Regulation N (the Mortgage Acts and Practices –- Advertising Rule )

ICR 201611-3084-005

OMB: 3084-0156

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2016-12-05
IC Document Collections
IC ID
Document
Title
Status
193949
Modified
ICR Details
3084-0156 201611-3084-005
Historical Active 201311-3084-001
FTC
Regulation N (the Mortgage Acts and Practices –- Advertising Rule )
Extension without change of a currently approved collection   No
Regular
Approved without change 01/09/2017
Retrieve Notice of Action (NOA) 12/05/2016
  Inventory as of this Action Requested Previously Approved
01/31/2020 36 Months From Approved 01/31/2017
1,000 0 600,000
1,500 0 1,800,000
0 0 0

Regulation N requires covered persons to retain: (1) Copies of materially different commercial communications and related materials, regarding any term of any mortgage credit product, that the person made or disseminated during the relevant time period; (2) documents describing or evidencing all mortgage credit products available to consumers during the relevant time period; and (3) documents describing or evidencing all additional products or services (such as credit insurance or credit disability insurance) that are or may be offered or provided with the mortgage credit products available to consumers during the relevant time period. The FTC and the CFPB share enforcement authority for Regulation N and thus the two agencies split the burden estimates.

PL: Pub.L. 111 - 8 626 Name of Law: 2009 Omnibus Appropriations Act
   PL: Pub.L. 111 - 203 H. R. 4173 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
  
PL: Pub.L. 111 - 203 1029 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

Not associated with rulemaking

  81 FR 60001 08/31/2016
81 FR 87561 12/05/2016
No

1
IC Title Form No. Form Name
Covered entities

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 1,000 600,000 0 0 -599,000 0
Annual Time Burden (Hours) 1,500 1,800,000 0 0 -1,798,500 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
This estimate reflects a decrease in burden compared to prior FTC estimates, because many entities that had been included in prior burden estimates retain records in the ordinary course of business, can be indirectly covered by state recordkeeping requirements for mortgage advertisements and/or retain ads to demonstrate compliance with state law, as discussed in the Supporting Statement.

$41,434
No
No
No
Yes
No
Uncollected
Carole Reynolds 202 326-3230 creynolds@ftc.gov

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
12/05/2016


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