Recordkeeping and Disclosure Requirements in Connection with Regulation Z (Truth in Lending) and Section 227.28 of Regulation AA (Unfair or Deceptive Acts or Practices (UDAP))

ICR 200909-7100-008

OMB: 7100-0199

Federal Form Document

Forms and Documents
Document
Name
Status
Justification for No Material/Nonsubstantive Change
2009-09-19
ICR Details
7100-0199 200909-7100-008
Historical Active 200905-7100-003
FRS Reg Z
Recordkeeping and Disclosure Requirements in Connection with Regulation Z (Truth in Lending) and Section 227.28 of Regulation AA (Unfair or Deceptive Acts or Practices (UDAP))
No material or nonsubstantive change to a currently approved collection   No
Delegated
Approved without change 09/23/2009
Retrieve Notice of Action (NOA) 09/23/2009
  Inventory as of this Action Requested Previously Approved
08/31/2012 08/31/2012 08/31/2012
8,732,262 0 8,825,062
1,008,962 0 1,011,311
0 0 0

TILA and Regulation Z ensure adequate disclosure of the costs and terms of credit to consumers. For open-end credit, creditors are required to disclose information about the initial costs and terms and to provide periodic state¬ments of account activity, notices of changes-in-terms, and statements of rights concerning billing error procedures. The regulation also requires specific types of disclosures for credit and charge card accounts, and home-equity plans. For closed-end loans, such as mortgage and installment loans, cost disclosures are required to be provided prior to consummation. Special disclosures are required of certain products, such as reverse mortgages, certain variable-rate loans, and certain mortgages with rates and fees above specified thresholds. TILA and Regulation Z also contain rules concerning credit advertising.

US Code: 15 USC 1601 and 1604(a) Name of Law: Consumer Credit Protection Act
  
PL: Pub.L. 110 - 315 1021-1022 Name of Law: Higher Education Opportunity Act (HEOA) of 2008

7100-AD31 Final or interim final rulemaking 74 FR 41194 08/14/2009

Yes

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 8,732,262 8,825,062 0 0 -92,800 0
Annual Time Burden (Hours) 1,008,962 1,011,311 0 0 -2,349 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The decrease in burden hours reflects an update to the Reg Z, Home-equity plans (Section 226.5(b)) respondent count.

$0
No
No
Uncollected
Uncollected
No
Uncollected
John Schmidt 202-728-5859 [email protected]

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
09/23/2009


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