A bill to impose restrictions on any extension of credit which is made by an person for the purpose of financing the purchase of an automobile which is principally assembled in Japan.

Summary

Prohibits extensions of credit for purchasing an automobile principally assembled in Japan from being: (1) in a principal amount which is greater than 85 percent of the purchase price; or (2) made for more than 25 months. Imposes a civil penalty for violation of such prohibition. Authorizes the Attorney General to sue for such penalty. Authorizes the President to recommend to Congress that such credit restriction be extended to other foreign countries.

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1 official file

• Introduced in House

  summary · EN · 25 March 1981

  Open at official source

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