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(a) At the time that a consumer makes an initial application to a creditor for a home equity loan in person, or within three business days if the consumer applies by mail or telephone, the creditor shall provide the applicant with a disclosure in either of the following forms:\n(1) The statement: 'THIS HOME EQUITY LOAN THAT YOU ARE APPLYING FOR WILL BE SECURED BY A MORTGAGE AGAINST YOUR HOME AND FAILURE TO REPAY THE LOAN FOR ANY REASON COULD CAUSE YOU TO LOSE YOUR HOME!'\n(2) A statement to the effect that a home equity loan is secured by a mortgage against the home of the consumer and in the event of any default the consumer risks the loss of the home.\n(b) The disclosure required in subsection (a) of this section shall be made by either of the following means:\n(1) A separate and specific document attached to or accompanying the application.\n(2) A clear and conspicuous statement on the application.\n(c) On every home equity loan in which there is a balloon payment, there shall be printed or clearly stamped on the mortgage or other instrument signed by the consumer by which the consumer grants a security interest against the consumer's dwelling a statement in substantially the

printed or clearly stamped on the mortgage or other instrument signed by the consumer by which the consumer grants a security interest against the consumer's dwelling a statement in substantially the following form:\n(d) A creditor of a home equity loan shall provide to the consumer all disclosures required by the Truth in Lending Act of the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.) and regulations issued pursuant thereto.\n(e) To the extent that the provisions of this section are inconsistent with respect to disclosure, advertisement, terminology, form, content or other requirements of the Truth in Lending Act of the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.) and regulations issued pursuant thereto, compliance with said federal law and regulations shall be deemed to be compliance with this section.