Finance
Under Ohio law, a lender who violates TILA disclosure requirements may face:
ALicense revocation by ODREPL
BCivil liability including statutory damages, actual damages, and attorney fees✓ Correct
COnly a warning from the CFPB
DCriminal prosecution only
Explanation
TILA violations expose lenders to civil liability including statutory damages (typically up to twice the finance charge), actual damages, court costs, and attorney fees. The CFPB also has enforcement authority.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
State-Specific Concepts
Disclosure RequirementsDRE Regulation
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