General Regulations Part 38
June 12, 2008
Your request for information, dated April 22, 2008, has been referred to me for response. In your request you asked whether New York has a law or regulation in place requiring: (i) A mortgagee to provide the borrower, at the time of the loan, with an amortization chart assuming that the loan has a fixed rate of interest; and (ii) A lending institution under an automobile loan to provide the borrower with an amortization chart assuming again that the loan has a fixed rate of interest.
Please note that New York has neither a law nor regulation requiring a mortgagee/lender to provide an amortization chart to borrowers in either of the above-stated transactions. However, under the Code of Federal Regulations (12 CFR 226), a mortgagee/lender is required to make certain disclosures relating to the annual percentage rate and the number of payments required to repay the loan, but, again the mortgagee/lender is not required to provide an amortization chart.
I trust the foregoing is responsive to your inquiry.
Very truly yours,
Harry C. Goberdhan