what state within the U.S. has no laws that govern mortgage lending?

Asked on June 14, 2009 under Real Estate Law, New York


M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

There are federal laws that cover some aspects of mortgage lending.  Since federal law is applicable in all states, then all states thereby have some mortgage lending laws.  For example, mortgagors are required to give borrowers a truth in lending (TIL) statement.  This is done pursuant to the requirements of the Truth in Lending Act (TILA) of 1968 which is a federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. 

Additionally, there is not a state that I can imgine that wouldn't have some law or regulation of its own dealing with at least one aspect of mortgage lending.  But again, by virtue of federal law, all states have some form of such laws.


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