10 Pa. Code § 59.4 - General disclosure requirements
(a)
Disclosure requirements.
(1)
Form of disclosures.
Except as otherwise provided in this chapter, disclosures required under this
chapter must be clear and conspicuous, in writing and in a form that a
recipient may keep. The disclosures required by this chapter may be provided in
electronic form, subject to compliance with the consumer consent and other
applicable provisions of the Electronic Signatures in Global and National
Commerce Act (15 U.S.C.
§§
7001-7031), as set forth
in 12 CFR
1024.3 (relating to E-Sign applicability). A
servicer may use commonly accepted or readily understandable abbreviations in
complying with the disclosure requirements of this chapter.
(2)
Foreign language disclosures.
Disclosures required under this chapter may be made in a language
other than English, provided that the disclosures are made available in English
upon a recipient's request.
(b)
Additional information;
disclosures required by other laws. Unless expressly prohibited in
this chapter, by other applicable law, such as the Truth in Lending Act
(15 U.S.C. §§
1601-1667f) or the Truth in Savings Act
(12 U.S.C. §§
4301-4313), or by the terms of an
agreement with a Federal regulatory agency or the Department, a servicer may
include additional information in a disclosure required under this chapter or
combine any disclosure required under this chapter with any disclosure required
by such other law.
(c)
Successors in interest.
(1)
Optional notice with acknowledgment form. Upon confirmation, a
servicer may provide a confirmed successor in interest who is not liable on the
mortgage loan obligation with a written notice together with a separate
acknowledgment form that meets the requirements of paragraph (c)(1)(iv) of this
section and that does not require acknowledgment of any items other than those
identified in paragraph (c)(1)(iv) of this section. The written notice must
clearly and conspicuously explain that:
(i)
The servicer has confirmed the successor in interest's identity and ownership
interest in the property;
(ii)
Unless the successor in interest assumes the mortgage loan obligation under
law, the successor in interest is not liable for the mortgage debt and cannot
be required to use the successor in interest's assets to pay the mortgage debt,
except that the lender has a security interest in the property and a right to
foreclose on the property, when permitted by law and authorized under the
mortgage loan contract;
(iii) The
successor in interest may be entitled to receive certain notices and
communications about the mortgage loan if the servicer is not providing them to
another confirmed successor in interest or borrower on the account;
(iv) In order to receive such notices and
communications, the successor in interest must execute and provide to the
servicer an acknowledgment form that:
(A)
Requests receipt of such notices and communications if the servicer is not
providing them to another confirmed successor in interest or borrower on the
account; and
(B) Indicates that the
successor in interest understands that such notices do not make the successor
in interest liable for the mortgage debt and that the successor in interest is
only liable for the mortgage debt if the successor in interest assumes the
mortgage loan obligation under law; and
(C) Informs the successor in interest that
there is no time limit to return the acknowledgment but that the servicer will
not begin sending such notices and communications to the confirmed successor in
interest until the acknowledgment is returned; and
(v) Whether or not the successor in interest
executes the acknowledgment described in paragraph (c)(1)(iv) of this section,
the successor in interest is entitled to submit notices of error under §
59.7 (relating to error resolution
procedures), requests for information under §
59.8 (relating to requests for
information), and requests for a payoff statement under
12 CFR
1026.36 (relating to prohibited acts or
practices and certain requirements for credit secured by a dwelling) with
respect to the mortgage loan account, with a brief explanation of those rights
and how to exercise them, including appropriate address
information.
(2)
Effect of failure to execute acknowledgment. If, upon
confirmation, a servicer provides a confirmed successor in interest who is not
liable on the mortgage loan obligation with a written notice and acknowledgment
form in accordance with paragraph (c)(1) of this section, the servicer is not
required to provide to the confirmed successor in interest any written
disclosure required by 12
CFR 1024.17 (relating to escrow accounts), or
§
59.5, §
59.6, §
59.9, or §
59.11 or to comply with the live
contact requirements in §
59.11(a)
(relating to early intervention requirements for certain borrowers) with
respect to the confirmed successor in interest until the confirmed successor in
interest either assumes the mortgage loan obligation under State law or
executes an acknowledgment that complies with paragraph (c)(1)(iv) of this
section and provides it to the servicer.
(3)
Additional copies of
acknowledgment form. If a servicer provides a confirmed successor in
interest with a written notice and acknowledgment form in accordance with
paragraph (c)(1) of this section, the servicer must make additional copies of
the written notice and acknowledgment form available to the confirmed successor
in interest upon written or oral request.
(4)
Multiple notices unnecessary.
Except as required by §
59.8, a servicer is not required
to provide to a confirmed successor in interest any written disclosure required
by 12 CFR
1024.17, or
59.5,
59.6,
59.9, or
59.11(b) if the
servicer is providing the same specific disclosure to another borrower on the
account. A servicer is also not required to comply with the live contact
requirements set forth in §
59.11(a) with
respect to a confirmed successor in interest if the servicer is complying with
those requirements with respect to another borrower on the
account.
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