consummation definition

2898 results for consummation definition

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  • Payday, Vehicle Title, and Certain High-Cost Installment Loans

    The Bureau of Consumer Financial Protection (Bureau or CFPB) is issuing this final rule establishing regulations creating consumer protections for certain consumer credit products and the official interpretations to the rule. First, the rule identifies it as an unfair and abusive practice for a lender to make covered short-term or longer- term balloon-payment loans, including payday and vehicle...

    ... concerning covered short-term and longer-term balloon-payment loans at loan consummation, during the period that the loan is an outstanding loan, and when the loan ceases to be an ... Product definition and regulatory environment. As noted above, payday loans are typically repayable in a single ...

  • Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z)

    Sections 1098 and 1100A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) direct the Bureau to publish rules and forms that combine certain disclosures that consumers receive in connection with applying for and closing on a mortgage loan under the Truth in Lending Act and the Real Estate Settlement Procedures Act. Consistent with this requirement, the Bureau is...

    ... days after the consumer applies for a mortgage loan.\12\ The final rule contains a definition of what constitutes an ``application'' for these purposes, which consists of the consumer's name, ... the consumer's written application, which shall be at least 7 business days before consummation of the transaction.'' 15 U.S.C. 1638(b)(2)(A). Finally, if the annual percentage rate (APR) ...

  • 18 Pa.C.S. § 5107 - Aiding consummation of crime
  • Payday, Vehicle Title, and Certain High-Cost Installment Loans

    The Bureau of Consumer Financial Protection (Bureau or CFPB) is proposing to establish 12 CFR 1041, which would contain regulations creating consumer protections for certain consumer credit products. The proposed regulations would cover .

    ... Product definition and regulatory environment. As noted above, payday loans are typically repayable in a single ...2(a)(5) Consummation. Proposed Sec. 1041.2(a)(5) would define consummation as the time a consumer becomes ...

  • CFPB Ability To Repay Rules Issued

    ...The points and fees test is quite complex—over sixty pages in the notice discuss the definition of “points and fees”—and the failure to apply the test correctly could disqualify a creditor ... covered loan unless it makes a “reasonable and good faith determination at or before consummation that the consumer will have a reasonable ability to repay the loan according to its terms.” This ...

  • Valuing the marital home.

    .... Definitions for fair market value have varied over the years, ranging from the succinct, "arm's length ...Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions ...

  • Escrow Requirements Under the Truth in Lending Act (Regulation Z)

    The Bureau of Consumer Financial Protection (Bureau) is publishing a final rule that amends Regulation Z (Truth in Lending) to implement certain amendments to the Truth in Lending Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Regulation Z currently requires creditors to establish escrow accounts for higher-priced mortgage loans secured by a first lien

    ... rule, eligible creditors need not establish escrow accounts for mortgages intended at consummation to be held in portfolio, but must establish accounts at consummation for mortgages that are subject ... grew out of a separate initiative by the Board in which it had proposed to expand the definition of finance charge to include more fees and charges, and thus also generally to increase APRs, under ...

  • Ability-to-Repay and Qualified Mortgage Standards Under the Truth in Lending Act (Regulation Z)

    The Bureau of Consumer Financial Protection (Bureau) is amending Regulation Z, which implements the Truth in Lending Act (TILA). Regulation Z currently prohibits a creditor from making a higher-priced mortgage loan without regard to the consumer's ability to repay the loan. The final rule implements sections 1411 and 1412 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank

    ...The final rule provides a safe harbor for loans that satisfy the definition of a qualified mortgage and are not ``higher-priced,'' as generally defined by the Board's 2008 ... repay the loan by making timely payments, without modification or accommodation, after consummation or, for an adjustable-rate mortgage, after recast, the less likely the consumer will be able to ...

  • Smith v. Wells Fargo Bank, N.A., 121616 FED2, 16-611-cv

    ... rescind a covered loan transaction, calculated from. "consummation of the transaction, " the delivery of. the required rescission forms, or the delivery of the. ... conclusion is only reinforced by the fact that TILA's. regulatory definition of consummation focuses on when the. "consumer becomes contractually obligated on a. ...

  • 666 Fed.Appx. 84 (2nd Cir. 2016), 16-611-cv, Smith v. Wells Fargo Bank, N.A.

    ... rescind a covered loan transaction, calculated from ". consummation of the transaction," the delivery of the. required rescission forms, or the delivery of the ... conclusion is only reinforced by the fact that TILA's. regulatory definition of consummation focuses on when the. " consumer becomes contractually obligated on a. ...

  • Concentration Limits on Large Financial Companies

    The Board invites comment on a proposed rule (Regulation XX) that would implement section 622 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 622, which adds a new section 14 to the Bank Holding Company Act of 1956, establishes a financial sector concentration limit that generally prohibits a financial company from merging or consolidating with, or acquiring, another...

    ... with, or acquiring, another company if the resulting company's liabilities upon consummation would exceed 10 percent of the aggregate liabilities of all financial companies as calculated under ... The Council recommended a modification to the definition of ``liabilities'' to address the calculation of ``liabilities'' for a company (other than an ...

  • In re City of Detroit, Michigan, 100316 FED6, 15-2194

    ... . .          We. measure "substantial consummation" by the. Bankruptcy Code definition, which considers the extent of the. debtor's ...

  • 838 F.3d 792 (6th Cir. 2016), 15-2194, Ochadleus v. City of Detroit

    ... . .           We. measure " substantial consummation" by the. Bankruptcy Code definition, which considers the extent of the. debtor's ...

  • High-Cost Mortgage and Homeownership Counseling Amendments to the Truth in Lending Act (Regulation Z) and Homeownership Counseling Amendments to the Real Estate Settlement Procedures Act (Regulation X)

    The Bureau of Consumer Financial Protection (Bureau) issues this final rule to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act's amendments to the Truth in Lending Act and the Real Estate Settlement Procedures Act. The final rule amends Regulation Z (Truth in Lending) by expanding the types of mortgage loans that are subject to the protections of the Home Ownership and...

    ... in 2001 that lowered HOEPA's APR trigger for first-lien mortgage loans, expanded the definition of points and fees to include the cost of optional credit insurance and debt cancellation premiums, ... 129(b)(1), the disclosure must be provided not less than three business days prior to consummation of the transaction. Pursuant to TILA section 129(b)(2)(A), if the terms of the transaction change ...

  • Notable Business Bankruptcy Decisions Of 2012

    ... court erred by: (i) finding equitable mootness relying only on the plan's substantial consummation under the Bankruptcy Code's definition; (ii) failing to perform an analysis of whether a ruling ...

  • Amendments to the 2013 Mortgage Rules Under the Truth in Lending Act (Regulation Z)

    The Bureau of Consumer Financial Protection (Bureau) proposes amendments to certain mortgage rules issued in 2013. The proposed rule would provide an alternative small servicer definition for nonprofit entities that meet certain requirements, amend the existing exemption from the ability-to-repay rule for nonprofit entities that meet certain requirements, and provide a limited cure mechanism for...

    ...The proposed rule would provide an alternative small servicer definition for nonprofit entities that meet certain requirements, amend the existing exemption from the ... To provide a limited, post-consummation cure mechanism for loans that are originated with the good faith expectation of qualified mortgage ...

  • Disclosure and Delivery Requirements for Copies of Appraisals and Other Written Valuations Under the Equal Credit Opportunity Act (Regulation B)

    The Bureau of Consumer Financial Protection (Bureau) is amending Regulation B, which implements the Equal Credit Opportunity Act (ECOA), and the Bureau's official interpretations of the regulation, which interpret and clarify the requirements of Regulation B. The final rule revises Regulation B to implement an ECOA amendment concerning appraisals and other valuations that was enacted as part of...

    ... and other written valuation promptly upon its completion or three business days before consummation (for closed-end credit) or account opening (for open-end credit), whichever is earlier. Permit ... for certain nonprofit creditors and certain homeownership stabilization programs and a definition of a ``qualified mortgage'' for certain loans made and held in portfolio by small creditors (2013 ...

  • Ability-to-Repay and Qualified Mortgage Standards Under the Truth in Lending Act (Regulation Z)

    The Bureau of Consumer Financial Protection (Bureau) is amending Regulation Z, which implements the Truth in Lending Act (TILA). Regulation Z generally prohibits a creditor from making a mortgage loan unless the creditor determines that the consumer will have the ability to repay the loan. The final rule provides an exemption to these requirements for creditors with certain designations, loans...

    ...The final rule also provides an additional definition of a qualified mortgage for certain loans made and held in portfolio by small creditors and a ... creditors often compensate loan originators with funds collected from consumers at consummation. The commenters argued that money collected in up-front charges to consumers should not be counted ...

  • 651 Fed.Appx. 15 (2nd Cir. 2016), 15-2318-cv, Hershkowitz v. Think Tech Labs, LLC

    ... the negotiation or consummation of the transaction.". Id. . .          This. definition of " ...

  • Hershkowitz v. Think Tech Labs, LLC, 060116 FED2, 15-2318-cv

    ... an introduction to a party to the transaction or assisting in the negotiation or consummation of the transaction." Id.          This definition of "negotiating" fairly encompasses the ...

  • Truth in Lending (Regulation Z)

    Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws from seven Federal agencies to the Bureau of Consumer Financial Protection (Bureau) as of July 21, 2011. The Bureau is in the process of republishing the regulations implementing those laws with technical and conforming...

    ... of managers and administrative staff, who generally are not loan originators under the definition, but it frames the discussion in the negative. The comment provides that such persons are not loan ... (13) Consummation means the time that a consumer becomes contractually obligated on a credit transaction. (14) ...

  • The Year In Bankruptcy: 2012

    ... proposed reforms include: (i) broadening the scope of the EC Regulation by revising the definition of "insolvency proceedings" to include hybrid and pre-insolvency proceedings, as well as ... court erred by: (i) finding equitable mootness relying only on the plan's substantial consummation under the Bankruptcy Code's definition; (ii) failing to perform an analysis of whether a ruling ...

  • 810 F.3d 781 (11th Cir. 2015), 14-14685, In re Nica Holdings, Inc.

    ...The U.S. Bankruptcy Code defines " substantial consummation" as:. . . (A) transfer of all or substantially all of the property proposed by the plan to be ...These facts do not fit the statutory definition of " substantial consummation." . . . .          Even if they did, the " kind of ...

  • In re Nica Holdings, Inc., 121715 FED11, 14-14685

    ...The U.S. Bankruptcy Code defines "substantial consummation" as:. (A) transfer of all or substantially all of the property proposed by the plan to be ...These facts do not fit the statutory definition of "substantial consummation.".          Even if they did, the "kind of transactions" ...

  • Credit Risk Retention

    The OCC, Board, FDIC, Commission, FHFA, and HUD (the agencies) are adopting a joint final rule (the rule, or the final rule) to implement the requirements of section 15G of the Securities Exchange Act of 1934, as added by section 941 of the Dodd- Frank Wall Street Reform and Consumer Protection Act (the Act or Dodd- Frank Act). Section 15G generally requires the securitizer of asset- backed...

    ... D. Post-Adoption Interpretation and Guidance. II. General Definitions and Scope. III. General Risk Retention Requirement. A. Minimum Risk Retention Requirement. ... would generally be ineligible for securitization as QRMs for three years following consummation. ---------------------------------------------------------------------------. \309\ See 12 CFR ...