Question

Which legislation sets the disclosure requirements for the Affiliated Business Arrangement Disclosure?

Answer 1

Answer:

Below:

Explanation:

Specific timing rules for delivery of the affiliated business disclosure statement are set forth in 12 CFR 1024.15(b)(1) of Regulation X). These INSTRUCTIONS TO PREPARER should not appear on the statement.]

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Answer 2

RESPA is the legislation that sets the disclosure for the Affiliated Business Arrangement Disclosure.

What is RESPA?

This stands for the Real Estate Settlement Procedures Act of 1974. This was enacted by the congress of United States in this year.

RESPA determines that the Affiliated Business Arrangement Disclosure is given to the borrower at the time of the referral to the party which is the third party.

Read more on RESPA here:

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