Editor’s Note: The email sent announcing this blog omitted a VERY important sentence regarding the Reg Z & M threshold change. Please see the last sentence.
The threshold to exempt consumer credit (Reg Z) and consumer leases (Reg M) from the applicable regulatory requirements increases to $53,000 on January 1, 2013. This is up from the 2012 threshold of $51,800. This means any consumer credit and/or consumer lease transactions greater than $53,000 are NOT subject to Reg Z and Reg M requirements. **However, private education loans and loans secured by real property (such as mortgages) are subject to the Truth in Lending Act regardless of the amount of the loan.**