Reg Z - Right of Setoff

Posted By: Ninky

Reg Z - Right of Setoff - 07/02/09 09:50 PM

Does Reg Z require that the TIL include a statement under "Security", that the lender has a contractual right of setoff in the borrower's deposit accounts, when there is a right of setoff included in the Promissory Note? This is on a consumer real estate purchase transaction. Do you need to include the property being purchased, as well as, the right of setoff statement under the security section of the TIL?