(a) Open-end credit. In an oral response to a consumer's inquiry about the cost of open-end credit, only the annual percentage rate or rates shall be stated, except that the periodic rate or rates also may be stated. If the annual percentage rate cannot be determined in advance because there are finance charges other than a periodic rate, the corresponding annual percentage rate shall be stated, and other cost information may be given.
(b) Closed-end credit. In an oral response to a consumer's inquiry about the cost of closed-end credit, only the annual percentage rate shall be stated, except that a simple annual rate or periodic rate also may be stated if it is applied to an unpaid balance. If the annual percentage rate cannot be determined in advance, the annual percentage rate for a sample transaction shall be stated, and other cost information for the consumer's specific transaction may be given.
Notes of Decisions
Jenkins v. Landmark Mortg. Corp. of Virginia, 696 F. Supp. 1089 (W.D. Va. 1988).
“See Official Staff Interpretations, 12 C.F.R. 226.26(d)(1). It is evident that the quoted statement is, at best, misleading and effectively contradictory to the pertinent federal regulations, for plaintiff clearly was not liable for expenses incurred within the context of the…”
Bowmer v. NovaStar Mortg. Funding Trust, Series 2006-1, 711 F. Supp. 2d 390 (E.D. Pa. 2010).
“at 1094 (citing Official Staff Interpretations, 12 C.F.R. 226.26(d)(1)). As part of this fact-intensive inquiry, I may also consider the timing of when documents which purport to conflict with a TILA rescission notice were given to a plaintiff.”
Bowmer v. Novastar Mortg. Funding Trust, 711 F. Supp. 2d 390 (E.D. Pa. 2010).
“at 1094 ( citing Official Staff Interpretations, 12 C.F.R. 226.26(d)(1)). As part of this fact-intensive inquiry, I may also consider the timing of when documents which purport to conflict with a TILA rescission notice were given to a plaintiff.”
— 12 C.F.R. § 226.26(d)(1) — 3 cases
Jenkins v. Landmark Mortg. Corp. of Virginia, 696 F. Supp. 1089 (W.D. Va. 1988).
“See Official Staff Interpretations, 12 C.F.R. 226.26(d)(1). It is evident that the quoted statement is, at best, misleading and effectively contradictory to the pertinent federal regulations, for plaintiff clearly was not liable for expenses incurred within the context of the…”
Bowmer v. NovaStar Mortg. Funding Trust, Series 2006-1, 711 F. Supp. 2d 390 (E.D. Pa. 2010).
“at 1094 (citing Official Staff Interpretations, 12 C.F.R. 226.26(d)(1)). As part of this fact-intensive inquiry, I may also consider the timing of when documents which purport to conflict with a TILA rescission notice were given to a plaintiff.”
Bowmer v. Novastar Mortg. Funding Trust, 711 F. Supp. 2d 390 (E.D. Pa. 2010).
“at 1094 ( citing Official Staff Interpretations, 12 C.F.R. 226.26(d)(1)). As part of this fact-intensive inquiry, I may also consider the timing of when documents which purport to conflict with a TILA rescission notice were given to a plaintiff.”
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