By now, all brokers should know about the Truth-in-Lending Law because they must comply with its rules when advertising real estate financing. But were you aware that Regulation Z (the Federal Reserve Board Rule implementing the Truthin-Lending Law) was recently amended to require real estate brokers to make the same disclosures as lending institutions when the broker ar.ranges seller-financing in real estate transactions?

But don't panic yet! Because the Federal Board, after receiving 3000 letters of comment from members of the real estate industry, has temporarily excluded real estate brokers from its definition of "arrangers of credit" in order to give Congress time to decide the question. [NOTE: This exclusion does not apply to the advertising of finance terms previously mentioned]. Depending on Congress' action, the Reserve Board will review the matter again in early 1983.

A report- on the final action taken by Congress and/or the Federal Reserve Board will be carried in a future issue of the Bulletin.