On July 10th, we announced which state forms have not been updated for TRID as of that time (http://www.docutechcorp.com/new-document-trid-tila-respa-integrated-disclosure-disclaimer-cx19708). Most states have since been successful in amending their disclosure requirements to be compatible with TRID, but there are a few remaining requirements which are not compatible and still need changes. These are as follows:
California
Cal. Bus. & Prof. Code § 11423 (Cx18023) – This law, which requires a notice about appraisals to be provided upon the request of the borrower (which practice is now effectively obsolete under 12 CFR § 1002.14) is not slated for any updates.
Cal. Bus. & Prof. Code § 10241.4 (Cx2786) – This law sets forth the language of the balloon notice required to appear on the Re882 and Re885 forms (we also provide this notice in a separate, “upon request” document), which includes a reference to the GFE. This law is also not slated for any updates.
Georgia
Ga. Code Ann. § 7-1-1014(2) and Ga. Comp. R. & Regs. r. 80-11-1-.01(6) & (7) (Cx14221 & 14600) – The statute has not been updated, but the administrative laws cited are in the process of being amended (see http://dbf.georgia.gov/documents/2015-dbf-proposed-rulemaking-9-24-2015)
Illinois
765 Ill. Comp. Stat. Ann. 910 and Ill. Admin. Code tit. 38, §§ 1050.1110(a), (f) & (i) & 1050.1360(a)(1) (Cx1206, Cx1207, Cx16095) – No updates slated still.
Michigan
Mich. Comp. Laws Ann. §§ 445.1636 & 445.1637 (Cx4970) – This law requires providing a “Consumer Bill of Rights” with statutorily prescribed text, including references to the GFE and Settlement Cost Booklet. The statute has not been slated for any updates, but we are anticipating that the Michigan Department of Licensing and Regulatory Affairs will publish guidance concerning this document in a bulletin.
New York
N.Y. Comp. Codes R. & Regs. tit. 3, §§ 82.6 & 82.9 (TILA Disclosures) – Requires certain disclosures to be provided for adjustable interest rate loans, which requirements can be fulfilled using the disclosures required under 12 CFR §§ 226.19(b) & 226.20(c). Not slated for any updates to refer to the CFPB’s version of Regulation Z.
Ohio
Ohio Rev. Code Ann. § 1322.062(D) and Ohio Admin. Code 1301:8-7-15(D) (Cx11204) – Requires the MLODS Addendum, which still has not been updated (see http://www.com.ohio.gov/; “Find Forms & Publications”).
Oregon
Or. Rev. Stat. Ann. § 86A.198 (Cx15656, Cx15657, & Cx15658) – Requires translated forms to be provided when the terms of the loan are advertised or negotiated in Spanish, Russian, or Vietnamese. These forms are translations of the GFE and TIL. We are expecting translated copies of the LE sometime in the near future.
Rhode Island
R.I. Code R. 11-2-3:App. 5, Form 3 (Cx11242) – The model “Tangible Net Benefit Disclosure” set forth in Rhode Island’s administrative law has not been updated.
Washington
Various Washington Regulations (Too Many to List) – In the process of being updated (see http://www.dfi.wa.gov/rulemaking/2015-consumer-loan-act-rulemaking)
The list of remaining disclosures is now as follows:
- CA Notice of Right to Receive Copy of Appraisal Report (Cx18023)
- CA Balloon Disclosure Regarding Extension of Credit (Cx2786)
- Acknowledgment of Receipt of GFE and TIL 01-01-10 (Cx14600; pursuant to Georgia law)
- IL Borrower Information Document (Cx1206)
- IL Mortgage Escrow Account Act (Cx1207)
- IL Mortgage Escrow Account Act (Cx16095)
- MI Borrowers Bill of Rights and Consumer Caution Notice (Cx4970)
- OH Addendum to the GFE (Cx11204)
- OR Spanish General Disclosure (Cx15657)
- OR Spanish Good Faith Estimate (Cx15656)
- OR Spanish Truth-in-Lending Disclosure (Cx15658)
- RI Tangible Net Benefit (Cx11242)
- WA Broker Application Disclosure (Cx2655)
Although these documents have not been updated, potential borrower confusion can be mitigated with our TRID Disclaimer, Cx19708, as announced here.
September 29, 2015