Page:United States Statutes at Large Volume 109 Part 1.djvu/292

 109 STAT. 276 PUBLIC LAW 104-29—SEPT. 30, 1995 foreclosure process on the primary dwelling of an obligor securing an extension of credit, the obligor shall have a right to rescind the transaction equivalent to other rescission rights provided by this section, if— "(A) a mortgage broker fee is not included in the finance charge in accordance with the laws and regulations in effect at the time the consumer credit transaction was consummated; or "(B) the form of notice of rescission for the transaction is not the appropriate form of written notice published and adopted by the Board or a comparable written notice, and otherwise complied with all the requirements of this section regarding notice. "(2) TOLERANCE FOR DISCLOSURES. — Notwithstanding section 106(f), and subject to the time period provided in subsection (f), for the purposes of exercising any rescission rights after the initiation of any judicial or nonjudicial foreclosure process on the principal dwelling of the obligor securing an extension of credit, the disclosure of the finance charge and other disclosures affected by any finance charge shall be treated as being accurate for purposes of this section if the amount disclosed as the finance charge does not vary from the actual finance charge by more than $35 or is greater than the amount required to be disclosed under this title. "(3) RIGHT OF RECOUPMENT UNDER STATE LAW.— Nothing in this subsection affects a consumer's right of rescission in recoupment under State law. "(4) APPLICABILITY. — This subsection shall apply to all consumer credit transactions in existence or consummated on or after the date of the enactment of the Truth in Lending Act Amendments of 1995.". Approved September 30, 1995. LEGISLATIVE HISTORY—H.R. 2399: CONGRESSIONAL RECORD, Vol. 141 (1995): Sept. 27, considered and passed House. Sept. 28, considered and passed Senate.

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