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Truth in Lending Chapters 1 and 2

Truth in Lending Chapters 1 and 2

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Published by: Carrieonic on Sep 28, 2010
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1Excerpted from Truth in Lending, 2007 Supplement, 2007, edited by Alvin C. Harrell, publishedby the American Bar Association Section of Business Law. Copyright © 2007 by the AmericanBar Association. Reprinted with permission. Copies of Truth in Lending, 2007 Supplement areavailable from Service Center, 1-800-285-2221 or online athttp://www.abanet.org/abastore.
Truth inLending
2007 Supplement
EditorAlvin C. Harrell
2007 Preface
This year we welcome a new update author for Chapters 1 and 2, Eric L.Johnson of Phillips McFall McCaffrey McVay & Murray, P.C., in OklahomaCity. Eric teaches Consumer Law as an Adjunct Professor at Oklahoma City University School of Law, and was chosen by Fred Miller to continue Fred’swork in updating these chapters (which provide a handy overview and per-spective on TIL and recent developments). Our thanks to Fred for his work onthis book and the Supplement, spanning many years, and to Eric for the fine job of updating Chapters 1 and 2 for 2007.A significant part of the update to Chapter 1 is new material at
1.05[2],describing the Board’s 2007 Proposed Rule on Electronic Disclosures. Thispromises to be a topic of extensive consideration throughout 2007 and perhapsbeyond. The updates to Chapter 1 and 2 also include a comprehensive updateof case law developments, making these chapters an excellent starting point forresearch on TIL developments.Chapter 3, Determining the Finance Charge, was again updated by JamesA. Huizinga and John K. Van De Weert of Sidley Austin LLP, in Washington,D.C. These changes are again extensive, reflecting the continuing stream of TILlitigation on this issue. The changes appear throughout Chapter 3 in the Sup-plement, but are most pronounced in:
3.02[1] (The All-Inclusive Test);
3.02[2] (General Exclusions from the Finance Charge);
3.03[2] (The Exclu-sions, for Real Estate and Residential Mortgage Exclusions);
3.06[1](Accuracy Tolerances, for Calculation of the Finance Charge); and
3.08 (A Policy Pre-caution). The latter notes the Board’s 2007 Proposed Rule, proposing extensiverevisions to the Regulation Z rules governing open-end credit (also discussedin Chapter 7 of the 2007 Supplement).Chapter 4 (Annual Percentage Rates) was again updated by Scott Johnsonand Therese G. Franzen of Franzen and Salzano, P.C., Norcross, Georgia. Thisupdate relates to
4.03 (Closed-End APRs), and affects
4.03[1], [3], and [4].There were no major revisions to Chapter 5.Chapter 6 (Transactions Involving Real Estate and Dwellings) was compre-hensively updated by Joseph M. Kolar, Jeffrey P. Naimon, and Kirk D. Jensenof Buckley Kolar LLP, Washington, D.C. The changes appear throughout Chap-ter 6 (except
6.09, which was updated separately, as noted below), includingextensive case law up dates. Affected issues include:
6.01[5] (the Challenge of Disclosure Reform);
6.01[6] (The Challenge of Judicial Interpretation);
6.03[3] (Mortgage Insurance, in Finance Charge Computation and Disclo-sure);
6.03[4] (Other Exclusions, in Finance Charge Computation and Dis-closure);
6.06[2][b] (Timing of Disclosures, for Early Estimated Disclosuresin Residential Mortgage Transactions); and
6.05 (Variable Rate Features).

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