source:
  type: regulation
  id: tila-15usc-1638
  authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638 — Transactions other than under an open end credit plan
  description: 'TILA (Truth in Lending Act, 15 U.S.C.), §1638 Transactions other than under an open end credit plan.
    Captured section-complete from Cornell LII (verbatim).

    '
obligations:
- id: tila-15usc-1638-a
  canonical_id: tila-15usc-1638-a
  section: 15 U.S.C. §1638(a)
  description: 'Transactions other than under an open end credit plan — (a): (a) Required disclosures by creditor
    For each consumer credit transaction other than under an open end credit plan, the creditor shall disclose each
    of the following items, to the extent applicable: (1) The identity of the creditor required to make disclosure.
    (2) (A) The “amount financed”, using th…'
  type: dont
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1638
    snapshot_id: ada98b6df4a4f9d2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:61df4b5e6d7c4cb6a59890f926b278d08829749e4047a05812117ae6f879b6e4
    paragraph_quote: '(a) Required disclosures by creditor For each consumer credit transaction other than under
      an open end credit plan, the creditor shall disclose each of the following items, to the extent applicable:
      (1) The identity of the creditor required to make disclosure. (2) (A) The “amount financed”, using that term,
      which shall be the amount of credit of which the consumer has actual use. This amount shall be computed as
      follows, but the computations need not be disclosed and shall not be disclosed with the disclosures conspicuously
      segregated in accordance with subsection (b)(1):'
    drafter_attestation: Verbatim slice of 15 U.S.C. §1638 subsection (a) from Cornell LII snapshot ada98b6df4a4f9d2;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1638-i
  canonical_id: tila-15usc-1638-i
  section: 15 U.S.C. §1638(i)
  description: 'Transactions other than under an open end credit plan — (i): (i) take the principal amount of the
    loan or the cash price less downpayment and trade-in; (ii) add any charges which are not part of the finance
    charge or of the principal amount of the loan and which are financed by the consumer, including the cost of
    any items excluded from the finance charge pur…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1638
    snapshot_id: ada98b6df4a4f9d2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:61df4b5e6d7c4cb6a59890f926b278d08829749e4047a05812117ae6f879b6e4
    paragraph_quote: '(i) take the principal amount of the loan or the cash price less downpayment and trade-in;
      (ii) add any charges which are not part of the finance charge or of the principal amount of the loan and which
      are financed by the consumer, including the cost of any items excluded from the finance charge pursuant to
      section 1605 of this title ; and (iii) subtract any charges which are part of the finance charge but which
      will be paid by the consumer before or at the time of the consummation of the transaction, or have been withheld
      from the proceeds of the credit. (B) In conjunction with the disclosure of the amount financed, a creditor
      shall provide a statement of the consumer’s right to obtain, upon a written request, a written itemization
      of the amount financed . The statement shall include spaces for a “yes” and “no” indication to be initialed
      by the consumer to indicate whether the consumer wants a written itemization of the amount financed . Upon
      receiving an affirmative indication, the creditor shall provide, at the time other disclosures are required
      to be furnished, a written itemization of the amount financed . For the purposes of this subparagraph, “ itemization
      of the amount financed ” means a disclosure of the following items, to the extent applicable:'
    drafter_attestation: Verbatim slice of 15 U.S.C. §1638 subsection (i) from Cornell LII snapshot ada98b6df4a4f9d2;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1638-i
  canonical_id: tila-15usc-1638-i
  section: 15 U.S.C. §1638(i)
  description: 'Transactions other than under an open end credit plan — (i): (i) the amount that is or will be paid
    directly to the consumer; (ii) the amount that is or will be credited to the consumer’s account to discharge
    obligations owed to the creditor ; (iii) each amount that is or will be paid to third persons by the creditor
    on the consumer’s behalf, together with an…'
  type: dont
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1638
    snapshot_id: ada98b6df4a4f9d2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:61df4b5e6d7c4cb6a59890f926b278d08829749e4047a05812117ae6f879b6e4
    paragraph_quote: (i) the amount that is or will be paid directly to the consumer; (ii) the amount that is or
      will be credited to the consumer’s account to discharge obligations owed to the creditor ; (iii) each amount
      that is or will be paid to third persons by the creditor on the consumer’s behalf, together with an identification
      of or reference to the third person; and (iv) the total amount of any charges described in the preceding subparagraph
      (A)(iii). (3) The “ finance charge ”, not itemized, using that term. (4) The finance charge expressed as an
      “ annual percentage rate ”, using that term. This shall not be required if the amount financed does not exceed
      $75 and the finance charge does not exceed $5, or if the amount financed exceeds $75 and the finance charge
      does not exceed $7.50. (5) The sum of the amount financed and the finance charge , which shall be termed the
      “total of payments”. (6) The number, amount, and due dates or period of payments scheduled to repay the total
      of payments. (7) In a sale of property or services in which the seller is the creditor required to disclose
      pursuant to section 1631(b) of this title , the “total sale price” , using that term, which shall be the total
      of the cash price of the property or services, additional charges, and the finance charge. (8) Descriptive
      explanations of the terms “amount financed”, “ finance charge ”, “ annual percentage rate ”, “total of payments”,
      and “ total sale price ” as specified by the Bureau. The descriptive explanation of “ total sale price ” shall
      include reference to the amount of the downpayment. (9) Where the credit is secured, a statement that a security
      interest has been taken in (A) the property which is purchased as part of the credit transaction, or (B) property
      not purchased as part of the credit transaction identified by item or type. (10) Any dollar charge or percentage
      amount which may be imposed by a creditor solely on account of a late payment, other than a deferral or extension
      charge. (11) A statement indicating whether or not the consumer is entitled to a rebate of any finance charge
      upon refinancing or prepayment in full pursuant to acceleration or otherwise, if the obligation involves a
      precomputed finance charge . A statement indicating whether or not a penalty will be imposed in those same
      circumstances if the obligation involves a finance charge computed from time to time by application of a rate
      to the unpaid principal balance. (12) A statement that the consumer should refer to the appropriate contract
      document for any information such document provides about nonpayment, default, the right to accelerate the
      maturity of the debt, and prepayment rebates and penalties. (13) In any residential mortgage transaction,
      a statement indicating whether a subsequent purchaser or assignee of the consumer may assume the debt obligation
      on its original terms and conditions. (14) In the case of any variable interest rate residential mortgage
      transaction, in disclosures provided at application as prescribed by the Bureau for a variable rate transaction
      secured by the consumer’s principal dwelling, at the option of the creditor , a statement that the periodic
      payments may increase or decrease substantially, and the maximum interest rate and payment for a $10,000 loan
      originated at a recent interest rate, as determined by the Bureau, assuming the maximum periodic increases
      in rates and payments under the program, or a historical example illustrating the effects of interest rate
      changes implemented according to the loan program. (15) In the case of a consumer credit transaction that
      is secured by the principal dwelling of the consumer, in which the extension of credit may exceed the fair
      market value of the dwelling, a clear and conspicuous statement that— (A) the interest on the portion of the
      credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal
      income tax purposes; and (B) the consumer should consult a tax adviser for further information regarding the
      deductibility of interest and charges. (16) In the case of a variable rate residential mortgage loan for which
      an escrow or impound account will be established for the payment of all applicable taxes, insurance, and assessments—
      (A) the amount of initial monthly payment due under the loan for the payment of principal and interest, and
      the amount of such initial monthly payment including the monthly payment deposited in the account for the
      payment of all applicable taxes, insurance, and assessments; and (B) the amount of the fully indexed monthly
      payment due under the loan for the payment of principal and interest, and the amount of such fully indexed
      monthly payment including the monthly payment deposited in the account for the payment of all applicable taxes,
      insurance, and assessments. (17) In the case of a residential mortgage loan, the aggregate amount of settlement
      charges for all settlement services provided in connection with the loan, the amount of charges that are included
      in the loan and the amount of such charges the borrower must pay at closing, the approximate amount of the
      wholesale rate of funds in connection with the loan, and the aggregate amount of other fees or required payments
      in connection with the loan. (18) In the case of a residential mortgage loan, the aggregate amount of fees
      paid to the mortgage originator in connection with the loan, the amount of such fees paid directly by the
      consumer, and any additional amount received by the originator from the creditor . (19) In the case of a residential
      mortgage loan, the total amount of interest that the consumer will pay over the life of the loan as a percentage
      of the principal of the loan. Such amount shall be computed assuming the consumer makes each monthly payment
      in full and on-time, and does not make any over-payments.
    drafter_attestation: Verbatim slice of 15 U.S.C. §1638 subsection (i) from Cornell LII snapshot ada98b6df4a4f9d2;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1638-b
  canonical_id: tila-15usc-1638-b
  section: 15 U.S.C. §1638(b)
  description: 'Transactions other than under an open end credit plan — (b): (b) Form and timing of disclosures;
    residential mortgage transaction requirements (1) Except as otherwise provided in this part, the disclosures
    required under subsection (a) shall be made before the credit is extended. Except for the disclosures required
    by subsection (a)(1) of this section, all di…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1638
    snapshot_id: ada98b6df4a4f9d2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:61df4b5e6d7c4cb6a59890f926b278d08829749e4047a05812117ae6f879b6e4
    paragraph_quote: (b) Form and timing of disclosures; residential mortgage transaction requirements (1) Except
      as otherwise provided in this part, the disclosures required under subsection (a) shall be made before the
      credit is extended. Except for the disclosures required by subsection (a)(1) of this section, all disclosures
      required under subsection (a) and any disclosure provided for in subsection (b), (c), or (d) of section 1605
      of this title shall be conspicuously segregated from all other terms, data, or information provided in connection
      with a transaction, including any computations or itemization. (2) (A) Except as provided in subparagraph
      (G), 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. 2601 et seq.], good faith estimates of the disclosures
      required under subsection (a) shall be made in accordance with regulations of the Bureau under section 1631(c)
      of this title and shall be delivered or placed in the mail not later than three business days after the creditor
      receives the consumer’s written application, which shall be at least 7 business days before consummation of
      the transaction. (B) In the case of an extension of credit that is secured by the dwelling of a consumer,
      the disclosures provided under subparagraph (A), [1] shall be in addition to the other disclosures required
      by subsection (a), and shall—
    drafter_attestation: Verbatim slice of 15 U.S.C. §1638 subsection (b) from Cornell LII snapshot ada98b6df4a4f9d2;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1638-i
  canonical_id: tila-15usc-1638-i
  section: 15 U.S.C. §1638(i)
  description: 'Transactions other than under an open end credit plan — (i): (i) state in conspicuous type size
    and format, the following: “You are not required to complete this agreement merely because you have received
    these disclosures or signed a loan application.”; and (ii) be provided in the form of final disclosures at the
    time of consummation of the transaction, in t…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1638
    snapshot_id: ada98b6df4a4f9d2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:61df4b5e6d7c4cb6a59890f926b278d08829749e4047a05812117ae6f879b6e4
    paragraph_quote: '(i) state in conspicuous type size and format, the following: “You are not required to complete
      this agreement merely because you have received these disclosures or signed a loan application.”; and (ii)
      be provided in the form of final disclosures at the time of consummation of the transaction, in the form and
      manner prescribed by this section. (C) 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 subsection (a), the disclosures
      provided under this subsection shall do the following:'
    drafter_attestation: Verbatim slice of 15 U.S.C. §1638 subsection (i) from Cornell LII snapshot ada98b6df4a4f9d2;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1638-i
  canonical_id: tila-15usc-1638-i
  section: 15 U.S.C. §1638(i)
  description: 'Transactions other than under an open end credit plan — (i): (i) Label the payment schedule as follows:
    “Payment Schedule: Payments Will Vary Based on Interest Rate Changes”. (ii) State in conspicuous type size and
    format examples of adjustments to the regular required payment on the extension of credit based on the change
    in the interest rates specified by t…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1638
    snapshot_id: ada98b6df4a4f9d2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:61df4b5e6d7c4cb6a59890f926b278d08829749e4047a05812117ae6f879b6e4
    paragraph_quote: '(i) Label the payment schedule as follows: “Payment Schedule: Payments Will Vary Based on
      Interest Rate Changes”. (ii) State in conspicuous type size and format examples of adjustments to the regular
      required payment on the extension of credit based on the change in the interest rates specified by the contract
      for such extension of credit. Among the examples required to be provided under this clause is an example that
      reflects the maximum payment amount of the regular required payments on the extension of credit, based on
      the maximum interest rate allowed under the contract, in accordance with the rules of the Bureau. Prior to
      issuing any rules pursuant to this clause, the Bureau shall conduct consumer testing to determine the appropriate
      format for providing the disclosures required under this subparagraph to consumers so that such disclosures
      can be easily understood, including the fact that the initial regular payments are for a specific time period
      that will end on a certain date, that payments will adjust afterwards potentially to a higher amount, and
      that there is no guarantee that the borrower will be able to refinance to a lower amount. (D) In any case
      in which the disclosure statement under subparagraph (A) contains an annual percentage rate of interest that
      is no longer accurate, as determined under section 1606(c) of this title , the creditor shall furnish an additional,
      corrected statement to the borrower, not later than 3 business days before the date of consummation of the
      transaction. (E) The consumer shall receive the disclosures required under this paragraph 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 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 paragraph, provided the fee is bona fide and reasonable in amount. (F) Waiver of timeliness of disclosures.—
      To expedite 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 subparagraph (A), provided that—'
    drafter_attestation: Verbatim slice of 15 U.S.C. §1638 subsection (i) from Cornell LII snapshot ada98b6df4a4f9d2;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1638-i
  canonical_id: tila-15usc-1638-i
  section: 15 U.S.C. §1638(i)
  description: 'Transactions other than under an open end credit plan — (i): (i) the term “bona fide personal emergency”
    may be further defined in regulations issued by the Bureau; (ii) the consumer provides to the creditor a dated,
    written statement describing the emergency and specifically waiving or modifying those timing requirements,
    which statement shall bear the signa…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1638
    snapshot_id: ada98b6df4a4f9d2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:61df4b5e6d7c4cb6a59890f926b278d08829749e4047a05812117ae6f879b6e4
    paragraph_quote: (i) the term “bona fide personal emergency” may be further defined in regulations issued by
      the Bureau; (ii) the consumer provides to the creditor a dated, written statement describing the emergency
      and specifically waiving or modifying those timing requirements, which statement shall bear the signature
      of all consumers entitled to receive the disclosures required by this paragraph; and (iii) the creditor provides
      to the consumers at or before the time of such waiver or modification, the final disclosures required by paragraph
      (1). (G)
    drafter_attestation: Verbatim slice of 15 U.S.C. §1638 subsection (i) from Cornell LII snapshot ada98b6df4a4f9d2;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1638-i
  canonical_id: tila-15usc-1638-i
  section: 15 U.S.C. §1638(i)
  description: 'Transactions other than under an open end credit plan — (i): (i) In the case of an extension of
    credit relating to a plan described in section 101(53D) of title 11— (I) the requirements of subparagraphs (A)
    through (E) shall not apply; and (II) a good faith estimate of the disclosures required under subsection (a)
    shall be made in accordance with regulations …'
  type: dont
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1638
    snapshot_id: ada98b6df4a4f9d2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:61df4b5e6d7c4cb6a59890f926b278d08829749e4047a05812117ae6f879b6e4
    paragraph_quote: (i) In the case of an extension of credit relating to a plan described in section 101(53D)
      of title 11— (I) the requirements of subparagraphs (A) through (E) shall not apply; and (II) a good faith
      estimate of the disclosures required under subsection (a) shall be made in accordance with regulations of
      the Bureau under section 1631(c) of this title before such credit is extended, or shall be delivered or placed
      in the mail not later than 3 business days after the date on which the creditor receives the written application
      of the consumer for such credit, whichever is earlier. (ii) If a disclosure statement furnished within 3 business
      days of the written application (as provided under clause (i)(II)) contains an annual percentage rate which
      is subsequently rendered inaccurate, within the meaning of section 1606(c) of this title , the creditor shall
      furnish another disclosure statement at the time of settlement or consummation of the transaction. (3) In
      the case of a credit transaction described in paragraph (15) of subsection (a), disclosures required by that
      paragraph shall be made to the consumer at the time of application for such extension of credit. (4) Repayment
      analysis required to include escrow payments.— (A) In general.— In the case of any consumer credit transaction
      secured by a first mortgage or lien on the principal dwelling of the consumer, other than a consumer credit
      transaction under an open end credit plan or a reverse mortgage, for which an impound, trust, or other type
      of account has been or will be established in connection with the transaction for the payment of property
      taxes, hazard and flood (if any) insurance premiums, or other periodic payments or premiums with respect to
      the property, the information required to be provided under subsection (a) with respect to the number, amount,
      and due dates or period of payments scheduled to repay the total of payments shall take into account the amount
      of any monthly payment to such account for each such repayment in accordance with section 10(a)(2) of the
      Real Estate Settlement Procedures Act of 1974 [ 12 U.S.C. 2609(a)(2) ]. (B) Assessment value.— The amount
      taken into account under subparagraph (A) for the payment of property taxes, hazard and flood (if any) insurance
      premiums, or other periodic payments or premiums with respect to the property shall reflect the taxable assessed
      value of the real property securing the transaction after the consummation of the transaction, including the
      value of any improvements on the property or to be constructed on the property (whether or not such construction
      will be financed from the proceeds of the transaction), if known, and the replacement costs of the property
      for hazard insurance, in the initial year after the transaction.
    drafter_attestation: Verbatim slice of 15 U.S.C. §1638 subsection (i) from Cornell LII snapshot ada98b6df4a4f9d2;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1638-c
  canonical_id: tila-15usc-1638-c
  section: 15 U.S.C. §1638(c)
  description: 'Transactions other than under an open end credit plan — (c): (c) Timing of disclosures on unsolicited
    mailed or telephone purchase orders or loan requests (1) If a creditor receives a purchase order by mail or
    telephone without personal solicitation, and the cash price and the total sale price and the terms of financing,
    including the annual percentage rate, …'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1638
    snapshot_id: ada98b6df4a4f9d2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:61df4b5e6d7c4cb6a59890f926b278d08829749e4047a05812117ae6f879b6e4
    paragraph_quote: (c) Timing of disclosures on unsolicited mailed or telephone purchase orders or loan requests
      (1) If a creditor receives a purchase order by mail or telephone without personal solicitation, and the cash
      price and the total sale price and the terms of financing, including the annual percentage rate, are set forth
      in the creditor’ s catalog or other printed material distributed to the public, then the disclosures required
      under subsection (a) may be made at any time not later than the date the first payment is due. (2) If a creditor
      receives a request for a loan by mail or telephone without personal solicitation and the terms of financing,
      including the annual percentage rate for representative amounts of credit, are set forth in the creditor ’s
      printed material distributed to the public, or in the contract of loan or other printed material delivered
      to the obligor, then the disclosures required under subsection (a) may be made at any time not later than
      the date the first payment is due.
    drafter_attestation: Verbatim slice of 15 U.S.C. §1638 subsection (c) from Cornell LII snapshot ada98b6df4a4f9d2;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1638-d
  canonical_id: tila-15usc-1638-d
  section: 15 U.S.C. §1638(d)
  description: 'Transactions other than under an open end credit plan — (d): (d) Timing of disclosure in cases of
    an addition of a deferred payment price to an existing outstanding balance If a consumer credit sale is one
    of a series of consumer credit sales transactions made pursuant to an agreement providing for the addition of
    the deferred payment price of that sale to an…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1638
    snapshot_id: ada98b6df4a4f9d2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:61df4b5e6d7c4cb6a59890f926b278d08829749e4047a05812117ae6f879b6e4
    paragraph_quote: (d) Timing of disclosure in cases of an addition of a deferred payment price to an existing
      outstanding balance If a consumer credit sale is one of a series of consumer credit sales transactions made
      pursuant to an agreement providing for the addition of the deferred payment price of that sale to an existing
      outstanding balance, and the person to whom the credit is extended has approved in writing both the annual
      percentage rate or rates and the method of computing the finance charge or charges, and the creditor retains
      no security interest in any property as to which he has received payments aggregating the amount of the sales
      price including any finance charges attributable thereto, then the disclosure required under subsection (a)
      for the particular sale may be made at any time not later than the date the first payment for that sale is
      due. For the purposes of this subsection, in the case of items purchased on different dates, the first purchased
      shall be deemed first paid for, and in the case of items purchased on the same date, the lowest price shall
      be deemed first paid for.
    drafter_attestation: Verbatim slice of 15 U.S.C. §1638 subsection (d) from Cornell LII snapshot ada98b6df4a4f9d2;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1638-e
  canonical_id: tila-15usc-1638-e
  section: 15 U.S.C. §1638(e)
  description: 'Transactions other than under an open end credit plan — (e): (e) Terms and disclosure with respect
    to private education loans (1) Disclosures required in private education loan applications and solicitations
    In any application for a private education loan , or a solicitation for a private education loan without requiring
    an application, the private educationa…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1638
    snapshot_id: ada98b6df4a4f9d2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:61df4b5e6d7c4cb6a59890f926b278d08829749e4047a05812117ae6f879b6e4
    paragraph_quote: (e) Terms and disclosure with respect to private education loans (1) Disclosures required in
      private education loan applications and solicitations In any application for a private education loan , or
      a solicitation for a private education loan without requiring an application, the private educational lender
      shall disclose to the borrower, clearly and conspicuously— (A) the potential range of rates of interest applicable
      to the private education loan ; (B) whether the rate of interest applicable to the private education loan
      is fixed or variable; (C) limitations on interest rate adjustments, both in terms of frequency and amount,
      or the lack thereof, if applicable; (D) requirements for a co-borrower, including any changes in the applicable
      interest rates without a co-borrower; (E) potential finance charges , late fees, penalties, and adjustments
      to principal, based on defaults or late payments of the borrower; (F) fees or range of fees applicable to
      the private education loan ; (G) the term of the private education loan ; (H) whether interest will accrue
      while the student to whom the private education loan relates is enrolled at a covered educational institution
      ; (I) payment deferral options; (J) general eligibility criteria for the private education loan ; (K) an example
      of the total cost of the private education loan over the life of the loan—
    drafter_attestation: Verbatim slice of 15 U.S.C. §1638 subsection (e) from Cornell LII snapshot ada98b6df4a4f9d2;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1638-i
  canonical_id: tila-15usc-1638-i
  section: 15 U.S.C. §1638(i)
  description: 'Transactions other than under an open end credit plan — (i): (i) which shall be calculated using
    the principal amount and the maximum rate of interest actually offered by the private educational lender ; and
    (ii) calculated both with and without capitalization of interest, if an option exists for postponing interest
    payments; (L) that a covered educational in…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1638
    snapshot_id: ada98b6df4a4f9d2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:61df4b5e6d7c4cb6a59890f926b278d08829749e4047a05812117ae6f879b6e4
    paragraph_quote: (i) which shall be calculated using the principal amount and the maximum rate of interest actually
      offered by the private educational lender ; and (ii) calculated both with and without capitalization of interest,
      if an option exists for postponing interest payments; (L) that a covered educational institution may have
      school-specific education loan benefits and terms not detailed on the disclosure form; (M) that the borrower
      may qualify for Federal student financial assistance through a program under title IV of the Higher Education
      Act of 1965 ( 20 U.S.C. 1070 et seq.), in lieu of, or in addition to, a loan from a non-Federal source; (N)
      the interest rates available with respect to such Federal student financial assistance through a program under
      title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq.); (O) that, as provided in paragraph
      (6)—
    drafter_attestation: Verbatim slice of 15 U.S.C. §1638 subsection (i) from Cornell LII snapshot ada98b6df4a4f9d2;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1638-i
  canonical_id: tila-15usc-1638-i
  section: 15 U.S.C. §1638(i)
  description: 'Transactions other than under an open end credit plan — (i): (i) the borrower shall have the right
    to accept the terms of the loan and consummate the transaction at any time within 30 calendar days (or such
    longer period as the private educational lender may provide) following the date on which the application for
    the private education loan is approved and th…'
  type: dont
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1638
    snapshot_id: ada98b6df4a4f9d2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:61df4b5e6d7c4cb6a59890f926b278d08829749e4047a05812117ae6f879b6e4
    paragraph_quote: (i) the borrower shall have the right to accept the terms of the loan and consummate the transaction
      at any time within 30 calendar days (or such longer period as the private educational lender may provide)
      following the date on which the application for the private education loan is approved and the borrower receives
      the disclosure documents required under this subsection for the loan; and (ii) except for changes based on
      adjustments to the index used for a loan, the rates and terms of the loan may not be changed by the private
      educational lender during the period described in clause (i); (P) that, before a private education loan may
      be consummated, the borrower must obtain from the relevant institution of higher education the form required
      under paragraph (3), and complete, sign, and return such form to the private educational lender ; (Q) that
      the consumer may obtain additional information concerning such Federal student financial assistance from their
      institution of higher education, or at the website of the Department of Education ; and (R) such other information
      as the Bureau shall prescribe, by rule, as necessary or appropriate for consumers to make informed borrowing
      decisions. (2) Disclosures at the time of private education loan approval Contemporaneously with the approval
      of a private education loan application, and before the loan transaction is consummated, the private educational
      lender shall disclose to the borrower, clearly and conspicuously— (A) the applicable rate of interest in effect
      on the date of approval; (B) whether the rate of interest applicable to the private education loan is fixed
      or variable; (C) limitations on interest rate adjustments, both in terms of frequency and amount, or the lack
      thereof, if applicable; (D) the initial approved principal amount; (E) applicable finance charges , late fees,
      penalties, and adjustments to principal, based on borrower defaults or late payments, including limitations
      on the discharge of a private education loan in bankruptcy; (F) fees or range of fees applicable to the private
      education loan ; (G) the maximum term under the private education loan program; (H) an estimate of the total
      amount for repayment, at both the interest rate in effect on the date of approval and at the maximum possible
      rate of interest offered by the private educational lender and applicable to the borrower, to the extent that
      such maximum rate may be determined, or if not, a good faith estimate thereof; (I) any principal and interest
      payments required while the student for whom the private education loan is intended is enrolled at a covered
      educational institution and unpaid interest that will accrue during such enrollment; (J) payment deferral
      options applicable to the borrower; (K) whether monthly payments are graduated; (L) that, as provided in paragraph
      (6)—
    drafter_attestation: Verbatim slice of 15 U.S.C. §1638 subsection (i) from Cornell LII snapshot ada98b6df4a4f9d2;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1638-i
  canonical_id: tila-15usc-1638-i
  section: 15 U.S.C. §1638(i)
  description: 'Transactions other than under an open end credit plan — (i): (i) the borrower shall have the right
    to accept the terms of the loan and consummate the transaction at any time within 30 calendar days (or such
    longer period as the private educational lender may provide) following the date on which the application for
    the private education loan is approved and th…'
  type: dont
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1638
    snapshot_id: ada98b6df4a4f9d2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:61df4b5e6d7c4cb6a59890f926b278d08829749e4047a05812117ae6f879b6e4
    paragraph_quote: (i) the borrower shall have the right to accept the terms of the loan and consummate the transaction
      at any time within 30 calendar days (or such longer period as the private educational lender may provide)
      following the date on which the application for the private education loan is approved and the borrower receives
      the disclosure documents required under this subsection for the loan; and (ii) except for changes based on
      adjustments to the index used for a loan, the rates and terms of the loan may not be changed by the private
      educational lender during the period described in clause (i); (M) that the borrower—
    drafter_attestation: Verbatim slice of 15 U.S.C. §1638 subsection (i) from Cornell LII snapshot ada98b6df4a4f9d2;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1638-i
  canonical_id: tila-15usc-1638-i
  section: 15 U.S.C. §1638(i)
  description: 'Transactions other than under an open end credit plan — (i): (i) may qualify for Federal financial
    assistance through a program under title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq.), in
    lieu of, or in addition to, a loan from a non-Federal source; and (ii) may obtain additional information concerning
    such assistance from their instituti…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1638
    snapshot_id: ada98b6df4a4f9d2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:61df4b5e6d7c4cb6a59890f926b278d08829749e4047a05812117ae6f879b6e4
    paragraph_quote: (i) may qualify for Federal financial assistance through a program under title IV of the Higher
      Education Act of 1965 ( 20 U.S.C. 1070 et seq.), in lieu of, or in addition to, a loan from a non-Federal
      source; and (ii) may obtain additional information concerning such assistance from their institution of higher
      education or the website of the Department of Education ; (N) the interest rates available with respect to
      such Federal financial assistance through a program under title IV of the Higher Education Act of 1965 ( 20
      U.S.C. 1070 et seq.); (O) the maximum monthly payment, calculated using the maximum rate of interest actually
      offered by the private educational lender and applicable to the borrower, to the extent that such maximum
      rate may be determined, or if not, a good faith estimate thereof; and (P) such other information as the Bureau
      shall prescribe, by rule, as necessary or appropriate for consumers to make informed borrowing decisions.
      (3) Self-certification of information (A) In general Before a private educational lender may consummate a
      private education loan with respect to a student attending an institution of higher education, the lender
      shall obtain from the applicant for the private education loan the form developed by the Secretary of Education
      under section 155 of the Higher Education Act of 1965 [ 20 U.S.C. 1019d ], signed by the applicant, in written
      or electronic form. (B) Rule of construction No other provision of this subsection shall be construed to require
      a private educational lender to perform any additional duty under this paragraph, other than collecting the
      form required under subparagraph (A). (4) Disclosures at the time of private education loan consummation Contemporaneously
      with the consummation of a private education loan , a private educational lender shall make to the borrower
      each of the disclosures described in— (A) paragraph (2)(A) (adjusted, as necessary, for the rate of interest
      in effect on the date of consummation, based on the index used for the loan); (B) subparagraphs (B) through
      (K) and (M) through (P) of paragraph (2); and (C) paragraph (7). (5) Format of disclosures (A) Model form
      Not later than 2 years after August 14, 2008 , the Bureau shall, based on consumer testing, and in consultation
      with the Secretary of Education, develop and issue model forms that may be used, at the option of the private
      educational lender, for the provision of disclosures required under this subsection. (B) Format Model forms
      developed under this paragraph shall—
    drafter_attestation: Verbatim slice of 15 U.S.C. §1638 subsection (i) from Cornell LII snapshot ada98b6df4a4f9d2;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1638-i
  canonical_id: tila-15usc-1638-i
  section: 15 U.S.C. §1638(i)
  description: 'Transactions other than under an open end credit plan — (i): (i) be comprehensible to borrowers,
    with a clear format and design; (ii) provide for clear and conspicuous disclosures; (iii) enable borrowers easily
    to identify material terms of the loan and to compare such terms among private education loans ; and (iv) be
    succinct, and use an easily readable type…'
  type: dont
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1638
    snapshot_id: ada98b6df4a4f9d2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:61df4b5e6d7c4cb6a59890f926b278d08829749e4047a05812117ae6f879b6e4
    paragraph_quote: (i) be comprehensible to borrowers, with a clear format and design; (ii) provide for clear
      and conspicuous disclosures; (iii) enable borrowers easily to identify material terms of the loan and to compare
      such terms among private education loans ; and (iv) be succinct, and use an easily readable type font. (C)
      Safe harbor Any private educational lender that elects to provide a model form developed under this subsection
      that accurately reflects the practices of the private educational lender shall be deemed to be in compliance
      with the disclosures required under this subsection. (6) Effective period of approved rate of interest and
      loan terms (A) In general With respect to a private education loan , the borrower shall have the right to
      accept the terms of the loan and consummate the transaction at any time within 30 calendar days (or such longer
      period as the private educational lender may provide) following the date on which the application for the
      private education loan is approved and the borrower receives the disclosure documents required under this
      subsection for the loan, and the rates and terms of the loan may not be changed by the private educational
      lender during that period. (B) Prohibition on changes Except for changes based on adjustments to the index
      used for a loan, the rates and terms of the loan may not be changed by the private educational lender prior
      to the earlier of—
    drafter_attestation: Verbatim slice of 15 U.S.C. §1638 subsection (i) from Cornell LII snapshot ada98b6df4a4f9d2;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1638-i
  canonical_id: tila-15usc-1638-i
  section: 15 U.S.C. §1638(i)
  description: 'Transactions other than under an open end credit plan — (i): (i) the date of acceptance of the terms
    of the loan and consummation of the transaction by the borrower, as described in subparagraph (A); or (ii) the
    expiration of the period described in subparagraph (A). (7) Right to cancel With respect to a private education
    loan , the borrower may cancel the lo…'
  type: dont
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1638
    snapshot_id: ada98b6df4a4f9d2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:61df4b5e6d7c4cb6a59890f926b278d08829749e4047a05812117ae6f879b6e4
    paragraph_quote: (i) the date of acceptance of the terms of the loan and consummation of the transaction by
      the borrower, as described in subparagraph (A); or (ii) the expiration of the period described in subparagraph
      (A). (7) Right to cancel With respect to a private education loan , the borrower may cancel the loan, without
      penalty to the borrower, at any time within 3 business days of the date on which the loan is consummated,
      and the private educational lender shall disclose such right to the borrower in accordance with paragraph
      (4). (8) Prohibition on disbursement No funds may be disbursed with respect to a private education loan until
      the expiration of the 3-day period described in paragraph (7). (9) Bureau regulations In issuing regulations
      under this subsection, the Bureau shall prevent, to the extent possible, duplicative disclosure requirements
      for private educational lenders that are otherwise required to make disclosures under this subchapter, except
      that in any case in which the disclosure requirements of this subsection differ or conflict with the disclosure
      requirements of any other provision of this subchapter, the requirements of this subsection shall be controlling.
      (10) Definitions For purposes of this subsection, the terms “ covered educational institution ”, “private
      educational lender” , and “private education loan” have the same meanings as in section 1650 of this title
      . (11) Duties of lenders participating in preferred lender arrangements Each private educational lender that
      has a preferred lender arrangement with a covered educational institution shall annually, by a date determined
      by the Bureau, in consultation with the Secretary of Education, provide to the covered educational institution
      such information as the Bureau determines to include in the model form developed under paragraph (5) for each
      type of private education loan that the lender plans to offer to students attending the covered educational
      institution , or to the families of such students, for the next award year (as that term is defined in section
      481 of the Higher Education Act of 1965 [ 20 U.S.C. 1088 ]).
    drafter_attestation: Verbatim slice of 15 U.S.C. §1638 subsection (i) from Cornell LII snapshot ada98b6df4a4f9d2;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1638-f
  canonical_id: tila-15usc-1638-f
  section: 15 U.S.C. §1638(f)
  description: 'Transactions other than under an open end credit plan — (f): (f) Periodic statements for residential
    mortgage loans (1) In general The creditor , assignee, or servicer with respect to any residential mortgage
    loan shall transmit to the obligor, for each billing cycle, a statement setting forth each of the following
    items, to the extent applicable, in a conspi…'
  type: dont
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1638
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1638
    snapshot_id: ada98b6df4a4f9d2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:61df4b5e6d7c4cb6a59890f926b278d08829749e4047a05812117ae6f879b6e4
    paragraph_quote: '(f) Periodic statements for residential mortgage loans (1) In general The creditor , assignee,
      or servicer with respect to any residential mortgage loan shall transmit to the obligor, for each billing
      cycle, a statement setting forth each of the following items, to the extent applicable, in a conspicuous and
      prominent manner: (A) The amount of the principal obligation under the mortgage. (B) The current interest
      rate in effect for the loan. (C) The date on which the interest rate may next reset or adjust. (D) The amount
      of any prepayment fee to be charged, if any. (E) A description of any late payment fees. (F) A telephone number
      and electronic mail address that may be used by the obligor to obtain information regarding the mortgage.
      (G) The names, addresses, telephone numbers, and Internet addresses of counseling agencies or programs reasonably
      available to the consumer that have been certified or approved and made publicly available by the Secretary
      of Housing and Urban Development or a State housing finance authority (as defined in section 1441a–1 of title
      12 ). (H) Such other information as the Board [2] may prescribe in regulations. (2) Development and use of
      standard form The Board 2 shall develop and prescribe a standard form for the disclosure required under this
      subsection, taking into account that the statements required may be transmitted in writing or electronically.
      (3) Exception Paragraph (1) shall not apply to any fixed rate residential mortgage loan where the creditor
      , assignee, or servicer provides the obligor with a coupon book that provides the obligor with substantially
      the same information as required in paragraph (1). ( Pub. L. 90–321, title I, § 128 , May 29, 1968 , 82 Stat.
      155 ; Pub. L. 96–221, title VI, § 614(a) –(c), Mar. 31, 1980 , 94 Stat. 178 , 179; Pub. L. 104–208, div. A,
      title II, § 2105 , Sept. 30, 1996 , 110 Stat. 3009–402 ; Pub. L. 109–8, title XIII, § 1302(b)(1) , Apr. 20,
      2005 , 119 Stat. 208 ; Pub. L. 110–289, div. B, title V, § 2502(a) , July 30, 2008 , 122 Stat. 2855 ; Pub.
      L. 110–315, title X, § 1021(a) , Aug. 14, 2008 , 122 Stat. 3483 ; Pub. L. 110–343, div. A, title I, § 130(a)
      , Oct. 3, 2008 , 122 Stat. 3797 ; Pub. L. 111–203, title X, § 1100A(2) , title XIV, §§ 1419, 1420, 1465, July
      21, 2010 , 124 Stat. 2107 , 2154, 2155, 2185.) [1] So in original. The comma probably should not appear. [2]
      So in original. Probably should be “Bureau”.'
    drafter_attestation: Verbatim slice of 15 U.S.C. §1638 subsection (f) from Cornell LII snapshot ada98b6df4a4f9d2;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
