Sec. 80.12. Compliance with Federal regulation

(a) Lenders which comply with sections 226.19(b) and 226.20(c) of Regulation Z (12 CFR part 226) or the provisions of 12 CFR 563.99 will be deemed to be in compliance with sections 80.4(a) and 80.5 of this Part to the extent that sections 80.4(a) and 80.5 pertain to adjustable-rate junior mortgage loan transactions whether or not the transactions would otherwise be subject to section 226.19(b) or 12 CFR 563.99(b).

(b) Lenders which comply with sections 226.5b and 226.7 of Regulation Z (12 CFR part 226) will be deemed to be in compliance with sections 80.4(a) and 80.10(c) of this Part to the extent that sections 80.4(a) and 80.10(c) pertain to home equity plans whether or not the plans would otherwise be subject to sections 226.5b and 226.7; provided that lenders supply a copy of the disclosures required by section 226.5b for retention by the borrower.