A bill to amend the Truth-in-Lending Act to facilitate administrative enforcement.

Summary

Amends the Truth in Lending Act to redefine the term "open end credit" for purposes of disclosure requirements. Augments the authority of the Federal Trade Commission to enforce the requirements of the Truth in Lending Act by deeming violations to be unfair or deceptive practices for purposes of the Federal Trade Commission Act regardless of jurisdictional tests contained in such Act. Permits any agency having jurisdiction over an original creditor in a proceeding involving the right to recission to join to the proceeding any subsequent assignee for purposes of enforcing such right. Extends aggrieved consumers a right of action in Federal district courts in order to enforce the right to rescind. Tolls the three-year limitation on the enforcement of the right of rescission if any administrative agency institutes a formal proceeding regarding recission within that period. States that the notice of billing required under the Fair Credit Billing Act shall list the type of errors which a consumer is entitled to dispute. Requires creditors to make a good faith effort to refund credit balances due consumers if such amount remains in the account for over six months.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 9 June 1977

  Open at official source

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