Changes in Official Staff Commentaries to Regulations M and Z
To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The changes became effective March 31, 1999, but compliance is optional until March 31, 2000.
The revisions to the Consumer Leasing commentary provide guidance on disclosures for lease renegotiations and extensions, official fees and taxes, multiple-item leases, and advertisements.
The revisions to the Truth in Lending commentary provide guidance on the prohibition against the issuance of unsolicited credit cards and on calculating payment schedules involving private mortgage insurance. In addition, the revisions discuss credit sale transactions where down payments include cash and property used as a trade-in, and contain several technical amendments.