Comprehensively describe the important aspects of RESPA & TILA to create an outline structured & organized paper, which depicts any and all potential rules, regulations, etc. that would be deemed as pertinent information in relation to both the Real Estate Settlement Act (RESPA- Regulation X) and the Truth-In-Lending Act (TILA- Regulation Z) . Make a marked effort to shine the light on the way these two acts changed the financial market place forever. So, basically address the following questions but in a very organized, easy-to-read, and clear and concise way. Please & Thank you!!!
1. What the act was and what the acronym stands for
2. If and who it is governed or regulated by
3. Who does this act primarily pertain to? What is the purpose of putting forth such an act or law?
4. What disclosures and provisions has each specific act put into effect? In regards to RESPA, ensure that you cover sections 6,8,9,and 10 as well as a brief description of each
5. What are the according act’s penalties in regards to an individual or group of individuals violating a law, rule, or program created by RESPA or TILA?
6. How is record keeping done for each act?
