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1、V.Lending—TILATruthinLendingActconsumersinthemortgagemarketfromunfair,abusive,ordeceptivelendingandservicingpractices.IntroductionSpecifically,thechangeappliedprotectionstoanewlydefinedcategoryof“higher-pricedmortgageloans”thatTheTruthinLendingAct(TILA),15U.S.C.1601etincludesvirtuallyallcl
2、osed-endsubprimeloanssecuredseq.,wasenactedonMay29,1968,astitleIofthebyaconsumer’sprincipaldwelling.TherevisionsalsoConsumerCreditProtectionAct(Pub.L.90-321).TheappliednewprotectionstomortgageloanssecuredbyaTILA,implementedbyRegulationZ(12CFR1026),dwelling,regardlessofloanprice,andrequired
3、thebecameeffectiveJuly1,1969.deliveryofearlydisclosuresformoretypesoftransactions.TherevisionsalsobannedseveralTheTILAwasfirstamendedin1970toprohibitadvertisingpracticesdeemeddeceptiveormisleading.unsolicitedcreditcards.AdditionalmajoramendmentsTheMortgageDisclosureImprovementActof2008toth
4、eTILAandRegulationZweremadebytheFair(MDIA)broadenedandaddedtotherequirementsoftheCreditBillingActof1974,theConsumerLeasingActBoard’sJuly2008finalrulebyrequiringearlyTruthinof1976,theTruthinLendingSimplificationandLendingdisclosuresformoretypesoftransactionsandReformActof1980,theFairCredita
5、ndChargeCardbyaddingawaitingperiodbetweenthetimewhenDisclosureActof1988,andtheHomeEquityLoandisclosuresaregivenandconsummationoftheConsumerProtectionActof1988.transaction.In2009,RegulationZwasamendedtoaddressthoseprovisions.TheMDIAalsorequiresRegulationZalsowasamendedtoimplementsectiondisc
6、losureofpaymentexamplesiftheloan’sinterest1204oftheCompetitiveEqualityBankingActof1987,rateorpaymentscanchange,aswellasdisclosureofaandin1988,toincludeadjustableratemortgageloanstatementthatthereisnoguaranteetheconsumerwilldisclosurerequirements.Allconsumerleasingbeabletorefinanceinthefutu
7、re.In2010,RegulationZprovisionsweredeletedfromRegulationZin1981andwasamendedtoaddresstheseprovisions,whichbecametransferredtoRegulationM(12CFR1013).effectiveonJanuary30,2011.TheHomeOwnershipandEquityProtectionActofInDecember2008,theBoardadoptedtwofinalrules199
