(1) In the case of any extension of credit that is secured by the dwelling of a consumer, which is also subject to the Real Estate Settlement Procedures Act, 12 U.S.C. Sections 2601 et seq., good-faith estimates of the disclosures required by this part shall be made in accordance with the rules of the Administrator of Consumer Credit and shall be delivered or placed in the mail not later than three (3) business days after the creditor receives the consumer’s written application, which shall be at least seven (7) business days before consummation of the transaction.
(2) In the case of an extension of credit that is secured by the dwelling of a consumer, the disclosures provided for in subsection (1) of this section shall be in addition to the other disclosures required by this part and shall:
(3) In the case of an extension of credit that is secured by the dwelling of a consumer, under which the annual rate of interest is variable, or with respect to which the regular payments may otherwise be variable, in addition to the other disclosures required by this part, the disclosures provided under this section shall do the following:
(4) In any case in which the disclosure statement under subsection (1) of this section contains an annual percentage rate of interest that is no longer accurate, the creditor shall furnish an additional corrected statement to the consumer, not later than three (3) business days before the date of consummation of the transaction.
(5) The consumer shall receive the required disclosures before paying any fee to the creditor or other person in connection with the consumer’s application for an extension of credit that is secured by the dwelling of a consumer. If the disclosures are mailed to the consumer, the consumer is considered to have received them three (3) business days after they are mailed. A creditor or other person may impose a fee for obtaining the consumer’s credit report before the consumer has received the disclosures under this section, provided the fee is bona fide and reasonable in amount.
(6) To expedite the consummation of a transaction, if the consumer determines that the extension of credit is needed to meet a bona fide personal financial emergency, the consumer may waive or modify the timing requirements for disclosures under subsection (1) of this section, provided that:
(7) The requirements set forth in subsections (1) through (5) of this section shall not apply in the case of an extension of credit relating to a plan described in 11 U.S.C. Section 101(53D).
Added by Laws 1969, c. 352, § 3-310, eff. July 1, 1969. Amended by Laws 1982, c. 335, § 44, operative Oct. 1, 1982; Laws 2012, c. 172, § 5, eff. July 1, 2012.