Truth in Lending — 1994-12-09 [94-30321]

The Board is amending Regulation Z (which implements the Truth in Lending Act) to provide some relief in areas in Texas recently affected by major flooding. The amendments provide a temporary exception to its provisions that prohibit the use of a preprinted form by a creditor to obtain a consumer's waiver of the right to rescind certain home-secured loans when loan proceeds are needed immediately to meet a consumer's bona fide personal financial emergency. Generally, Regulation Z requires a mandatory three day waiting period on rescindable transactions before funds can be disbursed. The relief also provides that a consumer's need to obtain funds immediately shall be regarded as a bona fide personal financial emergency for purposes of Regulation Z for transactions secured by a consumer's principal dwelling located in areas of Texas recently declared to be major disaster areas because of extensive flooding.