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And lenders can make multiple changes to the closed model H-1 (credit sale) and H-2 (credit) forms and they will still be considered compliant if clear and clearly defined information is provided. Permitted changes include the addition of information permitted under §1026(17)(a)(1) and the addition of "directly related" information in accordance with the comments to §102617(a).

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B. Conditions must be combined when multiple numerical expressions are equal, for example, when "Total Payments" equals "Total Sales Price". (See comment on 1026.18.)

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C. rearranging the order or placement of disclosures, such as placing descriptive terms outside the box containing related information or combining descriptors as a glossary of terms in a separate section of separate information; The payment schedule is placed at the top of the form; or by changing the column insertion order to include the annual interest and finance charge fields.

E. Using a consumer line instead of a check box to indicate a choice to receive a funded amount item.

2. Model H-3. Lenders have considerable flexibility when completing Form H-3 (Funding Amount in Installments). Appropriate corrections may be made to this form as provided in the comment to § 1026.18(c) without loss of civil liability protection for proper use of the model forms.

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3. Models H-4 to H-7. Model clauses are not included in the model forms, although they are required for certain transactions. Lenders using model clauses where applicable to a transaction are deemed to be in compliance with these disclosures.

4. Model H-4(A). This model includes a variable rate model clause applicable to transactions subject to § 1026.18(f)(1) and is intended to provide lenders with significant flexibility in structuring variable rate information to fit individual plans. Information on escalation conditions, limits and consequences can be provided in the form of the agreed interest rate or the annual interest rate. The clauses are presented for hypothetical examples based on a certain volume of transactions and a representative amount. Instead of creating a separate instance for each transaction, creditors can pre-print variable rate postings based on a representative amount for similar transactions. In both representative examples and transaction-specific examples, lenders may specify either a gradual change in rate, payment amount, or number of payments, or a resulting rate, payment amount, or number of payments. For example, lenders may say that the rate will increase by 2% with a matching payment of $150, or lenders may say that the rate will increase by 16% with a matching payment of $850.

5. Model H-4(B). This model clause illustrates the variable rate disclosure required by §1026(18)(f)(2) to alert users that the transaction involved a variable rate facility and that the information was previously provided.

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6. Model H-4(C). This model clause generally illustrates the initial disclosure required by § 1026.19(b). It contains information on how the consumer's interest rate is determined and how it may change over the term of the loan, and explains the changes that may occur to the borrower's monthly payments. This is an example of how to express historical changes in index values ​​or the formula used to calculate interest rates for the previous 15 years. The model clause also describes the disclosure of initial and maximum interest rates and payments based on the initial interest rate (index value plus margin adjusted by the amount of any discount or premium) in effect from the specified month and year of the loan. It explains how to provide customers with a method to calculate the monthly payments for the discovery program and the loan amount borrowed.

7. Models H-4(D) to H-4(J). The following sample clauses and sample and sample forms illustrate certain statements, notices and other information required as follows:

And Form H-4(D)(1) illustrates the interest rate adjustment notice required by § 1026.20. (c), and Form H-4(D)(2) provides an example of an interest rate adjustment notice with associated payment changes. Model H-4(D)(3) illustrates the interest rate adjustment notice required by § 1026.20. §(d), and Form H-4(D)(4) provides an example of a preliminary notice of interest rate adjustment.

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Ii. Model H-4(E) illustrates the summary of interest rates and payments determined under § 1026.18. point(s) for a fixed rate mortgage transaction.

Iii. Model H-4(F) illustrates the summary of interest rates and payments required for an adjustable rate or rate mortgage transaction under 1026.18(s).

Iv Model H-4(G) illustrates the summary of interest rates and payments required under § 1026.18(s) for negative amortization mortgage transactions.

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V. Model H-4(H) illustrates the summary of interest rates and payments required for a fixed-rate mortgage transaction under 1026.18. article.

Vi Model H-4(I) illustrates the introductory rate disclosure required by § 18(s)(s)(2)(iii) for adjustable rate mortgage transactions with an introductory rate.

Vii Model H-4(J) illustrates the balloon payment disclosures required by § 1026.18(s)(5) for balloon payment mortgage transactions.

Appendix H To Part 1026 — Closed End Model Forms And Clauses

11. Models H-8 and H-9. These models consist of a simple closed transaction and a withdrawal notice for refinancing. The last paragraph of each sample form has a blank space for the date by which the buyer's opt-out notice must be sent or delivered. The bracket is included to address situations where the consumer has the right to withdraw the transaction after 3 business days of the transaction date, for example if notice or material information is provided late or if notice of the transaction date in para. 1 is an assumption. The language in brackets is optional. See comment to § 1026.2(a)(25) regarding security interest disclosure specifications for Model Form H-9. The previous version of the Form H-9 is sufficient as it is the current version and creditors can continue to use it as needed. However, creditors are encouraged to use the current version when reformatting or printing forms.

12. Sample form. Model forms (H-10 through H-15) serve a different purpose than model forms.general protection against civil liability provided by model forms and clauses.

13. Sample H-10. This example illustrates the sale of a car on credit. Cash price is $7,500 with $1,500. Interest rate 8% and term 3 years, with 36 equal monthly installments. Loan life insurance premiums and application fees are financed by the creditor. The consumer pays a credit report fee of $25, which is a prepaid finance fee, prior to closing.

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14. Copy of H-11. This example illustrates an installment loan. The loan amount is $5,000. It has a simple interest rate of 12% and a term of 2 years. The expected transaction date is April 15, 1981, and the first payment is due June 1, 1981. Odd-day interest ($26.67) accrues with the first payment. There are 23 equal monthly payments left.

15. Copy of H-12. This example illustrates a refinancing and consolidation loan. The loan amount is $5,000. With a simple interest rate of 15% and a term of 3 years. The transaction date is April 1, 1981, the first payment is due on May 1, 1981. The first 35 monthly payments are even with an odd final payment. The loan is financed from disability insurance premiums. American law is used to calculate the annual interest rate. Since the financed amount item is included in the disclosure, the statement about the consumer's ability to obtain the product has been deleted.

16. Samples H-15 to H-13. These samples illustrate various closed transactions. Form H-13 and H-15 are for transactions subject to § 1026.17(a). Exhibits H-13 and H-15 do not explain the requirements of § 1026(18)(c) or (p) regarding the details of the funding amount and the reference to the contract document. See Form H-2 for a sample of this request.

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17. Copy of H-13. This example shows a mortgage with a demand function. The loan amount is $44,900 payable in 360 monthly payments at a simple interest rate of 14.75%. 15 days of interim interest ($294.34) charged as a prepaid finance charge at the time of the loan closing (April 15, 1981). The provisions of § 1026.17(c)(4) for minor offenses are used to calculate the amount of disclosure. The payment of the property insurance premium is not included in the schedule. This disclosure statement may be used for notes with a 7-year call option required by the Federal National Mortgage Association (FNMA) where maturity clauses are prohibited.

18. Copy of H-14. This is a sample

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