(a)Lender to provide special information booklet. Subject to the exceptions set forth in this paragraph, the shall provide a copy of the to a from whom the receives, or for whom the prepares, a written for a . When two or more apply together for a loan, the is in compliance if the provides a copy of the booklet to one of the applying.
(1) The shall provide the by delivering it or placing it in the mail to the applicant not later than three (as that term is defined in § 1024.2) after the is received or prepared. However, if the denies the borrower's for credit before the end of the three-business-day period, then the need not provide the booklet to the borrower. If a borrower uses a , the shall distribute the and the need not do so. The intent of this provision is that the applicant receive the at the earliest possible date.
(2) In the case of a involving an open-ended credit plan, as defined in , 12 CFR 1026.2(a)(20), a or that provides the borrower with a copy of the brochure entitled “When Your Home is On the Line: What You Should Know About Home Equity Lines of Credit”, or any brochure issued by the , is deemed to be in compliance with this section.
(3) In the categories of transactions set forth at the end of this paragraph, the or does not have to provide the booklet to the borrower. Under the authority of section 19(a) of ( 12 U.S.C. 2617(a)), the may issue a revised or separate that deals with these transactions, or the may choose to endorse the forms or booklets of other Federal agencies. In such an event, the requirements for by and the availability of the booklet or alternate materials for these transactions will be set forth in a Notice in the Federal Register. This paragraph shall apply to the following transactions:
(i) transactions;
(ii) Closed-end loans, as defined in 12 CFR 1026.2(a)(10) of , when the takes a subordinate lien;
(iii) Reverse mortgages; and
(iv) Any other whose purpose is not the purchase of a 1- to 4-family residential property.
(b)Revision. The may from time to time revise the , publishing a notice in the Federal Register.
(c)Reproduction. The may be reproduced in any form, provided that no change is made other than as provided under paragraph (d) of this section. The may not be made a part of a larger document for purposes of distribution under and this section. Any color, size and quality of paper, type of print, and method of reproduction may be used so long as the booklet is clearly legible.
(d)Permissible changes. (1)(i) No changes to, deletions from, or additions to the currently prescribed by the shall be made other than the permissible changes specified in paragraphs (d)(1)(ii) through (d)(3) of this section or changes as otherwise approved in writing by the in accordance with the procedures described in this paragraph. A request to the for approval of any changes other than the permissible changes specified in paragraphs (d)(1)(ii) through (d)(3) of this section shall be submitted in writing to the address indicated in § 1024.3, stating the reasons why the applicant believes such changes, deletions or additions are necessary.
(ii)
(A) In the Complaints section of the booklet, it is a permissible change to substitute “the of Financial Protection” for “HUD's of RESPA” and “the .”
(B) In the Avoiding Foreclosure section of the booklet, it is a permissible change to inform homeowners that they may find information on and assistance in avoiding foreclosures at http://www.consumerfinance.gov. The deletion of the reference to the Web page, http://www.hud.gov/foreclosure/, in the Avoiding Foreclosure section of the booklet is not a permissible change.
(C) In the appendix to the booklet, it is a permissible change to substitute “the of Financial Protection” for the reference to the “Board of Governors of the Federal Reserve System” in the No Discrimination section of the appendix to the booklet. In the Contact Information section of the appendix to the booklet, it is a permissible change to add the following contact information for the Bureau: “Bureau of Financial Protection, 1700 G Street NW., Washington, DC 20006; www.consumerfinance.gov/learnmore”. It is also a permissible change to remove the contact information for 's of and Interstate Land Sales from the Contact Information section of the appendix to the booklet.
(2) The cover of the booklet may be in any form and may contain any drawings, pictures or artwork, provided that the words “settlement costs” are used in the title. Names, addresses and telephone numbers of the or others and similar information may appear on the cover, but no discussion of the matters covered in the booklet shall appear on the cover. References to on the cover of the booklet may be changed to references to the .
(3) The may be translated into languages other than English.