Sentences with phrase «imposed on creditors»

As noted above, in the proposal, the Bureau stated its belief that settlement agent costs in connection with providing the Closing Disclosure would be similar to costs imposed on creditors by the Closing Disclosure requirement.

Not exact matches

Rhodes imposed the plan on two classes of miscellaneous creditors.

The rating agency believes the global trend towards imposing losses on junior creditors in the context of future bank resolutions reduces the predictability of such support being provided to the sub-debt holders of the large Canadian banks given the Canadian regulators» broad legislated resolution powers.

Sometimes, creditors will impose limits on a company's debt - to - equity ratio to keep a company from becoming over-leveraged.

Because unsecured loans are more risky, unsecured creditors often impose higher interest rates on the money you borrow.

For example, a government - backed loan in default can subject the borrower to an administrative wage garnishment (that is, a garnishment without the creditor first obtaining a court judgment) of 15 % of disposable income, and this would be in addition to any state law garnishment by another creditor (under New York law, of several creditors have judgments against a debtor, only one at a time can garnish 10 % of wages, but a government student loan can be imposed on top of a state law garnishment.A borrower can also lose tax refunds if in default on a government student loan.

Some creditors choose not to report to limit the potential liability imposed on data providers by the Fair Credit Reporting Act.

Such regulations shall prevent a finance charge from being imposed on any obligor if the creditor has received the obligor's payment in readily identifiable form in the amount, manner, location, and time indicated by the creditor to avoid the imposition thereof.

Most debts except: fines, penalties, compensation and forfeiture orders imposed by any court; any debt that has been incurred through fraud; student loans; any obligation to pay maintenance to an ex-spouse due under a court order (not Child Support Agency arrears or Child Maintenance Service arrears); and money owed to a creditor whose debt is secured on your property (such as a mortgage or secured loan).

To determine the monthly service fee, the provider must aggregate the number creditors in the plan — whether they are to receive regular payments or a one - time payment in settlement of the debt — and impose any per - creditor charge on that aggregate number (not to exceed a total of $ 50 in any month).

States impose a statute of limitations on how long — usually four years or longer — a creditor may sue you for unpaid debt.

Your creditor may also raise the interest rate on your account and impose other penalties.

Only debt collectors are covered by this law — the original creditor can continue to call you to collect the debt and are not bound by all of the rules that are imposed on debt collectors.

A periodic rate is a rate of interest charge that may be imposed by a creditor on a balance for a day, week, month, or any subdivision of a year.

The Periodic Rate is a rate of interest charge that may be imposed by a creditor on a balance for a day, week, month or any subdivision of a year.

The Greek Environment and Energy Ministry is planning to impose an extraordinary levy on photovoltaic systems on rooftops used for the production of electricity as a result of pressure from the country's international creditors to bring the electricity market's deficit down to zero by 2014.

Amex Bank of Canada v. Adams et al. 2014 SCC 56 Banks and Banking — Constitutional Law — Consumer Law — Creditors and Debtors — Quebec Obligations Summary: This class action was authorized respecting repayment of the conversion charges imposed by Amex Bank of Canada on credit card and charge card purchases made in foreign currencies primarily on the basis that the conversion charges violated Quebec's Consumer Protection Act (CPA).

Bank of Montreal v. Marcotte et al. 2014 SCC 55 Banks and Banking — Constitutional Law — Consumer Law — Creditors and Debtors — Damage Awards — Damages — Practice — Quebec Procedure Summary: This class action and two others were launched, seeking repayment of the conversion charges imposed by several credit card issuing financial institutions (banks) on credit card purchases made in foreign currencies primarily on the basis that the conversion charges violated Quebec's Consumer Protection Act (CPA).

As Cromwell J says, whether it was ethical for the lawyer to let it happen, or to turn a blind eye to what was going on, was a different question from whether the law or equity imposed a duty on him to compensate her before his other creditors.

The creditor's attempt to impose a trust on the deceased's half of the house or overturn alleged vesting in the spouse failed.

Similarly, settlement agent commenters recommended that the Bureau impose requirements on creditors to provide timely and accurate information to ensure settlement agents have sufficient time to prepare settlement costs on the Closing Disclosure.

One settlement agent commenter anticipated that creditors would impose third - party vetting to «approve» settlement agents they work with, which would impose indirect costs on settlement agents.

The comment stated that such a chart would be preferable to the Bureau's 2012 Loan Originator Proposal, which would have required that, before a creditor or mortgage broker may impose upfront points and / or fees on a consumer, the creditor must make available to the consumer a comparable, alternative loan with no upfront discount points, origination points, or origination fees (zero - zero alternative).

A trade association representing real estate agents anticipated that creditors and settlement agents would be likely to interpret the proposed exemptions cautiously, which would lead to the three - business - day redisclosure period being invoked frequently, imposing costs on consumers.

The Bureau believes that a rule that expressly divided substantive disclosure responsibilities or assigned strict procedural duties governing the relationship between creditors and settlement agents would impose coordination costs on creditors and settlement agents that may result in inefficiencies during the closing process.

One settlement agent commenter explained that the Closing Disclosure would impose coordination costs on settlement agents and creditors, regardless of how creditors and settlement agents divided responsibility.

New comment 19 (e)(3)(i)-7 explains that although § § 1026.37 (o)(4) and 1026.38 (t)(4) require that the dollar amounts of certain charges disclosed on the Loan Estimate and Closing Disclosure, respectively, be rounded to the nearest whole dollar, to conduct the good faith analysis under § 1026.19 (e)(3)(i) and (ii), the creditor should use unrounded numbers to compare the actual charge paid by or imposed on the consumer for a settlement service with the estimated cost of the service.

For a closed - end credit transaction, prepayment penalty means a charge imposed for paying all or part of the transaction's principal before the date on which the principal is due, other than a waived, bona fide third - party charge that the creditor imposes if the consumer prepays all of the transaction's principal sooner than 36 months after consummation, provided, however, that interest charged consistent with the monthly interest accrual amortization method is not a prepayment penalty for extensions of credit insured by the Federal Housing Administration that are consummated before January 21, 2015.

However, if fees may be imposed before the consumer decides to proceed with a particular loan, consumers may determine that too much cost has been expended on a particular Loan Estimate to continue shopping, even though the consumer believes more favorable terms could be obtained from another creditor.

The Bureau has concluded that applying the specific definition of business day to the timing requirement to provide the original Loan Estimate within three business days of receipt of an application under § 1026.19 (e)(1)(iii) would impose significant compliance costs on creditors that are not currently open for business on Saturdays, especially small creditors.

The Bureau solicited comment, however, on whether application of the integrated disclosures to these transactions would impose significant burdens on creditors.

[232] In particular, a trade association representing escrow agents supported alternative 1, because it believed alternative 2 could impose new creditor duties on settlement agents, which would be in conflict with the settlement agent's traditional role as a neutral third party.

Additionally, creditors may not recommend or encourage default on prior loans, impose large late fees, accelerate debt, finance prepayment fees or penalties, points, or fees or structure a loan to avoid such requirements.

In a «no cost» loan transaction, closing costs may not be paid by the consumer because they are financed by the creditor, but are nonetheless imposed on the consumer.

The commenter further explained that settlement agent responsibility for the Closing Disclosure would impose burdens on settlement agents because it would require that they coordinate with creditors to develop an accurate disclosure.

For purposes of this paragraph (b)(4), «prepayment penalty» means a charge imposed for paying all or part of a transaction's principal before the date on which the principal is due, other than a waived, bona fide third - party charge that the creditor imposes if the consumer prepays all of the transaction's principal sooner than 36 months after consummation.

A waived bona fide third - party charge imposed by the creditor if the consumer pays all of a covered transaction's principal before the date on which the principal is due sooner than 36 months after consummation.

Lastly, the final rule does not impose explicit requirements on mortgage brokers with respect to providing application information to the creditor and to establishing additional conditions that mortgage brokers must satisfy before they issue a Loan Estimate.

Thus, as one commenter explained, the proposed rule would not, in practice, shift responsibility from the settlement agent company to the creditor and that it would be unnecessary for the rule to impose this responsibility on the creditor.

The Bureau has considered suggestions from industry to impose additional substantive and procedural obligations on both creditors and settlement agents, including suggestions by some commenters for dividing responsibility for specific disclosures between settlement agents and creditors.

The Bureau proposed § 1026.19 (f)(5), which would have provided that no fee may be imposed on any person, as a part of settlement costs or otherwise, by a creditor or by a servicer for the preparation or delivery of the disclosures required under § 1026.19 (f)(1)(i), escrow account statements required pursuant to section 10 of RESPA, or other statements required by TILA.

However, the term prepayment penalty does not include a waived bona fide third - party charge imposed by the creditor if the consumer pays all of a covered transaction's principal before the date on which the principal is due sooner than 36 months after consummation.