§ 617.7200. What disclosures must a qualified lender make to a borrower on loans offered with more than one rate of interest?
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/us/cfr/t12/s§ 617.7200·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A qualified lender that offers more than one rate of interest to borrowers must notify each borrower of the right to request a review of the interest rate charged on his or her loan no later than the time of loan closing. At the request of a borrower, the lender must:
(a)Provide a review of the loan to determine if the proper interest rate has been established;
(b)Explain to the borrower in writing the basis for the interest rate charged; and
(c)Explain to the borrower in writing how the credit status of the borrower may be improved to receive a lower interest rate on the loan. [69 FR 16459, Mar. 30, 2004]