TILA (Truth in Lending Act, 15 U.S.C.) § 1639f — Requirements for prompt crediting of home loan payments
TILA (Truth in Lending Act, 15 U.S.C.), §1639f Requirements for prompt crediting of home loan payments. Captured section-complete from Cornell LII (verbatim).
Verbatim regulatory text
Verbatim provisions from TILA (Truth in Lending Act, 15 U.S.C.) § 1639f — Requirements for prompt crediting of home loan payments — 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.
15 U.S.C. §1639f(a)
(a) In general In connection with a consumer credit transaction secured by a consumer’s principal dwelling, no servicer shall fail to credit a payment to the consumer’s loan account as of the date of receipt, except when a delay in crediting does not result in any charge to the consumer or in the reporting of negative information to a consumer reporting agency, except as required in subsection (b).
15 U.S.C. §1639f(b)
(b) Exception If a servicer specifies in writing requirements for the consumer to follow in making payments, but accepts a payment that does not conform to the requirements, the servicer shall credit the payment as of 5 days after receipt. ( Pub. L. 90–321, title I, § 129F , as added Pub. L. 111–203, title XIV, § 1464(a) , July 21, 2010 , 124 Stat. 2184 .)