On November 17, 2008, the Department of Housing and Urban Development (“HUD”) published in the Federal Register (pages 68204 – 68288) its final rule (“final rule”) amending Regulation X. The final rule has two effective dates. Certain sections of the final rule are effective January 16, 2009 (and were the subject of our November 26, 2008 memorandum), and other sections of the final rule are effective January 1, 2010. Except for the brief discussion of HUD’s recent withdrawal of the final rule’s revised definition of “required use,” this memorandum will address those final rule changes that are effective January 1, 2010.
