12 CFR §1026.18 — Content of disclosures (Regulation Z, Subpart C — Closed-End Credit)
Regulation Z §1026.18 enumerates the content of closed-end credit disclosures the creditor must make for transactions OTHER than the real-property / cooperative-unit closed-end mortgages that are subject to §1026.19(e) and (f). For TRID mortgages, see §§1026.37 (Loan Estimate) and 1026.38 (Closing Disclosure).
Verbatim regulatory text
Verbatim provisions from 12 CFR §1026.18 — Content of disclosures (Regulation Z, Subpart C — Closed-End Credit) — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
12 CFR §1026.18 — Content of disclosures (residual closed-end coverage)
For each transaction other than a mortgage transaction subject to § 1026.19(e) and (f) , the creditor shall disclose the following information as applicable:
12 CFR §1026.18(b) — Amount financed
(b) Amount financed. The amount financed, using that term, and a brief description such as the amount of credit provided to you or on your behalf. The amount financed is calculated by:
12 CFR §1026.18(d) — Finance charge
(1) Mortgage loans. In a transaction secured by real property or a dwelling , the disclosed finance charge and other disclosures affected by the disclosed finance charge (including the amount financed and the annual percentage rate) shall be treated as accurate if the amount disclosed as the finance charge:
12 CFR §1026.18(e) — Annual percentage rate
(e) Annual percentage rate. The annual percentage rate, using that term, and a brief description such as “the cost of your credit as a yearly rate.” For any transaction involving a finance charge of $5 or less on an amount financed of $75 or less, or a finance charge of $7.50 or less on an amount financed of more than $75, the creditor need not disclose the annual percentage rate.
12 CFR §1026.18(q) — Assumption policy
(q) Assumption policy. In a residential mortgage transaction, a statement whether or not a subsequent purchaser of the dwelling from the consumer may be permitted to assume the remaining obligation on its original terms.
12 CFR §1026.18(s) — Interest rate and payment summary for mortgage transactions
(s) Interest rate and payment summary for mortgage transactions. For a closed-end transaction secured by real property or a dwelling , other than a transaction that is subject to § 1026.19(e) and (f) , the creditor shall disclose the following information about the interest rate and payments:
12 CFR §1026.18(t) — No-guarantee-to-refinance statement
(t) “ No-guarantee-to-refinance” statement —(1) Disclosure. For a closed-end transaction secured by real property or a dwelling , other than a transaction that is subject to § 1026.19(e) and (f) , the creditor shall disclose a statement that there is no guarantee the consumer can refinance the transaction to lower the interest rate or periodic payments.
12 CFR §1026.18 — Content of disclosures (residual closed-end coverage) — enumerated items (chapeau recall fix)
(a) Creditor. The identity of the creditor making the disclosures. (b) Amount financed. The amount financed, using that term, and a brief description such as the amount of credit provided to you or on your behalf. The amount financed is calculated by:
12 CFR §1026.18(b) — Amount financed — enumerated items (chapeau recall fix)
(1) Determining the principal loan amount or the cash price (subtracting any downpayment); (2) Adding any other amounts that are financed by the creditor and are not part of the finance charge; and (3) Subtracting any prepaid finance charge.
12 CFR §1026.18(d) — Finance charge — enumerated items (chapeau recall fix)
(i) Is understated by no more than $100; or (ii) Is greater than the amount required to be disclosed.
12 CFR §1026.18(s) — Interest rate and payment summary for mortgage transactions — enumerated items (chapeau recall fix)
(1) Form of disclosures. The information in paragraphs (s)(2)-(4) of this section shall be in the form of a table, with no more than five columns, with headings and format substantially similar to Model Clause H-4(E), H-4(F), H-4(G), or H-4(H) in appendix H to this part. The table shall contain only the information required in paragraphs (s)(2)-(4) of this section, shall be placed in a prominent location, and shall be in a minimum 10-point font. (2) Interest rates —(i) Amortizing loans. (A) For a fixed-rate mortgage , the interest rate at consummation. (B) For an adjustable-rate or step-rate mortgage: (1) The interest rate at consummation and the period of time until the first interest rate adjustment may occur, labeled as the “introductory rate and monthly payment”; (2) The maximum interest rate that may apply during the first five years after the date on which the first regular periodic payment will be due and the earliest date on which that rate may apply, labeled as “maximum during first five years”; and (3) The maximum interest rate that may apply during the life of the loan and the earliest date on which that rate may apply, labeled as “maximum ever.” (C) If the loan provides for payment increases as described in paragraph (s)(3)(i)(B) of this section, the interest rate in effect at the time the first such payment increase is scheduled to occur and the date on which the increase will occur, labeled as “first adjustment” if the loan is an adjustable-rate mortgage or, otherwise, labeled as “first increase.” (ii) Negative amortization loans. For a negative amortization loan: (A) The interest rate at consummation and, if it will adjust after consummation, the length of time until it will adjust, and the label “introductory” or “intro”; (B) The maximum interest rate that could apply when the consumer must begin making fully amortizing payments under the terms of the legal obligation ;