Federal Register / Vol. 60, No. 245 / Thursday, December 21, 1995 / Proposed Rules 66181

end plan would include closing costs

and insurance premiums as finance

charges, but those fees would not be

included in the APR stated in

advertisements or account-opening

disclosures, unless the current rules on

calculating the APR are changed.

III. Abusive Refinancing Practices

The act and regulation allow

consumers to cancel (or rescind) certain

credit transactions secured by the

consumer’s principal dwelling. For

example, the right of rescission applies

if a consumer’s principal dwelling is

used to secure a loan financing home

improvements or a child’s education.

Other loans secured by a consumer’s

principal dwelling are not rescindable,

such as a loan for a business purpose.

A consumer’s right to rescind a

refinanced loan depends on both the

creditor and amount of money involved.

If the creditor refinancing the loan is the

same creditor that initially extended the

credit, consumers may rescind the

refinancing only to the extent new

monies are advanced. For example, if a

consumer’s principal dwelling secures a

loan with a creditor and the consumer

seeks to refinance an outstanding

balance of $100,000 with the same

creditor, the transaction is not

rescindable. If the consumer obtains

$25,000 in an additional advance, the

refinancing could be rescinded up to the

new advance of $25,000. If the

consumer refinances the loan with a

new creditor instead, the entire

transaction is rescindable, whether or

not new monies are advanced.

The Board’s report must include

recommendations, if any, for statutory

or regulatory changes necessary to

address abusive refinancing practices

engaged in by a creditor for the purpose

of avoiding a consumer’s rescission

rights. Comment is requested on the

issue.

IV. Form of Comment Letters

Comment letters should refer to

Docket No. R–0908, and, when possible,

should use a standard courier typeface

with a type size of 10 or 12 characters

per inch. This will enable the Board to

convert the text to machine-readable

form through electronic scanning, and

will facilitate automated retrieval of

comments for review. Also, if

accompanied by an original document

in paper form, comments may be

submitted on 31⁄2 inch or 51⁄4 inch

computer diskettes in any IBMcompatible DOS-based format.

By order of the Board of Governors of the

Federal Reserve System, December 15, 1995.

William W. Wiles,

Secretary of the Board.

[FR Doc. 95–30994 Filed 12–20–95; 8:45 am]

BILLING CODE 6210–01–P

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Chapter I

[Summary Notice No. PR–95–4]

Petition for Rulemaking; Summary of

Petitions Received; Dispositions of

Petitions Issued

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Notice of petitions for

rulemaking received and of dispositions

of prior petitions.

SUMMARY: Pursuant to FAA’s rulemaking

provisions governing the application,

processing, and disposition of petitions

for rulemaking (14 CFR part 11), this

notice contains a summary of certain

petitions requesting the initiation of

rulemaking procedures for the

amendment of specified provisions of

the Federal Aviation Regulations and of

denials or withdrawals of certain

petitions previously received. The

purpose of this notice is to improve the

public’s awareness of, and participation

in, this aspect of FAA’s regulatory

activities. Neither publication of this

notice nor the inclusion or omission of

information in the summary is intended

to affect the legal status of any petition

or its final disposition.

DATES: Comments on petitions received

must identify the petition docket

number involved and must be received

January 19, 1996.

ADDRESSES: Send comments on any

petition in triplicate to: Federal

Aviation Administration, Office of the

Chief Counsel, Attn: Rules Docket

No.llll, 800 Independence

Avenue, SW., Washington, D.C. 20591.

The petition, any comments received,

and a copy of any final disposition are

filed in the assigned regulatory docket

and are available for examination in the

Rules Docket (AGC–200), Room 915G,

FAA headquarters Building (FOB 10A),

800 Independence Ave., SW.,

Washington, D.C. 20591; telephone

(202) 267–3132. Comments may also be

sent electronically to the following

internet address:

nprmcmts@mail.hq.faa.gov.

FOR FURTHER INFORMATION CONTACT: Mr.

D. Michael Smith, Office of Rulemaking

(ARM–1), Federal Aviation

Administration, 800 Independence

Avenue, SW, Washington, DC 20591;

telephone (202) 267–7470.

This notice is published pursuant to

paragraphs (b) and (f) of § 11.27 of part

11 of the Federal Aviation Regulations

(14 CFR part 11).

Donald P. Byrne,

Assistant Chief Counsel for Regulations.

Petitions for Rulemaking

Docket No.: 28376.

Petitioner: National Business Aircraft

Association, Inc.

Regulations Affected: 14 CFR 91.501.

Description of Rulechange Sought: To

add a new paragraph (e) to § 91.501

defining the word ‘‘company’’ as it is

used in § 91.501(b)(5) and (6) to include

a governmental agency and

governmental corporation, as well as

defining the words ‘‘parent’’ and

‘‘subsidiary’’ to include another

governmental agency or governmental

corporation within the same local, state,

or federal jurisdiction. This amendment,

if granted, would include government

aircraft operations with corporate

aircraft operations under part 91 and,

therefore, allow government agencies to

recover the costs of owning, operating,

and maintaining their aircraft in certain

circumstances.

Petitioner’s Reason for the Request:

The petitioner feels that the current

regulatory scheme discriminates against

government owners and operators of

civil aircraft without justification.

[FR Doc. 95–31015 Filed 12–20–95; 8:45 am]

BILLING CODE 4910–13–M

14 CFR Part 71

[Airspace Docket No. 95–ANE–35]

Proposed Alteration of V–99, V–451

and J–62

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking.

SUMMARY: This proposed rule would

alter Federal Airways V–99, V–451 and

Jet Route J–62 in Massachusetts and

Connecticut. Specific portions of each of

the airways and jet route are no longer

necessary for navigation and would be

revoked. Removing the obsolete

segments would eliminate clutter on the

aeronautical charts.

DATES: Comments must be received on

or before February 2, 1996.

ADDRESSES: Send comments on the

proposal in triplicate to: Manager, Air

Traffic Division, ANE–500, Docket No.

95–ANE–35, Federal Aviation