Truth in Lending Simplification and Reform Act

Summary

Truth in Lending Simplification and Reform Act - Amends the Truth in Lending Act to eliminate credit transactions for agricultural purposes from coverage under such Act. Requires a State to enforce requirements under applicable State truth in lending law when such State has been exempted from application of Federal law governing credit transactions within the State because of such similar State law. Requires agencies enforcing such Act to obtain compliance by notifying the debtor of rights under such Act when the creditor fails to comply with its provisions or by publicizing the fact of a creditor's sustained and substantial violations. Sets limitations on the time within which civil actions may be brought to enforce such Act. Directs the Board of Governors of the Federal Reserve System to issue model forms and clauses, for use in common transactions, describing the transaction in understandable language. Exempts creditors who use such forms from liability under such Act. Requires a creditor extending consumer credit either through a consumer credit sale or other transaction, neither of which is under an open end credit plan, to itemize the amount of the finance charge if it contains more than one charge. Clarifies a creditor's liability for failure to disclose specified information. Requires the Board to publish annual percentage rates charged by all creditors in specified standard metropolitan statistical areas.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 20 April 1977

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.