1. The parties may, but are not required to, provide a single disclosure that satisfies the timing and content requirements applicable to each covered person. 1. 1026.56 Requirements for over-the-limit transactions. 1026.12 Special credit card provisions. (3) The covered person acquires only a partial interest in the loan and the party authorized to receive the consumer's notice of the right to rescind and resolve issues concerning the consumer's payments on the loan does not change as a result of the transfer of the partial interest. Among other requirements in the rule, creditors must retain copies of the new [] This exception applies if the covered person acquires only a partial interest in the loan, and there is no change in the agent or person authorized to receive notice of the right to rescind and resolve issues concerning the consumer's payments. Examples. Appendix A to Part 1026 Effect on State Laws, Appendix B to Part 1026 State Exemptions, Appendix C to Part 1026 Issuance of Official Interpretations, Appendix D to Part 1026 Multiple Advance Construction Loans, Appendix E to Part 1026 Rules for Card Issuers That Bill on a Transaction-by-Transaction Basis, Appendix F to Part 1026 Optional Annual Percentage Rate Computations for Creditors Offering Open-End Credit Plans Secured by a Consumer's Dwelling, Appendix G to Part 1026 Open-End Model Forms and Clauses, Appendix H to Part 1026 Closed-End Model Forms and Clauses, Appendix J to Part 1026 Annual Percentage Rate Computations for Closed-End Credit Transactions, Appendix K to Part 1026 Total Annual Loan Cost Rate Computations for Reverse Mortgage Transactions, Appendix L to Part 1026 Assumed Loan Periods for Computations of Total Annual Loan Cost Rates, Appendix M1 to Part 1026 Repayment Disclosures, Appendix M2 to Part 1026 Sample Calculations of Repayment Disclosures, Appendix N to Part 1026 Higher-Priced Mortgage Loan Appraisal Safe Harbor Review, Appendix O to Part 1026 Illustrative Written Source Documents for Higher-Priced Mortgage Loan Appraisal Rules, Comment for 1026.1 - Authority, Purpose, Coverage, Organization, Enforcement and Liability, Comment for 1026.2 - Definitions and Rules of Construction, Comment for 1026.5 - General Disclosure Requirements, Comment for 1026.6 - Account-Opening Disclosures, Comment for 1026.8 - Identifying Transactions on Periodic Statements, Comment for 1026.9 - Subsequent Disclosure Requirements, Comment for 1026.11 - Treatment of Credit Balances; Account Termination, Comment for 1026.12 - Special Credit Card Provisions, Comment for 1026.13 - Billing Error Resolution, Comment for 1026.14 - Determination of Annual Percentage Rate, Comment for 1026.15 - Right of Rescission, Comment for 1026.17 - General Disclosure Requirements, Comment for 1026.18 - Content of Disclosures, Comment for 1026.19 - Certain Mortgage and Variable-Rate Transactions, Comment for 1026.20 Disclosure Requirements Regarding Post-Consummation Events, Comment for 1026.21 - Treatment of Credit Balances, Comment for 1026.22 - Determination of Annual Percentage Rate, Comment for 1026.23 - Right of Rescission, Comment for 1026.26 - Use of Annual Percentage Rate in Oral Disclosures, Comment for 1026.27 - Language of Disclosures, Comment for 1026.28 - Effect on State Laws, Comment for 1026.30 - Limitation on Rates, Comment for 1026.32 - Requirements for High-Cost Mortgages, Comment for 1026.33 - Requirements for Reverse Mortgages, Comment for 1026.34 - Prohibited Acts or Practices in Connection With High-Cost Mortgages, Comment for 1026.35 - Requirements for Higher-Priced Mortgage Loans, Comment for 1026.36 - Prohibited Acts or Practices and Certain Requirements for Credit Secured by a Dwelling, Comment for 1026.37 - Content of Disclosures for Certain Mortgage Transactions (Loan Estimate), Comment for 1026.39 - Mortgage Transfer Disclosures, Comment for 1026.41 - Periodic Statements for Residential Mortgage Loans, Comment for 1026.42 - Valuation Independence, Comment for 1026.43 - Minimum Standards for Transactions Secured by a Dwelling, Comment for 1026.46 - Special Disclosure Requirements for Private Education Loans, Comment for 1026.47 - Content of Disclosures, Comment for 1026.48 - Limitations on Private Education Loans, Comment for 1026.52 - Limitations on Fees, Comment for 1026.53 - Allocation of Payments, Comment for 1026.54 - Limitations on the Imposition of Finance Charges, Comment for 1026.55 - Limitations on Increasing Annual Percentage Rates, Fees, and Charges, Comment for 1026.56 - Requirements for Over-the-Limit Transactions, Comment for 1026.57 - Reporting and Marketing Rules for College Student Open-End Credit, Comment for 1026.58 - Internet Posting of Credit Card Agreements, Comment for 1026.59 - Reevaluation of Rate Increases, Comment for 1026.60 - Credit and Charge Card Applications and Solicitations, Comment for 1026.61 - Hybrid Prepaid-Credit Cards, Comment for Appendix A - Effect on State Laws, Comment for Appendix B - State Exemptions, Comment for Appendix C - Issuance of Official Interpretations, Comment for Appendix D - Multiple-Advance Construction Loans, Comment for Appendix F - Optional Annual Percentage Rate Computations for Creditors Offering Open-End Credit Plans Secured by a Consumer's Dwelling, Comment for Appendix G - Open-End Model Forms and Clauses, Appendices G and H - Open-End and Closed-End Model Forms and Clauses, Comment for Appendix H - Closed-End Forms and Clauses, Comment for Appendix J - Annual Percentage Rate Computations for Closed-End Credit Transactions, Comment for Appendix K - Total Annual Loan Cost Rate Computations for Reverse Mortgage Transactions, Comment for Appendix L - Assumed Loan Periods for Computations of Total Annual Loan Cost Rates, Comment for Appendix O - Illustrative Written Source Documents for Higher-Priced Mortgage Loan Appraisal Rules. Identification of covered person. CDOT has a vacancy for a Highway Maintenance Specialist in Mancos, CO. Total annual compensation for this position is $40,164 ($40,164 base pay). A defined benefit plan is any retirement plan that is not a defined contribution plan, as described in FSP 13.4. This will be included within your account minimum payment request every month and cannot be repaid using Take 3. . (iv) A statement that, if the loan is sold, the new covered person, using the term lender, may have a different policy. 2. In such cases, the information required by 1026.39(d)(1) may be provided only for that covered person. However, if the original creditor does not repurchase the loan, party A must provide the disclosures required by this section within 30 days after the date that the transaction is recognized as an acquisition on its books and records unless another exception in 1026.39(c) applies. The starting salary for this position is $1544.77 /biweekly ($40,164/annually). If multiple covered persons each acquire a partial interest in the loan pursuant to separate and unrelated agreements and not jointly, each covered person has a duty to ensure that disclosures related to its acquisition are accurate and provided in a timely manner unless an exception in 1026.39(c) applies. Person B, however, must provide the disclosures required by this section unless an exception in 1026.39(c) applies. Single disclosure required. Disclosures are required under this section when, as a result of a merger, corporate acquisition, or reorganization, the ownership of a mortgage loan is transferred to a different legal entity. Each individual tenant will be held responsible for the full rent amount, even if his or her roommates refuses to pay. ii. 1026.1 Authority, purpose, coverage, organization, enforcement, and liability. . The policyholders' savings rise thanks to the Simple Reversionary Bonus, available at the end of the first policy year. The fair value of financial instruments must be disclosed either in the body of the financial statements or in disclosure notes b. 1. For purposes of this section: See interpretation of 39(a) Scope in Supplement I. As with all documentation related to the sale of your home, real estate disclosures must be submitted in writing. (1) The covered person sells, or otherwise transfers or assigns legal title to the mortgage loan on or before the 30th calendar day following the date that the covered person acquired the mortgage loan which shall be the date of transfer recognized for purposes of paragraph (b)(2) of this section; 1. For example, if a covered person acquires a mortgage loan on March 15, the disclosure must be mailed or delivered on or before April 14. See comment 39(a)(1)-2.ii regarding a joint acquisition of legal title, and comment 39(b)(5)-2 regarding the disclosure requirements for multiple covered persons. i. 4. 3. The plaintiff received a dunning letter from the defendant seeking to . Section 1026.39(e) provides that covered persons may, at their option, include additional information about the mortgage transaction that they consider relevant or helpful to consumers. Partial payment policy. 2. A CDF, under the master heading "Closing Cost Details," must provide columns stating whether [1] the charge was borrower-paid at or before closing, [2] seller-paid at or before closing, or [3] paid by others. Appendix A to Part 1026 Effect on State Laws, Appendix B to Part 1026 State Exemptions, Appendix C to Part 1026 Issuance of Official Interpretations, Appendix D to Part 1026 Multiple Advance Construction Loans, Appendix E to Part 1026 Rules for Card Issuers That Bill on a Transaction-by-Transaction Basis, Appendix F to Part 1026 Optional Annual Percentage Rate Computations for Creditors Offering Open-End Credit Plans Secured by a Consumer's Dwelling, Appendix G to Part 1026 Open-End Model Forms and Clauses, Appendix H to Part 1026 Closed-End Model Forms and Clauses, Appendix J to Part 1026 Annual Percentage Rate Computations for Closed-End Credit Transactions, Appendix K to Part 1026 Total Annual Loan Cost Rate Computations for Reverse Mortgage Transactions, Appendix L to Part 1026 Assumed Loan Periods for Computations of Total Annual Loan Cost Rates, Appendix M1 to Part 1026 Repayment Disclosures, Appendix M2 to Part 1026 Sample Calculations of Repayment Disclosures, Appendix N to Part 1026 Higher-Priced Mortgage Loan Appraisal Safe Harbor Review, Appendix O to Part 1026 Illustrative Written Source Documents for Higher-Priced Mortgage Loan Appraisal Rules, Comment for 1026.1 - Authority, Purpose, Coverage, Organization, Enforcement and Liability, Comment for 1026.2 - Definitions and Rules of Construction, Comment for 1026.5 - General Disclosure Requirements, Comment for 1026.6 - Account-Opening Disclosures, Comment for 1026.8 - Identifying Transactions on Periodic Statements, Comment for 1026.9 - Subsequent Disclosure Requirements, Comment for 1026.11 - Treatment of Credit Balances; Account Termination, Comment for 1026.12 - Special Credit Card Provisions, Comment for 1026.13 - Billing Error Resolution, Comment for 1026.14 - Determination of Annual Percentage Rate, Comment for 1026.15 - Right of Rescission, Comment for 1026.17 - General Disclosure Requirements, Comment for 1026.18 - Content of Disclosures, Comment for 1026.19 - Certain Mortgage and Variable-Rate Transactions, Comment for 1026.20 Disclosure Requirements Regarding Post-Consummation Events, Comment for 1026.21 - Treatment of Credit Balances, Comment for 1026.22 - Determination of Annual Percentage Rate, Comment for 1026.23 - Right of Rescission, Comment for 1026.26 - Use of Annual Percentage Rate in Oral Disclosures, Comment for 1026.27 - Language of Disclosures, Comment for 1026.28 - Effect on State Laws, Comment for 1026.30 - Limitation on Rates, Comment for 1026.32 - Requirements for High-Cost Mortgages, Comment for 1026.33 - Requirements for Reverse Mortgages, Comment for 1026.34 - Prohibited Acts or Practices in Connection With High-Cost Mortgages, Comment for 1026.35 - Requirements for Higher-Priced Mortgage Loans, Comment for 1026.36 - Prohibited Acts or Practices and Certain Requirements for Credit Secured by a Dwelling, Comment for 1026.37 - Content of Disclosures for Certain Mortgage Transactions (Loan Estimate), Comment for 1026.38 - Content of Disclosures for Certain Mortgage Transactions (Closing Disclosure), Comment for 1026.39 - Mortgage Transfer Disclosures, Comment for 1026.40 - Requirements for Home-Equity Plans, Comment for 1026.41 - Periodic Statements for Residential Mortgage Loans, Comment for 1026.42 - Valuation Independence, Comment for 1026.43 - Minimum Standards for Transactions Secured by a Dwelling, Comment for 1026.46 - Special Disclosure Requirements for Private Education Loans, Comment for 1026.47 - Content of Disclosures, Comment for 1026.48 - Limitations on Private Education Loans, Comment for 1026.52 - Limitations on Fees, Comment for 1026.53 - Allocation of Payments, Comment for 1026.54 - Limitations on the Imposition of Finance Charges, Comment for 1026.55 - Limitations on Increasing Annual Percentage Rates, Fees, and Charges, Comment for 1026.56 - Requirements for Over-the-Limit Transactions, Comment for 1026.57 - Reporting and Marketing Rules for College Student Open-End Credit, Comment for 1026.58 - Internet Posting of Credit Card Agreements, Comment for 1026.59 - Reevaluation of Rate Increases, Comment for 1026.60 - Credit and Charge Card Applications and Solicitations, Comment for 1026.61 - Hybrid Prepaid-Credit Cards, Comment for Appendix A - Effect on State Laws, Comment for Appendix B - State Exemptions, Comment for Appendix C - Issuance of Official Interpretations, Comment for Appendix D - Multiple-Advance Construction Loans, Comment for Appendix F - Optional Annual Percentage Rate Computations for Creditors Offering Open-End Credit Plans Secured by a Consumer's Dwelling, Comment for Appendix G - Open-End Model Forms and Clauses, Appendices G and H - Open-End and Closed-End Model Forms and Clauses, Comment for Appendix H - Closed-End Forms and Clauses, Comment for Appendix J - Annual Percentage Rate Computations for Closed-End Credit Transactions, Comment for Appendix K - Total Annual Loan Cost Rate Computations for Reverse Mortgage Transactions, Comment for Appendix L - Assumed Loan Periods for Computations of Total Annual Loan Cost Rates, Comment for Appendix O - Illustrative Written Source Documents for Higher-Priced Mortgage Loan Appraisal Rules. That shouldn't be news to any advertiser and certainly not to the 60+ companies - including 20 of the 100 biggest advertisers in the U.S. - that received warning letters as a part of the FTC . For example, if covered person A acquires the loan on March 15 and subsequently transfers fifty percent of its interest in the loan to covered person B on April 1, person A is required to provide the disclosures under this section if it retains a partial interest in the loan on April 14. See interpretation of Paragraph 39(d)(3) in Supplement I. Section 1026.39(d)(5) requires disclosure of the partial payment policy of covered persons for closed-end consumer credit transactions secured by a dwelling or real property, other than a reverse mortgage transaction subject to 1026.33. Person A does not provide the disclosures under this section because the exception in 1026.39(c)(3) applies. The disclosure requirements of this section apply to any covered person that becomes the legal owner of an existing mortgage loan, whether through a purchase, or other transfer or assignment, regardless of whether the person also meets the definition of a creditor in Regulation Z. 1026.55 Limitations on increasing annual percentage rates, fees, and charges. Identifying the loan. Similar breach notification provisions implemented and enforced by the Federal Trade Commission (FTC), apply to vendors of personal . See comment 39(b)(4)-1 regarding a single disclosure for multiple transfers. ii. Loans Secured by Cooperatives Loan servicers. The disclosures required by this section shall be provided clearly and conspicuously in writing, in a form that the consumer may keep. 1,330 Sq. For example, if covered person A acquires the loan on March 15 and subsequently transfers all of its interest in the loan to covered person B on April 1, person A is not required to provide the disclosures required by this section. 3 Baths. 1026.46 Special disclosure requirements for private education loans. But if the transaction is a reverse mortgage transaction subject to 1026.33, 1026.39(d) requires a covered person to provide only the disclosures under 1026.39(d)(1) through (4). The Final Rule states that after October 1, 2018, the requirement to provide the escrow closing notice and the partial payment policy disclosure apply, regardless of when the application was received. The covered person normally may rely on the representations of other parties in obtaining information. A covered person that subsequently transfers a partial interest in the loan is required to provide the disclosures required by this section if the covered person retains a partial interest in the loan on the 30th calendar day after it acquired the loan, unless an exception in 1026.39 (c) applies. A covered entity must develop policies and procedures that reasonably limit its disclosures of, and requests for, protected health information for payment and health care operations to the minimum necessary. Broad coverage consider ations are included in section 226.1(c) of the regulation, and relevant definitions appear in section 226.2. 1026.14 Determination of annual percentage rate. Intermediary parties. 1026.20 Disclosure requirements regarding post-consummation events. An acquiring party that is a separate legal entity from the transferor must provide the disclosures required by this section even if the parties are affiliated entities. Invoices must include backup documentation. Covered persons. For example, if a covered person acquires a loan on March 15 with the intent to assign the loan to another entity on April 30, the covered person could mail the disclosure on or before April 14 to provide the required information for both entities and indicate when the subsequent transfer is expected to occur. Affiliates. 1026.38 Content of disclosures for certain mortgage transactions (Closing Disclosure). 1. 3. If you have any questions about your purchase or any other product . Repurchase agreements. 1.1.3 Basis of presentation. Even though one covered person provides the disclosures for another covered person, each has a duty to ensure that disclosures related to its acquisition are accurate and provided in a timely manner unless an exception in 1026.39(c) applies. You must provide the Closing Disclosure to members at least three business days before loan consummation. Conditional Waiver for Progress or Partial Payment. 3D WALKTHROUGH. For example, the statement required 1026.39(d)(5)(iii) that a new covered person may have a different partial payment policy may be disclosed using the language illustrated by form H-25, which states If this loan is sold, your new lender may have a different policy. The text illustrated by form H-25 may be modified to suit the format of the covered person's disclosure under 1026.39. When you buy a Loon Peak Diede 34'' Tall 2 - Door Accent Cabinet online from Wayfair, we make it as easy as possible for you to find out when your product will be delivered. Davenport, FL. In general, a disclosure document is supposed to provide details about a property's condition that might negatively affect its value. (1) Form of disclosures. 1026.60 Credit and charge card applications and solicitations. 2. If an agent or other party is authorized to receive the notice of the right to rescind and resolve issues concerning the consumer's payments on the loan, the disclosure can state that the consumer may contact that agent regarding any questions concerning the consumer's account without specifically mentioning rescission or payment issues. Full Disclosure. A covered person is not required to provide the disclosures required by this section if it sells, assigns or otherwise transfers all of its interest in the mortgage loan on or before the 30th calendar day following the date that it acquired the loan. If a mortgage loan is acquired by a covered person and subsequently sold, assigned, or otherwise transferred to another covered person, a single disclosure may be provided on behalf of both covered persons if the disclosure satisfies the timing and content requirements applicable to each covered person. For examples, if covered persons A and B enter into an agreement with the original creditor to jointly acquire the loan, and complete the acquisition on March 15 and March 25, respectively, a single disclosure must be provided on behalf of both persons on or before April 14. 1026.60 Credit and charge card applications and solicitations. partial awards. 2. The FAQs provide that to qualify for the BUILD Act partial exemption, a transaction must meet all of the following criteria: The loan must be a residential mortgage loan. View notice image. (c) Exceptions. The address of the mortgaged property along with the account number or loan number previously disclosed to the consumer, which may appear in a truncated format; ii. 2. Note that there are exceptions to this rule. Under the subheading Partial Payment: 1. 1026.40 Requirements for home equity plans. These prepaid items must show the period of time covered by the amount collected. (b) Disclosure required. A single disclosure for multiple transfers must state the name, address, and telephone number of each covered person unless 1026.39(d)(1)(ii) applies. 12.12.2 Short-term debt. See interpretation of Paragraph 39(d)(1) in Supplement I. Even though one covered person provides the disclosures for another covered person, each has a duty to ensure that disclosures related to its acquisition are accurate and provided in a timely manner unless an exception in 1026.39(c) applies. The origination fee covers all of the administrative costs associated with your mortgage application. Section 1026.39(d)(4) requires the covered person to disclose where transfer of ownership of the debt to the covered person is recorded if it has been recorded in public records. For example, if a covered person acquires a loan on March 15 with the intent to assign the loan to another entity on April 30, the covered person could mail the disclosure on or before April 14 to provide the required information for both entities and indicate when the subsequent transfer is expected to occur. Loan servicers. (f) Successor in interest. Partial Payments Your lender must pay these costs directly, possibly may accept payments that are less than the full amount due (partial payments) and apply them to your loan. Payment Cash Effective Decrease in Outstanding Interest Balance Balance 11,487,747 1 . iii. 1026.58 Internet posting of credit card agreements. (ii) A closed-end consumer credit transaction secured by a dwelling or real property. The fact that a person purchases or acquires mortgage loans and provides the disclosures under this section does not by itself make that person a creditor as defined in the regulation. (3) The name, address and telephone number of an agent or party authorized to receive notice of the right to rescind and resolve issues concerning the consumer's payments on the loan. 1026.35 Requirements for higher-priced mortgage loans. 201503_cfpb_tila-respa-integrated-disclosure-rule. Person A does not provide the disclosures under this section because the exception in 1026.39(c)(3) applies. 1026.22 Determination of annual percentage rate. In such cases, the information required by 1026.39(d)(1) may be provided only for that covered person. 1. 2. Transfer of partial interests. Mergers, corporate acquisitions, or reorganizations. Most common tax problem area: IRS return and account problems. 2 Baths. Generally, a defined benefit plan is one that defines an amount of benefit to be provided, usually as a function of one or more factors, such as age, years of service, or compensation. Closing Disclosure Page 3: Calculating Cash to Close For example, a covered person may provide a disclosure on March 31 stating that it acquired the loan on March 15 and that a transfer to another entity is expected to occur on or around April 30, even if more precise information will be available by April 14. If multiple persons are identified under this paragraph, the disclosure shall provide the name, address and telephone number for each and indicate the extent to which the authority of each person differs. In this example, a single disclosure for both covered persons would have to be provided on or before April 14 to satisfy the timing requirements for person A's acquisition of the loan on March 15. See interpretation of 39(e) Optional Disclosures in Supplement I. Section 1026.39(d)(1) requires a covered person to provide its name, address, and telephone number. For example, the statement required 1026.39(d)(5)(iii) that a new covered person may have a different partial payment policy may be disclosed using the language illustrated by form H-25, which states If this loan is sold, your new lender may have a different policy. The text illustrated by form H-25 may be modified to suit the format of the covered person's disclosure under 1026.39. i. 5.1. 2. Explore guides to help you plan for big financial goals, Subpart B - Open-End Credit 1026.51026.16, Subpart C - Closed-End Credit 1026.171026.24, Subpart D - Miscellaneous 1026.251026.30, Subpart E - Special Rules for Certain Home Mortgage Transactions 1026.311026.45, Subpart F - Special Rules for Private Education Loans 1026.461026.48, Subpart G - Special Rules Applicable to Credit Card Accounts and Open-End Credit Offered to College Students 1026.511026.61, Supplement I to Part 1026 - Official Interpretations, Official interpretation of Paragraph 39(a)(1), Official interpretation of Paragraph 39(a)(2), Official interpretation of 39(b) Disclosure Required, Official interpretation of 39(b)(1) Form of Disclosures, Official interpretation of 39(b)(4) Multiple Transfers, Official interpretation of 39(b)(5) Multiple Covered Person, Official interpretation of 39(c) Exceptions, Official interpretation of Paragraph 39(c)(1), Official interpretation of Paragraph 39(c)(2), Official interpretation of Paragraph 39(c)(3), Official interpretation of 39(d) Content of Required Disclosures, Official interpretation of Paragraph 39(d)(1), Official interpretation of Paragraph 39(d)(1)(i), Official interpretation of Paragraph 39(d)(1)(ii), Official interpretation of Paragraph 39(d)(3), Official interpretation of Paragraph 39(d)(4). Multiple covered persons, multiple disclosures. . Identifying the loan. The taxpayer must agree to pay 100% of the debt over a longer period of time, up to 120 months. 3. The exception in 1026.39(c)(2) applies regardless of whether the repurchase arrangement involves an intermediary party. Format of disclosure. 1026.2 Definitions and rules of construction. This must be at least 5 or 7% of your balance. 5.3. For examples, if covered persons A and B enter into an agreement with the original creditor to jointly acquire the loan, and complete the acquisition on March 15 and March 25, respectively, a single disclosure must be provided on behalf of both persons on or before April 14. 1. Although ASC 842 is considered to be a principle based standard there are specific required disclosures as follows: a) Information about the nature of its leases, including: A general description of those leases The basis and terms and conditions on which variable lease payments are determined Partial payment policy. 1026.39 Mortgage transfer disclosures. 1026.36 Prohibited acts or practices and certain requirements for credit secured by a dwelling. 5. A covered person may utilize the format of the disclosure illustrated by form H-25 of appendix H to this part for the information required to be disclosed by 1026.38(l)(5). A charitable organization must provide a written disclosure statement to donors of a quid pro quo contribution in excess of $75. Either person A or person B could provide the disclosure on behalf of both of them if the disclosure satisfies the timing and content requirements applicable to each of them. 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