Which of the following is true with regard to TILA disclosures?

The correct statement regarding TILA disclosures is that special disclosures are required for adjustable-rate mortgages. Under the Truth in Lending Act (TILA), lenders are required to provide detailed disclosures to borrowers to help them understand the terms of their loans, particularly with adjustable-rate mortgages. These disclosures include information about how the interest rates may change over time, the index to which the rates are tied, any caps on how much the rate can increase, and the payment adjustments that will occur.

This requirement is essential for ensuring that borrowers are fully informed about the potential risks associated with adjustable-rate mortgages, which can lead to payment changes that significantly affect their financial obligations. The distinct nature of adjustable-rate loans compared to fixed-rate loans necessitates these special disclosures to protect consumers.

While the other options touch on aspects of TILA disclosures, they do not correctly pertain to the statement regarding TILA. For instance, disclosure rules indeed differ based on credit type, and not everyone with ownership interest necessarily receives rescission notices; rather, these notifications are given under specific circumstances. Furthermore, the rules for disclosures do vary for open-end and closed-end credit, reflecting the different structures and regulations governing each type of credit product.