(a) For purposes of this chapter: (1) “Advertisement” means a commercial message in any medium that promotes, directly or indirectly, a credit transaction; (2) “Balloon payment” means a loan in which the consumer is required to repay the entire amount of any outstanding balance as of a specified date or at the end of a […]
(a) At the time that a consumer makes an initial application to a creditor for a home equity loan in person, or within three business days if the consumer applies by mail or telephone, the creditor shall provide the applicant with a disclosure in either of the following forms: (1) The statement: “THIS HOME EQUITY […]
(a) No fee, penalty or other form of payment may be charged a consumer for prepayment of all or part of the balance of a home equity loan. (b) No advertisement for a home equity loan may refer to such loan as “free money” or use any other term determined by the Banking Board to […]
Any person who violates the provisions of section 142 and 143 of this chapter shall upon conviction be subject to a fine of not more than $1,000.
