PUBLIC LAW 103-325—SEPT. 23, 1994 108 STAT. 2197 "(2) all costs and charges to the consumer, including the costs of any associated annuity that the consumer elects or is required to purchase as part of the reverse mortgage transaction; "(3) all payments to and for the benefit of the consumer, including, in the case in which an associated annuity is purchased (whether or not required by the lender as a condition of making the reverse mortgage), the annuity pa3m[ients received by the consumer and financed from the proceeds of the loan, instead of the proceeds used to finance the annuity; and "(4) any limitation on the liability of the consumer under reverse mortgage transactions (such as nonrecourse limits and equity conservation agreements).". (c) HOME EQUITY PLAN EXEMPTION.— Section 137(b) of the Truth in Lending Act (15 U.S.C. 1647(b)) is amended by adding at the end the following: "This subsection does not apply to reverse mortgage transactions.". (d) TABLE OF SECTIONS.— The table of sections at the beginning of chapter 2 of the Truth in Lending Act is amended by inserting after the item relating to section 137 the following: "138. Reverse mortgages.". SEC. 155. REGULATIONS. Not later than 180 days after the date of enactment of this Act, the Board of Governors of the Federal Reserve System shall issue such regulations as may be necessary to carry out this subtitle, and such regulations shall become effective on the date on which disclosure regulations are required to become effective under section 105(d) of the Truth in Lending Act. SEC. 156. APPLICABILITY. This subtitle, and the amendments made by this subtitle, shall apply to every mortgage referred to in section 103(aa) of the Truth in Lending Act (as added by section 152(a) of this Act) consummated on or after the date on which regulations issued under section 155 become effective. SEC. 157. FEDERAL RESERVE STUDY. During the period beginning 180 days after the date of enactment of this Act and ending 2 years after that date of enactment, the Board of Governors of the Federal Reserve System shall conduct a study and submit to the Congress a report, including recommendations for any appropriate legislation, regarding— (1) whether a consumer engaging in an open end credit transaction (as defined in section 103 of the Truth in Lending Act) secured by the consumer's principal dwelling is provided adequate protections under Federal law, including section 127A of the Truth in Lending Act; and (2) whether a more appropriate interest rate index exists for purposes of subparagraph (A) of section 103(aa)(l) of the Truth in Lending Act (as added by section 152(a) of this Act) than the yield on Treasury securities referred to in that subparagraph. SEC. 158. HEARINGS ON HOME EQUITY LENDING. (a) HEARINGS. — Not less than once during the 3-year period beginning on the date of enactment of this Act, and regularly 15 USC 1602 note. 15 USC 1602 note. 15 USC 1601 note. Reports. 15 USC 1601 note.
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