Under RESPA Section 8, what is the statute of limitations for bringing an action for kickbacks or unearned fees?
Correct Answer
A) 3 years from the date of violation
RESPA Section 8(d) provides a 3-year statute of limitations for private actions seeking damages for kickbacks or unearned fees. This limitation period begins from the date of the alleged violation.
Why This Is the Correct Answer
RESPA Section 8(d) provides a 3-year statute of limitations for private actions seeking damages for kickbacks or unearned fees. This limitation period begins from the date of the alleged violation.
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A lender provides a borrower with initial TILA disclosures showing an APR of 4.5%. Due to market changes, the final APR at closing is 4.625%. What disclosure requirement applies?