![]() ![]() Disclosures shall reflect the terms of the legal obligation between the parties. See interpretation of 31(d) Basis of Disclosures and Use of Estimates in Supplement I For purposes of Subpart E, the rule in § 1026.31(c)(1)(i) requiring new disclosures when the creditor changes terms also applies to disclosures labeled as estimates. Section 1026.31(d) allows the use of estimates when information necessary for an accurate disclosure is unknown to the creditor, provided that the disclosure is clearly identified as an estimate. Printed forms for this purpose are prohibited, except when creditors are permitted to use printed forms pursuant to § 1026.23(e)(2).ġ. To modify or waive the right, the consumer shall give the creditor a dated written statement that describes the emergency, specifically modifies or waives the waiting period, and bears the signature of all the consumers entitled to the waiting period. ![]() The consumer may, after receiving the disclosures required by this paragraph (c)(1), modify or waive the three-day waiting period between delivery of those disclosures and consummation or account opening if the consumer determines that the extension of credit is needed to meet a bona fide personal financial emergency. (iii) Consumer's waiver of waiting period before consummation or account opening. (B) The consumer and creditor sign a statement that the new disclosures were provided by telephone at least three days prior to consummation or account opening, as applicable. ![]() (A) The creditor provides new written disclosures and See interpretation of 31(c)(1)(ii) Telephone disclosures. Disclosures by telephone must be furnished at least three business days prior to consummation or account opening, as applicable, calculated in accordance with the timing rules under § 1026.31(c)(1). After complying with this paragraph (c)(1) and prior to consummation or account opening, if the creditor changes any term that makes the disclosures inaccurate, new disclosures shall be provided in accordance with the requirements of this subpart.ġ. See interpretation of 31(c)(1) Disclosures for high-cost mortgages. If the timing of the rescission rule were to be used, consummation or account opening could not occur until after midnight on Tuesday. For example, under § 1026.32, if disclosures were provided on a Friday, consummation or account opening could occur any time on Tuesday, the third business day following receipt of the disclosures. ![]() However, while the disclosure rule under §§ 1026.23 extends to midnight of the third business day, the rule under § 1026.32 does not. Under § 1026.32, “business day” has the same meaning as the rescission rule in comment 2(a)(6)-2 - all calendar days except Sundays and the Federal legal holidays listed in 5 U.S.C. A creditor must furnish § 1026.32 disclosures at least three business days prior to consummation for a closed-end, high-cost mortgage and at least three business days prior to account opening for an open-end, high-cost mortgage. Pre-consummation or account opening waiting period. ![]()
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