The “Property Insurance” section of the Federal Truth-in-Lending Disclosure Statement currently reads as follows:
“Property Insurance is required to obtain credit and may be obtained from anyone you want who is acceptable to this Lender.
[ ] Property Insurance is not available through Lender.
[ ] If you obtain Property Insurance from __________, you will pay $__________ for a term of __________.”
This section has been edited to more closely match the model language:
“Property Insurance is required to obtain credit. You may obtain property insurance from anyone you want who is reasonably acceptable to __________.
[ ] Property Insurance is not available through __________.
[ ] If you get the insurance from __________, you will pay $__________ for a term of __________.”
This edit will take effect this evening.
June 29, 2011