General rules.

CFR · 2024-01-01 · US · Title 12

(a) (b) (c) (i) (ii) (A) The creditor provides new written disclosures; and (B) The consumer and creditor sign a statement that the new disclosures were provided by telephone at least three days prior to consummation or account opening, as applicable. (iii) (2) (i) Consummation of a closed-end credit transaction; or (ii) The first transaction under an open-end credit plan. (d) (2) (3) (e) (f) (g) Accuracy of annual percentage rate. For purposes of section 1026.32, the annual percentage rate shall be considered accurate, and may be used in determining whether a transaction is covered by section 1026.32, if it is accurate according to the requirements and within the tolerances under section 1026.22 for closed-end credit transactions or 1026.6(a) for open-end credit plans. The finance charge tolerances for rescission under section 1026.23(g) or (h) shall not apply for this purpose. (h) (1)(i) Within 30 days of consummation or account opening and prior to the institution of any action, the consumer is notified of or discovers the violation; (ii) Appropriate restitution is made within a reasonable time; and (iii) Within a reasonable time, whatever adjustments are necessary are made to the loan or credit plan to either, at the choice of the consumer: (A) Make the loan or credit plan satisfy the requirements of 15 U.S.C. 1631-1651; or (B) Change the terms of the loan or credit plan in a manner beneficial to the consumer so that the loan or credit plan will no longer be a high-cost m

official document · source cfr-2024 · id 12:§ 1026.31