HOEPA is also known as which section?

HOEPA, or the Home Ownership and Equity Protection Act, is commonly referred to as Section 32. This section of the Truth in Lending Act (TILA) was established to protect consumers from predatory lending practices associated with high-cost loans, including certain mortgage products. Specifically, it provides regulations regarding disclosures, restrictions, and penalties for lenders that may engage in practices that could harm borrowers through excessive costs or unfair terms.

Understanding that HOEPA is described under Section 32 is important because it sets the legal framework that governs certain high-cost mortgage loans. This includes requirements for additional disclosures, restrictions on loan terms, and guidelines about the lenders’ obligations to borrowers, thereby encouraging fair lending practices and protecting consumers from potentially abusive practices.

Other sections mentioned do not pertain directly to HOEPA, focusing instead on different elements of lending regulations under the Truth in Lending Act and other federal guidelines. Knowing this helps distinguish the specific legislative sections and their unique purposes in the arena of mortgage lending and consumer protections.