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#654947 - 12/20/06 06:56 PM 2 disclosures of APR for Truth In Lending
Simply Sheldon Offline
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Simply Sheldon
Joined: Oct 2005
Posts: 2,047
S.E. TX
So I'm reading a news letter we recieve monthly (from a very reputable nation-wide company) and It's mentioning that there is now a new mandatory loan disclosure. The new law has a different difenition of APR rates than the one found in Truth in Lending. To comply with both laws, they are expecting banks to to give borrowers two sets of rate disclosure documents,showing different figures.

I'm confused and haven't heard or been able to find anything else on the matter. Anyone know what I'm talking about?

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Lending Compliance
#654950 - 12/20/06 06:58 PM Re: 2 disclosures of APR for Truth In Lending Simply Sheldon
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Must be state specific. I have heard of no such new law.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#655006 - 12/20/06 07:46 PM Re: 2 disclosures of APR for Truth In Lending Dan Persfull
Nikita, CRCM Offline
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Nikita, CRCM
Joined: Jan 2001
Posts: 210
Richmond, VA, USA
SS - Sent you a PM. Hope this helps!

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#655766 - 12/21/06 06:07 PM Re: 2 disclosures of APR for Truth In Lending Simply Sheldon
Richard Insley Online
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Richard Insley
Joined: Oct 2000
Posts: 10,179
Toano, VA
See this thread. The news letter is correct about additional disclosures. It's going to get ugly.
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