RESPA
The Real Estate Settlement Procedures Act (RESPA) is a consumer
protection statute, first passed in 1974. The purposes of RESPA are:
- To help consumers become better shoppers for settlement services and
- To eliminate kickbacks and referral fees that unnecessarily increase
the costs of certain settlement services.
TILA
The Truth in Lending Act (TILA) of 1968 is a United States federal law
designed to protect consumers in credit transactions by requiring clear
disclosure of key terms of the lending arrangement and all costs.
Patriot Act
To help the government fight the funding of terrorism and money
laundering activities, Federal law requires all financial institutions
to obtain, verify, and record information that identifies each person
who opens an account.
What this means to you: When you open an account, we will ask for your
name, address, date of birth, and other information that will allow us
to identify you. We may also ask to see your driver's license or other
identifying documents.
