The Federal Reserve Board on Friday issued revisions to Regulation Z, which implements the Truth in Lending Act, and to the official staff commentary that applies and interprets the requirements of the regulation.
Regulation Z is revised to add an interpretative rule of construction to clarify that where the word “amount” is used in the regulation to describe disclosure requirements, it refers to a numerical amount. In addition, revisions to the staff commentary provide guidance on consumers’ exercise of rescission rights for certain home-secured loans.
The Board is also publishing several technical revisions to the commentary. The revisions are effective April 1, 2004. The date for mandatory compliance is October 1, 2004.
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