The Home Owner Equity Protection Act is also known as?

The Home Owner Equity Protection Act is recognized as Section 32 of the Truth in Lending Act (TILA). This Act was implemented to protect consumers from predatory lending practices, specifically regarding high-cost home loans. Section 32 establishes requirements for lenders, including disclosures that must be provided to borrowers and restrictions on certain practices that may lead to borrowers being trapped in cycles of debt.

The significance of this designation is critical for anyone involved in real estate and mortgage services, as it emphasizes the responsibilities of lenders to ensure that borrowers are fully informed about the terms and conditions of their loans, especially when those loans involve high costs or fees. Understanding this section helps industry professionals navigate the legal landscape and maintain compliance while protecting consumers' rights.