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TIL Requirement For Investment Properties Or Second Mortgages

Question: 
Is it true that you do not need to provide Truth In Lending for refinances of Investment or 2nd home mortgages.
Answer: 

Answer by David Dickinson:

Refer to Section 226.1(c) [coverage of TIL] and Section 226.3(a) & (b) [exemptions from coverage of TIL]. An investment home (rental) is not covered by TIL. A 2nd home (vacation home) is covered by TIL.

Answer: 

Answer by Richard Insley:

Determine that "investment" means "rental" in your case before concluding that you are exempt.

First published on BankersOnline.com 11/04/02

First published on 11/04/2002

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Filed under compliance as: 

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