Timing, Rescission Addressed in Proposed Reg Z Revisions
December 17, 2001
Lenders are not required to provide a customer with two separate copies of a loan contract containing Truth in Lending Act disclosures – an unsigned copy to keep for record purposes and the other, an unexecuted contract for the customer to sign. In proposed changes to the Federal Reserve Board’s staff commentary on Regulation Z, which implements TILA, officials clarified that a lender need only provide the borrower with a copy of the contract that