§ 42-2302. Notice requirements.

Current through October 23, 2012

(a) A credit line deed of trust shall include:

(1) On the front page, either in capital letters or underscored, the words "THIS IS A HOME EQUITY CREDIT LINE DEED OF TRUST. DEFAULT ON PAYMENTS MAY RESULT IN THE LOSS OF YOUR HOME.";

(2) Language to convey notice to all parties that the noteholder, the grantors, and other borrowers identified have an agreement whereby the noteholder may make or contemplates making advances from time to time against the security described in the credit line deed of trust;

(3) The maximum aggregate amount of principal to be secured at any 1 time; and

(4) An explicit statement of the rights and obligations of the borrower and the consequences of default.

(b) Failure to provide the notice required by subsection (a) of this section shall be deemed an unlawful trade practice punishable under Chapter 39 of Title 28.

                
                    var val = document.getElementById('citecontent').innerHTML;
                    art.dialog.defaults.title = window.location.href;
                    art.dialog.data('cite', val);
                    art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                    art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');

(Jan. 28, 1988, D.C. Law 7-67, § 3, 34 DCR 7441; Mar. 11, 1992, D.C. Law 9-72, § 2(b), 39 DCR 20.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 45-2902.

Legislative History of Laws

For legislative history of D.C. Law 7-67, see Historical and Statutory Notes following § 42-2301.

For legislative history of D.C. Law 9-72, see Historical and Statutory Notes following § 42-2301.