured by the dwelling of a consumer, the disclosures provided for in subsection
(1)of this section shall be in addition to the other disclosures required by this part and shall:
(a)state in conspicuous type size and format, the
following: “You are not required to complete this
agreement merely because you have received these
disclosures or signed a loan application”, and
be provided in the form of final disclosures at the
time of consummation of the transaction, in the form
and manner prescribed by this section.
(3)In the case of an extension of credit that is secured by the dwelling of a consumer, under which the annual rate of interest is variable, or with respect to which the regular payments may otherwise be variable, in addition to the other disclosures required by this part, the disclosures provided under this section shall do the following:
(a)label the payment schedule as follows: “Payment
Schedule: Payments will vary based on Interest Rate
Changes”, and
(b)state in conspicuous type size and format examples of
adjustments to the regular required payment on the
extension of credit based on the change in interest
rates specified by the contract for such extension of
credit. Among the examples required to be provided is
an example that reflects the maximum payment amount of
the regular required payments on the extension of
credit, based on the maximum interest rate allowed
under the contract, in accordance with rules of the
Administrator.
(4)In any case in which the disclosure statement under subsection
(1)of this section contains an annual percentage rate of interest that is no longer accurate, the creditor shall furnish an additional corrected statement to the consumer, not later than three
(3)business days before the date of consummation of the transaction.
(5)The consumer shall receive the required disclosures before paying any fee to the creditor or other person in connection with the consumer’s application for an extension of credit that is secured by the dwelling of a consumer. If the disclosures are mailed to the consumer, the consumer is considered to have received them three
(3)business days after they are mailed. A creditor or other person may impose a fee for obtaining the consumer’s credit report before the consumer has received the disclosures under this section, provided the fee is bona fide and reasonable in amount.
(6)To expedite the consummation of a transaction, if the consumer determines that the extension of credit is needed to meet a bona fide personal financial emergency, the consumer may waive or modify the timing requirements for disclosures under subsection
(1)of this section, provided that:
(a)the term “bona fide personal emergency” may be further
defined by rules of the Administrator,
(b)the consumer provides to the creditor a dated, written
statement describing the emergency and specifically
waiving or modifying those timing requirements, which
statement shall bear the signature of all consumers
entitled to receive disclosures required by this
section, and
(c)the creditor provides to the consumers at or before
the time of such waiver or modification, the final
disclosures required by this part.
(7)The requirements set forth in subsections
(1)through
(5)of this section shall not apply in the case of an extension of credit relating to a plan described in 11 U.S.C. Section 101(53D). Added by Laws 1969, c. 352, § 3-310, eff. July 1, 1969. Amended by Laws 1982, c. 335, § 44, operative Oct. 1, 1982; Laws 2012, c. 172, § 5, eff. July 1, 2012.