The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
F e d e r a l R e s e r v e Ba n k DALLAS, TEXAS of Dallas 75222 Circular No. 75-171 November 7, 1975 American Revolution Bicenlennial REGULATION Z Amendment R eg arding D isclo sure of Real Estate Closing Costs TO ALL BANKS, OTHER CREDITORS, AND OTHERS CONCERNED IN THE ELEVENTH FEDERAL RESERVE DISTRICT: Following is the text of a statement iss u e d October 24, 1975, by the Board of G ov ern ors of the Federal R eserve System: T he Board of G ov e rn o rs of the Federal R eserve System h as ann ounc ed amendment of its Regulation Z—T r u t h - i n - L e n d i n g —to comply with a pro v is io n of law re q u ir i n g d i s c l o s u r e of closing costs in ce rtain real p r o p e r t y tra n s a c tio n s not cov ered by the Real Estate Settlement P ro c e d u re s Act (RESPA) . The new law becomes effective October 28, 1975. While the implementing r e g u latory amendment also becomes effective October 28, 1975, the Board has p rov id ed a tra n s itio n perio d to J a n u a r y 31, 1976, when major o p eratin g p ro v is io n s of the amendment will go into effect. Th e tra n s itio n period takes account of the fact that the Senate has voted to repeal th at section of the Act u n d e r which Regulation Z was am ended and that the question is now u n d e r consideratio n in the House of R e p r e s en tativ es . Section 409 of the T r u t h - i n - L e n d i n g Act, enacted October 28, 1974, and the r e lated amendment of Regulation Z, ap p ly to c r e d i t t ra n s a c tio n s w h e re the lender r e tains or a c q u i r e s an in terest in the real p r o p e r t y involved as collateral, e xc ept for m ortgages co vered by RESPA (which is also u n d e r re co n sid era tio n in the C o n g ress ) . The Board made public on S eptem ber 16, 1975 a p ropo se d amendment to R eg ula tion Z to implement the new statu te. T his was adopted without s u b s ta n tiv e ch a n g e e xc ept for th e t ra n s itio n perio d to J a n u a r y 31, 1976. Due to th e tran s itio n period e x p i ri n g J a n u a r y 31, 1976, and the p ending r e c o n s i d e r a tion by C o n g ress of the u n d e r ly in g statute, the Federal R e se r v e Bank of Dallas is not making a g e n e ra l d is trib u tio n of the amendment at this time. Distributio n will be made well in ad v a n ce of the s ta rtin g d ate for compliance, should the u n d e r ly i n g statute remain in effect. If you have a n y qu es tio n s re g a r d i n g the am endment of Regulation Z, please contact George H. McElroy of o u r Regulations Department at (214) 651-6169. In terested p artie s may receive a copy of th e amendment by a d d r e s s i n g r e q u e s t s to the S e c r e t a r y ' s Office of this Bank. S in c e re ly y o u r s , T . W. Plant First Vice President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
@FedFRASER