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TIL Requirement For Investment Properties Or Second Mortgages

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

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 by Richard Insley:

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

First published on 11/04/02

First published on 11/04/2002

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