CITE

    15 USC Sec. 1601                                            01/05/2009

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 41 - CONSUMER CREDIT PROTECTION
    SUBCHAPTER I - CONSUMER CREDIT COST DISCLOSURE
    Part A - General Provisions

HEAD

    Sec. 1601. Congressional findings and declaration of purpose

STATUTE

    (a) Informed use of credit
      The Congress finds that economic stabilization would be enhanced
    and the competition among the various financial institutions and
    other firms engaged in the extension of consumer credit would be
    strengthened by the informed use of credit. The informed use of
    credit results from an awareness of the cost thereof by consumers.
    It is the purpose of this subchapter to assure a meaningful
    disclosure of credit terms so that the consumer will be able to
    compare more readily the various credit terms available to him and
    avoid the uninformed use of credit, and to protect the consumer
    against inaccurate and unfair credit billing and credit card
    practices.
    (b) Terms of personal property leases
      The Congress also finds that there has been a recent trend toward
    leasing automobiles and other durable goods for consumer use as an
    alternative to installment credit sales and that these leases have
    been offered without adequate cost disclosures. It is the purpose
    of this subchapter to assure a meaningful disclosure of the terms
    of leases of personal property for personal, family, or household
    purposes so as to enable the lessee to compare more readily the
    various lease terms available to him, limit balloon payments in
    consumer leasing, enable comparison of lease terms with credit
    terms where appropriate, and to assure meaningful and accurate
    disclosures of lease terms in advertisements.

SOURCE

    (Pub. L. 90-321, title I, Sec. 102, May 29, 1968, 82 Stat. 146;
    Pub. L. 93-495, title III, Sec. 302, Oct. 28, 1974, 88 Stat. 1511;
    Pub. L. 94-240, Sec. 2, Mar. 23, 1976, 90 Stat. 257.)

AMENDMENTS

      1976 - Pub. L. 94-240 designated existing provisions as subsec.
    (a) and added subsec. (b).
      1974 - Pub. L. 93-495 inserted provisions expanding purposes of
    subchapter to include protection of consumer against inaccurate and
    unfair credit billing and credit card practices.
                     EFFECTIVE DATE OF 1976 AMENDMENT
      Amendment by Pub. L. 94-240 effective on expiration of one year
    after Mar. 23, 1976, see section 6 of Pub. L. 94-240, set out as an
    Effective Date note under section 1667 of this title.
                     EFFECTIVE DATE OF 1974 AMENDMENT
      For effective date of amendment by Pub. L. 93-495, see section
    308 of Pub. L. 93-495, set out as an Effective Date note under
    section 1666 of this title.
                              EFFECTIVE DATE
      Section 504(a) of Pub. L. 90-321 provided that this part is
    effective May 29, 1968.
                       SHORT TITLE OF 2008 AMENDMENT
      Pub. L. 110-315, title X, Sec. 1001, Aug. 14, 2008, 122 Stat.
    3478, provided that: "This title [enacting section 1650 of this
    title and sections 1019d and 9709 of Title 20, Education, amending
    sections 1602, 1603, 1638, and 1640 of this title, section 2903 of
    Title 12, Banks and Banking, and section 1092 of Title 20, and
    enacting provisions set out as notes under sections 1638 and 1640
    of this title, section 2903 of Title 12, and section 9709 of Title
    20] may be cited as the 'Private Student Loan Transparency and
    Improvement Act of 2008'."
      Pub. L. 110-289, div. B, title V, Sec. 2501, July 30, 2008, 122
    Stat. 2855, provided that: "This title [amending sections 1638 and
    1640 of this title and sections 24 and 338a of Title 12, Banks and
    Banking, and enacting provisions set out as a note under section
    1638 of this title] may be cited as the 'Mortgage Disclosure
    Improvement Act of 2008'."
      Pub. L. 110-241, Sec. 1, June 3, 2008, 122 Stat. 1565, provided
    that: "This Act [amending section 1681n of this title and enacting
    provisions set out as notes under section 1681n of this title] may
    be cited as the 'Credit and Debit Card Receipt Clarification Act of
    2007'."
                       SHORT TITLE OF 2003 AMENDMENT
      Pub. L. 108-159, Sec. 1(a), Dec. 4, 2003, 117 Stat. 1952,
    provided that: "This Act [enacting sections 1681c-1, 1681c-2, 1681s-
    3, 1681w, and 1681x of this title and sections 9701 to 9708 of
    Title 20, Education, amending sections 1681a, 1681b, 1681c, 1681g,
    1681i, 1681j, 1681m, 1681o, 1681p, 1681s, 1681s-2, 1681t, 1681u,
    and 1681v of this title and section 5318 of Title 31, Money and
    Finance, enacting provisions set out as notes under this section,
    sections 1681, 1681a, 1681b, 1681c, 1681c-1, 1681i, 1681j, 1681m,
    1681n, 1681s-2, 1681s-3 of this title, and section 9701 of Title
    20, and amending provisions set out as a note under this section]
    may be cited as the 'Fair and Accurate Credit Transactions Act of
    2003'."
                       SHORT TITLE OF 1999 AMENDMENT
      Pub. L. 106-102, title VII, Sec. 701, Nov. 12, 1999, 113 Stat.
    1463, provided that: "This subtitle [subtitle A (Secs. 701-705) of
    title VII of Pub. L. 106-102, amending sections 1693b, 1693c, and
    1693h of this title] may be cited as the 'ATM Fee Reform Act of
    1999'."
                       SHORT TITLE OF 1998 AMENDMENT
      Pub. L. 105-347, Sec. 1, Nov. 2, 1998, 112 Stat. 3208, provided
    that: "This Act [amending sections 1681a to 1681c, 1681g, 1681i,
    1681k, and 1681s of this title and enacting provisions set out as a
    note under section 1681a of this title] may be cited as the
    'Consumer Reporting Employment Clarification Act of 1998'."
                       SHORT TITLE OF 1996 AMENDMENT
      Pub. L. 104-208, div. A, title II, Sec. 2401, Sept. 30, 1996, 110
    Stat. 3009-426, provided that: "This chapter [chapter 1 (Secs. 2401-
    2422) of subtitle D of title II of div. A of Pub. L. 104-208,
    enacting section 1681s-2 of this title, amending sections 1681a to
    1681e, 1681g to 1681j, 1681m to 1681o, 1681q to 1681s, and 1681t of
    this title, and enacting provisions set out as notes under sections
    1681a, 1681b, and 1681g of this title] may be cited as the
    'Consumer Credit Reporting Reform Act of 1996'."
                      SHORT TITLE OF 1995 AMENDMENTS
      Pub. L. 104-29, Sec. 1, Sept. 30, 1995, 109 Stat. 271, provided
    that: "This Act [enacting section 1649 of this title, amending
    sections 1605, 1631, 1635, 1640, and 1641 of this title, and
    enacting provisions set out as notes under section 1605 of this
    title] may be cited as the 'Truth in Lending Act Amendments of
    1995'."
      Pub. L. 104-12, Sec. 1, May 18, 1995, 109 Stat. 161, provided
    that: "This Act [amending section 1640 of this title] may be cited
    as the 'Truth in Lending Class Action Relief Act of 1995'."
                       SHORT TITLE OF 1994 AMENDMENT
      Pub. L. 103-325, title I, Sec. 151, Sept. 23, 1994, 108 Stat.
    2190, provided that: "This subtitle [subtitle B (Secs. 151-158) of
    title I of Pub. L. 103-325, enacting sections 1639 and 1648 of this
    title, amending sections 1602, 1604, 1610, 1640, 1641, and 1647 of
    this title, and enacting provisions set out as notes under this
    section and section 1602 of this title] may be cited as the 'Home
    Ownership and Equity Protection Act of 1994'."
                       SHORT TITLE OF 1992 AMENDMENT
      Pub. L. 102-537, Sec. 1, Oct. 27, 1992, 106 Stat. 3531, provided
    that: "This Act [enacting section 1681s-1 of this title, amending
    section 1681a of this title, and enacting provisions set out as a
    note under section 1681a of this title] may be cited as the 'Ted
    Weiss Child Support Enforcement Act of 1992'."
                      SHORT TITLE OF 1988 AMENDMENTS
      Pub. L. 100-709, Sec. 1, Nov. 23, 1988, 102 Stat. 4725, provided
    that: "This Act [enacting sections 1637a, 1647, and 1665b of this
    title, amending sections 1632 and 1637 of this title, and enacting
    provisions set out as notes under section 1637a of this title] may
    be cited as the 'Home Equity Loan Consumer Protection Act of
    1988'."
      Pub. L. 100-583, Sec. 1, Nov. 3, 1988, 102 Stat. 2960, provided
    that: "This Act [amending sections 1610, 1632, 1637, 1640, and 1646
    of this title and enacting provisions set out as a note under
    section 1637 of this title] may be cited as the 'Fair Credit and
    Charge Card Disclosure Act of 1988'."
                       SHORT TITLE OF 1981 AMENDMENT
      Pub. L. 97-25, Sec. 1, July 27, 1981, 95 Stat. 144, provided:
    "That this Act [amending sections 1602 and 1666f of this title,
    section 29 of Title 12, Banks and Banking, and sections 205 and 212
    of Title 42, The Public Health and Welfare; enacting provisions set
    out as notes under this section and sections 1602 and 1666f of this
    title; and amending provisions set out as notes under sections 1602
    and 1666f of this title] may be cited as the 'Cash Discount Act'."
                       SHORT TITLE OF 1980 AMENDMENT
       Pub. L. 96-221, title VI, Sec. 601, Mar. 31, 1980, 94 Stat. 168,
    provided that: "This title [enacting section 1646 of this title,
    amending sections 57a, 1602 to 1607, 1610, 1612, 1613, 1631, 1632,
    1635, 1637, 1638, 1640, 1641, 1643, 1663, 1664, 1665a, 1666, 1666d,
    1667d, and 1691f of this title, repealing sections 1614, 1636, and
    1639 of this title, and enacting provisions set out as notes under
    sections 1602 and 1607 of this title] may be cited as the 'Truth in
    Lending Simplification and Reform Act'."
                      SHORT TITLE OF 1976 AMENDMENTS
      Section 1 of Pub. L. 94-240 provided that: "This Act [enacting
    sections 1667 to 1667e of this title, amending this section and
    section 1640 of this title, and enacting provisions set out as a
    note under section 1667 of this title] may be cited as the
    'Consumer Leasing Act of 1976'."
      Pub. L. 94-239, Sec. 1(a), Mar. 23, 1976, 90 Stat. 251, provided
    that: "This Act [enacting section 1691f of this title, amending
    this section and sections 1691b, 1691c, 1691d, 1691e of this title,
    repealing section 1609 of this title, enacting provisions set out
    as notes under this section, and repealing provision set out as a
    note under this section] may be cited as the 'Equal Credit
    Opportunity Act Amendments of 1976'."
      Section 1(c) of Pub. L. 94-239 repealed section 501 of Pub. L. 93-
    495, title V, Oct. 28, 1974, 88 Stat. 1521, which provided that
    subchapter IV of this chapter and notes set out under section 1691
    were to be cited as the "Equal Credit Opportunity Act".
                       SHORT TITLE OF 1974 AMENDMENT
      Section 301 of title III of Pub. L. 93-495 provided that: "This
    title [enacting sections 1666 to 1666j of this title, amending this
    section and sections 1602, 1610, 1631, 1632, and 1637 of this
    title, and enacting provision set out as a note under section 1666
    of this title] may be cited as the 'Fair Credit Billing Act'."
                                SHORT TITLE
      Section 1 of Pub. L. 90-321 provided that: "This Act [enacting
    this chapter, sections 891 to 896 of Title 18, Crimes and Criminal
    Procedure, and provisions set out as notes under this section,
    sections 1631 and 1671 of this title, and section 891 of Title 18]
    may be cited as the 'Consumer Credit Protection Act'."
      Section 101 of title I of Pub. L. 90-321 provided that: "This
    title [enacting this subchapter] may be cited as the 'Truth in
    Lending Act'."
      Section 401 of title IV of Pub. L. 90-321, as added by Pub. L.
    104-208, div. A, title II, Sec. 2451, Sept. 30, 1996, 110 Stat.
    3009-454, provided that: "This title [enacting subchapter II-A of
    this chapter] may be cited as the 'Credit Repair Organizations
    Act'."
      Section 601 of title VI of Pub. L. 90-321, as added by Pub. L. 91-
    508, title VI, Sec. 601, Oct. 26, 1970, 84 Stat. 1128, as amended
    by Pub. L. 108-159, title VIII, Sec. 811(a), Dec. 4, 2003, 117
    Stat. 2011, provided that: "This title [enacting subchapter III of
    this chapter] may be cited as the 'Fair Credit Reporting Act'."
      Section 709 of title VII of Pub. L. 90-321, as added by section
    1(b) of Pub. L. 94-239, Mar. 23, 1976, 90 Stat. 251, provided that:
    "This title [enacting subchapter IV of this chapter and notes set
    out under section 1691 of this title] may be cited as the 'Equal
    Credit Opportunity Act'."
      Section 801 of title VIII of Pub. L. 90-321, as added by Pub. L.
    95-109, Sept. 20, 1977, 91 Stat. 874, provided that: "This title
    [enacting subchapter V of this chapter] may be cited as the 'Fair
    Debt Collection Practices Act'."
      Section 901 of title IX of Pub. L. 90-321, as added Pub. L. 95-
    630, title XX, Sec. 2001, Nov. 10, 1978, 92 Stat. 3728, provided
    that: "This title [enacting subchapter VI of this chapter] may be
    cited as the 'Electronic Fund Transfer Act'."
                               SEVERABILITY
      Section 501 of Pub. L. 90-321 provided that: "If a provision
    enacted by this Act [see Short Title note above], is held invalid,
    all valid provisions that are severable from the invalid provision
    remain in effect. If a provision enacted by this Act is held
    invalid in one or more of its applications, the provision remains
    in effect in all valid applications that are severable from the
    invalid application or applications."
     ANALYSIS OF FURTHER RESTRICTIONS ON OFFERS OF CREDIT OR INSURANCE
      Pub. L. 108-159, title II, Sec. 213(e), Dec. 4, 2003, 117 Stat.
    1979, provided that:
      "(1) In general. - The Board shall conduct a study of -
        "(A) the ability of consumers to avoid receiving written offers
      of credit or insurance in connection with transactions not
      initiated by the consumer; and
        "(B) the potential impact that any further restrictions on
      providing consumers with such written offers of credit or
      insurance would have on consumers.
      "(2) Report. - The Board shall submit a report summarizing the
    results of the study required under paragraph (1) to the Congress
    not later than 12 months after the date of enactment of this Act
    [Dec. 4, 2003], together with such recommendations for legislative
    or administrative action as the Board may determine to be
    appropriate.
      "(3) Content of report. - The report described in paragraph (2)
    shall address the following issues:
        "(A) The current statutory or voluntary mechanisms that are
      available to a consumer to notify lenders and insurance providers
      that the consumer does not wish to receive written offers of
      credit or insurance.
        "(B) The extent to which consumers are currently utilizing
      existing statutory and voluntary mechanisms to avoid receiving
      offers of credit or insurance.
        "(C) The benefits provided to consumers as a result of
      receiving written offers of credit or insurance.
        "(D) Whether consumers incur significant costs or are otherwise
      adversely affected by the receipt of written offers of credit or
      insurance.
        "(E) Whether further restricting the ability of lenders and
      insurers to provide written offers of credit or insurance to
      consumers would affect -
          "(i) the cost consumers pay to obtain credit or insurance;
          "(ii) the availability of credit or insurance;
          "(iii) consumers' knowledge about new or alternative products
        and services;
          "(iv) the ability of lenders or insurers to compete with one
        another; and
          "(v) the ability to offer credit or insurance products to
        consumers who have been traditionally underserved."
      [For definitions of terms used in section 213(e) of Pub. L. 108-
    159, set out above, see section 2 of Pub. L. 108-159, set out as a
    Definitions note under section 1681 of this title.]
       FEDERAL RESERVE STUDY OF HOME EQUITY LENDING AND APPROPRIATE
                            INTEREST RATE INDEX
      Pub. L. 103-325, title I, Sec. 157, Sept. 23, 1994, 108 Stat.
    2197, provided that: "During the period beginning 180 days after
    the date of enactment of this Act [Sept. 23, 1994] and ending 2
    years after that date of enactment, the Board of Governors of the
    Federal Reserve System shall conduct a study and submit to the
    Congress a report, including recommendations for any appropriate
    legislation, regarding -
        "(1) whether a consumer engaging in an open end credit
      transaction (as defined in section 103 of the Truth in Lending
      Act [15 U.S.C. 1602]) secured by the consumer's principal
      dwelling is provided adequate protections under Federal law,
      including section 127A of the Truth in Lending Act [15 U.S.C.
      1637a]; and
        "(2) whether a more appropriate interest rate index exists for
      purposes of subparagraph (A) of section 103(aa)(1) of the Truth
      in Lending Act (as added by section 152(a) of this Act [15 U.S.C.
      1602(aa)(1)(A)]) than the yield on Treasury securities referred
      to in that subparagraph."
                      HEARINGS ON HOME EQUITY LENDING
      Pub. L. 103-325, title I, Sec. 158, Sept. 23, 1994, 108 Stat.
    2197, provided that:
      "(a) Hearings. - Not less than once during the 3-year period
    beginning on the date of enactment of this Act [Sept. 23, 1994],
    and regularly thereafter, the Board of Governors of the Federal
    Reserve System, in consultation with the Consumer Advisory Council
    of the Board, shall conduct a public hearing to examine the home
    equity loan market and the adequacy of existing regulatory and
    legislative provisions and the provisions of this subtitle [see
    Short Title of 1994 Amendment note above] in protecting the
    interests of consumers, and low-income consumers in particular.
      "(b) Participation. - In conducting hearings required by
    subsection (a), the Board of Governors of the Federal Reserve
    System shall solicit participation from consumers, representatives
    of consumers, lenders, and other interested parties."
      STUDY BY FEDERAL RESERVE BOARD OF GOVERNORS COVERING EFFECT OF
        CHARGE CARD TRANSACTIONS UPON CARD ISSUERS, MERCHANTS, AND
                                 CONSUMERS
      Pub. L. 97-25, title II, Sec. 202, July 27, 1981, 95 Stat. 145,
    directed Board of Governors of Federal Reserve System, not later
    than 2 years after July 27, 1981, to prepare a study and submit its
    findings to Congress on the effect of charge card transactions upon
    card issuers, merchants, and consumers.
    INFERENCE OF LEGISLATIVE INTENT IN SECTION CAPTIONS AND CATCHLINES
      Section 502 of Pub. L. 90-321 provided that: "Captions and
    catchlines are intended solely as aids to convenient reference, and
    no inference as to the legislative intent with respect to any
    provision enacted by this Act [enacting this chapter, section 891
    to 896 of Title 18, Crimes and Criminal Procedure, and provisions
    set out as notes under this section, sections 1631 and 1671 of this
    title, and section 891 of Title 18] may be drawn from them."
                            GRAMMATICAL USAGES
      Section 503 of Pub. L. 90-321 provided that: "In this Act
    [enacting this chapter, sections 891 to 896 of Title 18, Crimes and
    Criminal Procedure, and provisions set out as notes under sections
    1601, 1631 and 1671 of this title, and section 891 of Title 18]:
        "(1) The word 'may' is used to indicate that an action either
      is authorized or is permitted.
        "(2) The word 'shall' is used to indicate that an action is
      both authorized and required.
        "(3) The phrase 'may not' is used to indicate that an action is
      both unauthorized and forbidden.
        "(4) Rules of law are stated in the indicative mood."
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