Closed-end credit
When you have a triggering term on an advertisement, you must also disclose, in close proximity, the terms of repayment, APR and if the APR may increase after consummation. The terms of repayment include an example loan amount, loan term and loan payment.
Financial institutions are required under Regulation DD to disclose information to consumers regarding annual percentage yield, interest rates, minimum balance requirements, account opening disclosures, and fee schedules.
Obtain the annual percentage yield disclosed. In addition, the institution must disclose how the balance is determined to avoid the imposition of a fee or to obtain the annual percentage yield.
Second, if the annual percentage yield is stated in an advertisement, §230.8(c) requires that the following additional disclosures be made clearly and conspicuously: Variable rates. For variable-rate accounts, a statement that the rate may change after the account is opened. Time annual percentage yield is offered.
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.
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.
Mandatory disclosure regimes differ from these other disclosure and compliance initiatives in that they are specifically designed to require taxpayers and promoters to provide tax administrations with early disclosure of potentially aggressive or abusive tax planning arrangements if they fall within the definition of a ...
Annual Percentage Yield (APY)
A percentage rate reflecting the total amount of interest paid on a deposit account based on the interest rate and the frequency of compounding for a 365-day year.
'Disclosure Requirement' refers to the mandatory rules and regulations that dictate the full reporting of financial transactions, including contributions and expenditures, related to political campaigns or organizations.
Final answer: A 'triggering term' in advertising refers to specific financial terms which necessitate additional disclosures under specific laws. All examples provided, except 'mortgage is assumable', qualify as 'triggering terms' as they provide specific financial figures requiring further information.
Pre-consummation Changes
If you've provided closing disclosures, discovered an inaccuracy, and haven't closed yet, you're in luck. Section 1026.19(f)(2)(i) requires/permits creditors to provide corrected closing disclosures if the originals become inaccurate before consummation.
The trigger terms are those required to be disclosed under section 1026.6(b)(3) and include the APR, transaction fees, annual fee and certain other charges. This applies to trigger terms stated in the positive ($50 annual fee) and in the negative (no annual fee).
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.
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 ...
Which of the following is a trigger term for advertisements for both open-end and closed-end mortgage loans? The answer is finance charge. The finance charge is a trigger term in advertising for both open- and closed-end loans.
The events which fire a trigger can be DML statements that modify data in a table (INSERT, UPDATE, or DELETE), DDL statements, system events such as startup, shutdown, and error messages, or user events such as logon and logoff.
The receiving party or its representatives may be required by oral questions (i.e., testimony), interrogatories, or other requests for documents in legal proceedings, subpoenas, civil investigative demands, or similar processes, to disclose confidential information.
The Truth in Lending Act, or TILA, also known as regulation Z, requires lenders to disclose information about all charges and fees associated with a loan. This 1968 federal law was created to promote honesty and clarity by requiring lenders to disclose terms and costs of consumer credit.
The names, addresses, telephone numbers and email addresses of all persons likely to have discoverable information, along with the subjects of that information, that the disclosing party may use to support its claims or defenses or that is relevant to the subject matter of the action or the order on any motion made in ...