81 FR 49869 - Truth in Lending (Regulation Z)
BUREAU OF CONSUMER FINANCIAL PROTECTION Federal Register Volume 81, Issue 146 (July 29, 2016)
Federal Register Volume 81, Issue 146 (July 29, 2016)
| Page Range | 49869-49869 | |
| FR Document | 2016-18050 |
[Federal Register Volume 81, Number 146 (Friday, July 29, 2016)] [Rules and Regulations] [Page 49869] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-18050] ======================================================================= ----------------------------------------------------------------------- BUREAU OF CONSUMER FINANCIAL PROTECTION 12 CFR Part 1026 Truth in Lending (Regulation Z) CFR Correction In Title 12 of the Code of Federal Regulations, Parts 1026 to 1099, revised as of January 1, 2016, on page 749, in supplement I to part 1026, under section 1026.41,the heading 41(e)(5) Consumers in bankruptcy and paragraphs 1, 2, and 3 are added to read as follows: Supplement I to Part 1026--Official Interpretation * * * * * Section 1026.41 Periodic Statements for Residential Mortgage Loans * * * * * 41(e)(5) Consumers in bankruptcy. 1. Commencing a case. The requirements of Sec. 1026.41 do not apply once a petition is filed under Title 11 of the United States Code, commencing a case in which the consumer is a debtor. 2. Obligation to resume sending periodic statements. i. With respect to any portion of the mortgage debt that is not discharged, a servicer must resume sending periodic statements in compliance with Sec. 1026.41 within a reasonably prompt time after the next payment due date that follows the earliest of any of three potential outcomes in the consumer's bankruptcy case: the case is dismissed, the case is closed, or the consumer receives a discharge under 11 U.S.C. 727, 1141, 1228, or 1328. However, this requirement to resume sending periodic statements does not require a servicer to communicate with a consumer in a manner that would be inconsistent with applicable bankruptcy law or a court order in a bankruptcy case. To the extent permitted by such law or court order, a servicer may adapt the requirements of Sec. 1026.41 in any manner believed necessary. ii. The periodic statement is not required for any portion of the mortgage debt that is discharged under applicable provisions of the U.S. Bankruptcy Code. If the consumer's bankruptcy case is revived--for example if the court reinstates a previously dismissed case, reopens the case, or revokes a discharge--the servicer is again exempt from the requirement in Sec. 1026.41. 3. Joint obligors. When two or more consumers are joint obligors with primary liability on a closed-end consumer credit transaction secured by a dwelling subject to Sec. 1026.41, the exemption in Sec. 1026.41(e)(5) applies if any of the consumers is in bankruptcy. For example, if a husband and wife jointly own a home, and the husband files for bankruptcy, the servicer is exempt from providing periodic statements to both the husband and the wife. * * * * * [FR Doc. 2016-18050 Filed 7-28-16; 8:45 am] BILLING CODE 1505-01-D
![Federal Register / Vol. 81, No. 146 / Friday, July 29, 2016 / Rules and Regulations 49869
10 CFR 430.23(dd). DOE is also not discharged, a servicer must resume SUMMARY: These special conditions are
correcting amendatory instruction 10.b. sending periodic statements in issued for the Embraer S.A. (Embraer)
on page 46792, and the reference to compliance with § 1026.41 within a Model EMB–545 and EMB–550 series
paragraph (dd) on page 46794. The reasonably prompt time after the next airplanes. These airplanes will have a
effective date for this rule is August 17, payment due date that follows the novel or unusual design feature when
2016. earliest of any of three potential compared to the state of technology
outcomes in the consumer’s bankruptcy envisioned in the airworthiness
Correction
case: the case is dismissed, the case is standards for transport-category
In final rule FR Doc. 2016–14389, closed, or the consumer receives a airplanes. This feature is an airbag
published in the issue of Monday, July discharge under 11 U.S.C. 727, 1141, system designed to limit the axial
18, 2016, (80 FR 46767), the following 1228, or 1328. However, this rotation of the upper leg on single-place
corrections are made: requirement to resume sending periodic and multiple-place side-facing seats.
1. On page 46783, first column, statements does not require a servicer to The applicable airworthiness
second paragraph, 5th line, the existing communicate with a consumer in a regulations do not contain adequate or
text ‘‘10 CFR 430.23 (dd)’’ is corrected manner that would be inconsistent with appropriate safety standards for this
to read as ‘‘10 CFR 430.23 (ff)’’. applicable bankruptcy law or a court design feature. These special conditions
2. On page 46792, third column, order in a bankruptcy case. To the contain the additional safety standards
amendatory instruction 10.b. is extent permitted by such law or court that the Administrator considers
corrected to read as follows: order, a servicer may adapt the necessary to establish a level of safety
§ 430.23 [Corrected] requirements of § 1026.41 in any equivalent to that established by the
manner believed necessary. existing airworthiness standards.
■ 10. * * * ii. The periodic statement is not DATES: This action is effective on
■ b. Adding paragraph (ff). required for any portion of the mortgage Embraer on July 29, 2016. We must
* * * * * debt that is discharged under applicable receive your comments by September
3. On page 46794, third column, provisions of the U.S. Bankruptcy Code. 12, 2016.
second paragraph, ‘‘(dd)’’ is corrected to If the consumer’s bankruptcy case is ADDRESSES: Send comments identified
read as ‘‘(ff)’’. revived—for example if the court by docket number FAA–2016–6925
Issued in Washington, DC, on July 21, reinstates a previously dismissed case, using any of the following methods:
2016. reopens the case, or revokes a • Federal eRegulations Portal: Go to
Kathleen B. Hogan, discharge—the servicer is again exempt http://www.regulations.gov/and follow
Deputy Assistant Secretary for Energy from the requirement in § 1026.41. the online instructions for sending your
Efficiency, Energy Efficiency and Renewable 3. Joint obligors. When two or more
comments electronically.
Energy. consumers are joint obligors with • Mail: Send comments to Docket
[FR Doc. 2016–17752 Filed 7–28–16; 8:45 am] primary liability on a closed-end Operations, M–30, U.S. Department of
BILLING CODE 6450–01–P
consumer credit transaction secured by Transportation (DOT), 1200 New Jersey
a dwelling subject to § 1026.41, the Avenue SE., Room W12–140, West
exemption in § 1026.41(e)(5) applies if Building Ground Floor, Washington, DC
BUREAU OF CONSUMER FINANCIAL any of the consumers is in bankruptcy. 20590–0001.
PROTECTION For example, if a husband and wife • Hand Delivery or Courier: Take
jointly own a home, and the husband comments to Docket Operations in
12 CFR Part 1026 files for bankruptcy, the servicer is Room W12–140 of the West Building
exempt from providing periodic Ground Floor at 1200 New Jersey
Truth in Lending (Regulation Z) statements to both the husband and the Avenue SE., Washington, DC, between 9
wife. a.m. and 5 p.m., Monday through
CFR Correction
* * * * * Friday, except Federal holidays.
In Title 12 of the Code of Federal [FR Doc. 2016–18050 Filed 7–28–16; 8:45 am] • Fax: Fax comments to Docket
Regulations, Parts 1026 to 1099, revised BILLING CODE 1505–01–D Operations at 202–493–2251.
as of January 1, 2016, on page 749, in Privacy: The FAA will post all
supplement I to part 1026, under section comments it receives, without change,
1026.41,the heading 41(e)(5) Consumers DEPARTMENT OF TRANSPORTATION to http://www.regulations.gov/.
in bankruptcy and paragraphs 1, 2, and including any personal information the
3 are added to read as follows: Federal Aviation Administration commenter provides. Using the search
Supplement I to Part 1026—Official function of the docket Web site, anyone
Interpretation 14 CFR Part 25 can find and read the electronic form of
[Docket No. FAA–2016–6925; Special all comments received into any FAA
* * * * *
Conditions No. 25–623–SC] docket, including the name of the
Section 1026.41 Periodic Statements for individual sending the comment (or
Residential Mortgage Loans Special Conditions: Embraer S.A. signing the comment for an association,
* * * * * Model EMB–545 and EMB–550 business, labor union, etc.). DOT’s
41(e)(5) Consumers in bankruptcy. Airplanes; Installation of an Airbag complete Privacy Act Statement can be
asabaliauskas on DSK3SPTVN1PROD with RULES
1. Commencing a case. The System To Limit the Axial Rotation of found in the Federal Register published
requirements of § 1026.41 do not apply the Upper Leg on Single- and Multiple- on April 11, 2000 (65 FR 19477–19478),
once a petition is filed under Title 11 of Place Side-Facing Seats as well as at http://DocketsInfo.dot
the United States Code, commencing a AGENCY: Federal Aviation .gov/.
case in which the consumer is a debtor. Administration (FAA), DOT. Docket: Background documents or
2. Obligation to resume sending comments received may be read at
ACTION: Final special conditions; request
periodic statements. i. With respect to http://www.regulations.gov/ at any time.
for comments.
any portion of the mortgage debt that is Follow the online instructions for
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Document Created: 2018-02-08 07:52:09
Document Modified: 2018-02-08 07:52:09
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Rules and Regulations | |
| FR Citation | 81 FR 49869 |
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