Regulation Z Disclosures in Proposal
The Truth in Lending Act implemented by Regulation Z is a federal law that requires lenders to disclose the terms and costs of credit to consumers. This law is intended to ensure that consumers have a clear understanding of the costs associated with borrowing money, including interest rates, fees, and repayment terms.
Depending on your level of comfort and/or expertise with your proposal tool, you may choose to use the dynamic version or the static version of the Regulation Z disclosure.
1. The Dynamic Version
This version of the disclosure includes placeholder text within angle brackets that must be coded within your proposal software to reflect relevant loan data. If you are unsure how to accomplish this or your proposal software does not offer this feature, you may opt for the static version of the disclosure, below.
2. The Static Version
This version of the disclosure is longer, but it can be pasted into your proposal without edits.*
*There may be situations where the language above must be altered to meet the requirements of the loan.
View full proposal requirements (including disclosure language) here.
Solar installation companies (“installers”) seeking to partner with Sunlight must submit a sample financing proposal for review at onboarding. Sunlight’s Commercial Risk Team will review each sample financing proposal to ensure that Sunlight’s proposal disclosure requirements noted in the link above are satisfied.
Nothing in this document shall be construed to mean that any of these requirements are specifically required under applicable law, regulation, or rule. This document does not constitute legal advice in any respect – whether to installers or otherwise – and installers should seek their own legal counsel to understand their obligations under applicable consumer protection laws.