Truth in Lending Simplification Amendments

Summary

Truth in Lending Simplification Amendments - Amends the Truth in Lending Act to exempt from the requirements of such Act transactions involving extensions of credit for agricultural purposes. Removes the exemption from disclosure for certain itemized charges. Makes changes with respect to administrative enforcement of the Truth in Lending Act. Prescribes civil penalties for violations of this Act. Removes the filing dates for specified annual reports. Directs the Board of Governors of the Federal Reserve System to prepare and make available to the public recommended language for provisions of contracts and other documents relating to transactions. Requires an obligor to make tender of property or any other consideration received from the creation when the creditor is notified of the exercise of the right to rescind. Eliminates the requirements of the Truth in Lending Act which require the periodic statement to include the annual percentage rate and payment date. Changes specified disclosure requirements with respect to the opening of an account under an open end consumer credit plan to certain sales under closed credit plans, and to closed end consumer loans. States that no creditor shall incur civil liability under the Truth in Lending Act where he is in substantial compliance with its provisions or where failure to disclose required information was not material to the obligor's awareness of the cost of credit.

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1 official file

• Introduced in House

  summary · EN · 29 November 1977

  Open at official source

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