Regulation Z Policy Update Details

Product Update Notification - 03/16/09

Regulation Z Policy Template Update Details

What's New

Topic 29 - Limitation on Rates.

Topic 30 - Use of Annual Percentage Rate in Verbal Disclosures.

Topic 31 - Effect on State Laws.

What's Revised

Topic 4 - Exempt Transactions. A new bullet point 7 was added.

Topic 5 - Finance Charge. The entire contents of the "Insurance and Debt Cancellation Coverage" subtopic was revised.

In addition, the "Limitations on Rates" subtopic was deleted and now appears as Topic 29.

Topic 6 - Open End Credit - General Disclosure Requirements. The following subtopics were revised:

Form of Disclosures - Entire contents.

Time of Disclosures - Entire contents.

Topic 7 - Open End Credit - Credit and Charge Card Applications and Solicitations. A new subtopic entitled "In Person Applications and Solicitations" was added.

The following subtopics were revised:

General - Entire contents.

Required Disclosures - Entire contents.

Direct Mail and Electronic Applications and Solicitations - Entire contents.

Telephone Applications and Solicitations - Entire contents.

Applications and Solicitations Made Available to the General Public - Entire contents.

Balance Computation Methods - A new bullet point 7 was added.

In addition, the "Special Card Rule" subtopic was deleted.

Topic 9 - Open End Credit - Account Opening Disclosures. The following subtopics were added:

Rules Affecting Home Equity Plans

Rules Affecting Open End (not Home Secured) Plans

In addition, the "General" subtopic was deleted.

Topic 10 - Open End Credit - Periodic Statement Requirements. The following bullet points were added:

Rules Affecting Home Equity Plans

Rules Affecting Open End (not Home Secured) Plans

In addition, the "Content" subtopic was deleted.

Topic 11 - Open End Credit - Identifying Transactions on Periodic Statements. Formerly entitled "Identification of Transactions", the entire contents of the "General" subtopic was revised.

Topic 12 - Open End Credit - Subsequent Disclosure Requirements. A new subtopic entitled "Increase in Rates Due to Delinquency or Default or as a Penalty" was added.

The following subtopics were revised:

Furnishing Statement of Billing Rights - Bullet point 2 was revised.

Disclosures for Supplemental Credit Access Devices and Additional Features - Entire contents.

Change in Terms - Entire contents.

Topic 13 - Open End Credit - Prompt Crediting of Payments. All of the following subtopics were completely revised:

General

Specific Requirements for Payments

Adjustment of Account

Credit Payments When the Bank Does Not Receive or Accept Payments on Due Date

Topic 14 - Open End Credit - Treatment of Credit Balances and Account Termination. All of the following subtopics were completely revised:

Credit Balances

Account Termination

Topic 15 - Open End Credit - Special Credit Card Provisions. The entire contents of the "Right of Cardholder to Asset Claims or Defenses Against Card Issuer" was revised.

Topic 16 - Open End Credit - Billing Error Resolution Procedures. The following subtopics were revised:

Pending Resolution Procedures - Entire contents.

Procedures if Different Billing Error or No Billing Error Occurred - Last paragraph was deleted.

Topic 17 - Open End Credit - Determination of Annual Percentage Rate. A new subtopic entitled "Optional Effective Annual Percentage Rate for Periodic Statements as added.

The following subtopics were deleted:

APR for Periodic Statements

Verbal Disclosure of APR - Now included as topic 30.

Topic 19 - Open End Credit - Advertising. The following subtopics were added:

Misleading Terms

Promotional Rates

In addition, the last paragraph of the "Advertisement of Terms that Require Additional Disclosures" subtopic was revised.

Ordering Information

This product is available to purchase from Bankpolicies.com for:

$375.00 - List Price

- or -

$100.00* - Update Price

*Applies only to clients who have purchased the Regulation Z Policy Template within the last three years including the following updates (if applicable):

Regulation Z Policy Template Update - 08/12/08 - $75.00

Regulation Z Policy Template Update - 12/18/07 - $50.00

If you have ordered this product after 02/16/09 you are eligible to receive the product update at no charge.

Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price (whichever applies).

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