The Home Ownership and Equity Protection Act of 1994

The Home Ownership and Equity Protection Act of 1994 amended TILA. The law imposed
new disclosure requirements and substantive limitations on certain closed-end mortgage
loans bearing rates or fees above a certain percentage or amount. The law also included new
disclosure requirements to assist consumers in comparing the costs and other material
considerations involved in a reverse mortgage transaction and authorized the Federal
Reserve Board to prohibit specific acts and practices in connection with mortgage
transactions. Regulation Z was amended1 to implement these legislative changes to TILA.

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