Phrases or figures used in advertising that will "trigger" other Regulation Z disclosures. The following are trigger terms: the amount or percentage of any down payment, the payment period, the monthly payment, and the amount of the finance charge.
A triggering term is a word or phrase that legally requires one or more disclosures when used in advertising. Triggering terms are defined by the Truth in Lending Act (TILA) and are designed to protect consumers from predatory lending practices.
Share. Definition: used in advertising, include the following – the amount or percentage of down payment, number of payments, period (term) of repayment, amount of any payment, and the amount of any finance charges. Pronunciation: \ˈtri-g(ə-)riŋ\
Final answer: Under Regulation Z, 'B) Low monthly payments' and 'D) Only $10,000 down' are considered trigger items because they detail specific terms of the loan, which requires additional disclosures such as APR and terms of repayment.
Regulation Z
Reg Z trigger terms: The amount or percentage of any down payment (e.g., $1,000 down), The number of payments or period of repayment (e.g., 60 months financing), The amount of any payment (e.g., $400 per month), or. The amount of any finance charge.
Final answer: The only term that is not a 'trigger term' according to Regulation Z is the APR. Trigger terms in Regulation Z are those that could potentially cause misunderstanding about the cost of credit, including downpayment amount, number of payments or repayment period, and finance charge amount.
A triggering event is a tangible or intangible barrier or occurrence which, once breached or met, causes another event to occur. Triggering events include job loss, retirement, or death, and are typical for many types of contracts.
In mortgage advertising, triggering terms influence consumer decisions by indicating specific financing details. The term 'Assumable Mortgage' does not provide specific conditions like the others do. Hence, it is not considered a triggering term compared to the others in the list.
The APY is a trigger term that requires additional disclosures so anytime there is a rate listed, it necessarily requires additional Reg DD disclosures. Statement that Interest payout is mandatory if: Term greater than one year. Interest does not compound on at least an annual basis.
Timing Requirements – The “3/7/3 Rule”
The initial Truth in Lending Statement must be delivered to the consumer within 3 business days of the receipt of the loan application by the lender. The TILA statement is presumed to be delivered to the consumer 3 business days after it is mailed.
This could include emotions, physical symptoms, or flashbacks. Triggers are things that remind a person of a traumatic event, such as certain places, people, smells, or times of the year.
Whenever the creditor changes the consumer's billing cycle, it must give a change-in-terms notice if the change either affects any of the terms required to be disclosed under § 1026.6(a) or increases the minimum payment, unless an exception under § 1026.9(c)(1)(ii) applies; for example, the creditor must give advance ...
Examples of Useful Trigger Events
Growth, location, financial, recruiting, and legislative are categories of trigger events that may all be detected.
A triggering event, such as a lawsuit or regulatory investigation, signals the need for a legal hold. When an organization becomes aware of a triggering event, it must act quickly to initiate the legal hold process and notify relevant custodians of their preservation obligations.
This “material” includes any content that touches on any of the following 18 topics: (1) rape, (2) sexual assault, (3) abuse (physical, sexual, emotional, verbal), (4) child abuse or pedophilia, (5) animal cruelty or animal death, (6) self-injurious behavior (ex.
Examples of Triggering Terms
The amount of a down payment expressed as a percentage or a dollar amount (example: "5% down" or "80% financing") The amount of any payment expressed as a percentage or a dollar amount (example: "$15 per month" or "monthly payments of under $100")
There are two types of trigger events: database trigger events and page trigger events.
Meaning of triggering in English
causing a strong emotional reaction of fear or worry because someone is made to remember something bad that has happened in the past: For people with PTSD, loud noises can be triggering. a triggering experience.
Regulation Z does not apply, except for the rules of issuance of and unauthorized use liability for credit cards. (Exempt credit includes loans with a business or agricultural purpose, and certain student loans.
SAFE Act and state licensing laws – it's illegal to quote rates and fees and take an application (including the qualifying piece) unless you are a licensed loan originator. The licensing rules also prohibit anyone that is not licensed as a mortgage broker or lender from "advertising" mortgage loans.
Triggering terms.
Negative as well as affirmative references trigger the requirement for additional information. For example, if a creditor states no interest or no annual membership fee in an advertisement, additional information must be provided. Other examples of terms that trigger additional disclosures are: i.