The Truth in Lending Act (TILA) requirements have been in a constant state of
change even before the Dodd-Frank Act. Recent years have seen drastic changes
in mortgage (TRID changes) and credit card compliance obligations (Credit CARD
Act). Those changes add confusion to consumer lenders’ day-to-day operations.
For example, questions often arise whether TILA changes impact the lender’s
personal loans (closed-end or lines of credit), overdraft lines of credit, and
vehicle loans, or otherwise require a procedure change.
session will review and analyze the TILA requirements for non-mortgage and
non-credit card lending. Disclosure requirements – including change-in-terms for
open-end credit – will be analyzed. Advertising requirements for both open-end
and closed-end loans will also be covered. With all the TILA changes in other
areas, this training session will go back to the basics to address the TILA and
Regulation Z requirements for consumer loans.
TILA disclosure obligations for both open-end and closed-end consumer loans
- Change-in-terms requirements for open-end lines of credit
- Billing error
disclosure obligations (initial, annual, and alternative options will be
- Requirements for handling payments and credit balances
- Trigger terms and additional disclosure requirements for consumer loan
Steve Van Beek, Howard & Howard, PLLC