(a) In making a covered loan, a lender shall send to the borrower a Red Flag Warning Disclosure Notice.
(b) This notice shall be received by the borrower at least 3 business days prior to closing of the loan.
(c) If the loan is originated with the assistance of a mortgage broker, the mortgage broker shall provide the Red Flag Warning Disclosure Notice.
(d) Only one Red Flag Warning Disclosure Notice must be provided to each borrower.
(e) The Mayor shall promulgate, by regulation, the Red Flag Warning Disclosure Notice and instructions for completing, executing, and sending the disclosure notice. The Mayor may revise the disclosure notice or instructions at any time not less than 90 days in advance of the publication in the District of Columbia Register. After the publication of a revised disclosure notice or revised instructions, either the existing or revised instructions may be followed and either the existing or revised disclosure notice shall be accepted until the advance publication period expires.
CREDIT(S)
(May 7, 2002, D.C. Law 14-132, § 211, 49 DCR 2551.)
HISTORICAL AND STATUTORY NOTES
Emergency Act Amendments
For temporary (90 day) addition of section, see § 211 of Home Loan Protection Emergency Act of 2002 (D.C. Act 14-295, March 1, 2002, 49 DCR 2534).
Legislative History of Laws
For Law 14-132, see notes following § 26-1151.01.