Mortgage Acts and Practices – Advertising Rule

Forms and Documents

Document Name	Status
MAP NPRM SS FIN_mtd.pdf Supporting Statement A	2010-09-23

IC Document Collections

IC ID	Document Title	Status
193949	Covered entities	New

ICR Details

OMB Control No: 3084-0156	ICR Reference No: 201007-3084-003
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: FTC	Agency Tracking No:
Title: Mortgage Acts and Practices – Advertising Rule
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Preapproved	Conclusion Date: 11/17/2010
	Date Received in OIRA: 09/30/2010
Terms of Clearance: This collection is preapproved, however FTC should inform OMB if the collection changes significantly after public comments.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2013	36 Months From Approved
Responses	1,300,000	0	0
Time Burden (Hours)	3,900,000	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Federal Trade Commission requests clearance for recordkeeping requirements in the proposed regulations for the Mortgage Acts and Practices – Advertising Rule. The proposed regulations would prohibit misrepresentations about the terms of mortgage credit products in commercial communications and requires that covered persons keep certain related records for a period of twenty-four months from last dissemination.

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Authorizing Statute(s): PL: Pub.L. 111 - 8 626 Name of Law: 2009 Omnibus Appropriations Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 8 626 Name of Law: 2009 Omnibus Appropriations Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3084-AB18	Proposed rulemaking	75 FR 60352	09/30/2010

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Covered entities

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ICR Summary of Burden

	Total Request	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	1,300,000	0	1,300,000	0	0	0
Annual Time Burden (Hours)	3,900,000	0	3,900,000	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $39,520

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 09/30/2010

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