Law Citation Applies to Exemptions - Pam Strickland

Mortgage Law Applicability Chart

by Dennis H. Doss (dennis@) Doss & Page, Lawyers (949) 752-5370)

Law

Truth in Lending Act and Regulation Z

(disclosure)

---right to cancel (3 day) ---section 32 (disclosures

and loan restrictions)

Citation

15 U.S.C. ?1640 et seq.; 12 C.F.R. Part 226

?1635; ?226.23 ?1639; ?226.32

---advertising

Real Estate Settlement Procedures Act and Regulation X (GFE, HUD-

1s, referral fees, impounds)

Equal Credit Opportunity Act and Regulation B(non-

discrimination, appraisal copy rights)

Home Mortgage Disclosure Act and

Regulation C (collection

and reporting of data)

?1664; ?226.24 12 U.S.C. ?2601 et seq., 24 C.F.R. Part 3500

15 U.S.C. ?1691 et seq.; 12 C.F.R. Part 202

12 U.S.C. ?2801 et seq.; 12 C.F.R. Part 203

Gramm-Leach-Bliley

(privacy of customer data)

Federal Fair Credit Reporting Act (credit

reports)

Federal Fair Debt Collection Practices Act

(debt collection)

Article 7

(loans made or arranged by RE brokers)

?? 502 and 503 of Pub. L. 106-102; 16 C.F.R. Part 313 (FTC) 15 U.S.C. ?1681 et seq.;

15 U.S.C. ? 1692 et seq.

CA Bus. & Prof. ?10240 et seq.

---MLDS delivery

?10240

---late charge restrictions ?10242.5

---prepay restrictions ---appraisal report

delivery ---balloon payments

?10242.6 ?10241.3

?10244.1

---restrictions on charges

(sheltered loan limits)

CAL 32 (AB489) (CA high cost mortgage law)

?10242

CA Financial Code ?4970 et seq.

Applies to

consumer loans to natural persons

O/O 1-4 O/O 1-4 where APR exceeds 8% (1st) 10% (jr) or points and fees exceed 8% of "loan amount" creditors and arrangers consumer loans on 1-4, incl. non-O/O, made by creditors who make $1M or more per year 1-4 loans

any creditor or arranger of secured or unsecured credit

lenders whose annual volume of 1-4 purchase loan or refinance of 1-4 purchase loans exceeded 10% of total volume or whose volume of such loans exceeded $25M AND either originated 100 such loans or had total assets of $10M or more creditors and arrangers of credit

any repository or user of consumer credit information

any person attempting to collect a consumer debt for another or who uses a dba when collecting his own debts real estate secured loans made or arranged by a real estate broker

agents of borrower or lender who solicit borrowers or lenders, perform services for either or do loan servicing in connection with RE loans

all real estate secured loans made or arranged by a RE broker same as above same as above

O/O loans under 6 years made or arranged by a RE broker all real estate secured loans made or arranged by a RE broker loans made by RE brokers and other lenders or arranged by a RE broker and secured by 1-4 O/O property

Exemptions

non-consumer loans, loans made by non-"creditors;" ag. loans; nonRE loans over $25K above plus non O/O exempt above plus non O/O exemp t

business credit business and ag. loans

process servers

except for ?10240 does not apply to loans not secured by a 1-4 dwelling, banks, CFLs, RMLs and other institutions exempt portfolio lenders who never become agents of borrowers or lenders; federally regulated loans above sheltered loan limits if federal disclosures given

1st over $30K, junior over $20K exempt 1st over $30K, junior over $20K exempt 1st over $30K, junior over $20K exempt loans by federal institutions, non O/O, business and ag loans, loans over $250K

? 1/2004 Dennis H. Doss

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