National Flood Insurance Act - National Flood Insurance is available to any property holder whose local community participates in the national program by adopting and enforcing flood plain management. Federally regulated lenders are required to compel borrowers to purchase flood insurance in certain designated areas. Lenders also must disclose to borrowers if their structure is located in a flood hazard area.
Real Estate Settlement Procedures Act - The Real Estate Settlement Procedures Act requires that a consumer be given advance information about the services and costs involved in the closing of a residential mortgage. It also limits the amount that can be collected for mortgage escrow.
Rights to Financial Privacy Act - The Right to Financial Privacy Act provides that customers of financial institutions have a right to expect that their financial activities will have a reasonable amount of privacy from federal government scrutiny. The Act establishes specific procedures and exemptions concerning the release of the financial records of customers and imposes limitations on and requirements of financial institutions prior to the release of such information to the federal government.
Savings and Time Deposits - Savings and time deposits are covered by regulations that prohibit inaccurate or misleading advertising.
Truth in Lending Act - The Truth in Lending Act requires disclosure of the "finance charge" and the "annual percentage rate"--and certain other costs and terms of credit--so that a consumer can compare the prices of credit from different sources. It also limits liability on lost or stolen credit cards.
STATE LAWS - Many State Laws also provide rights and remedies in consumer financial transactions. Unless a state law conflicts with a particular federal law, the state law usually will apply. Some states have usury laws, which establish maximum rates of interest that creditors can charge for loans or credit sales. The maximum interest rates vary from state to state and depend upon the type of credit transaction involved.