Truth in Lending Simplification Act

Summary

Truth in Lending Simplification Act - Amends the Truth in Lending Act to make changes in the statement of purpose and in the definitions of the Act. Adds as an exemption to such Act the extension of credit primarily for agricultural purposes. Requires disclosure under this Act for consumer credit transactions which meet the following requirements: (1) extension of credit; (2) contract for or imposition of a finance charge, a written agreement which permits payment of the credit in more than four installments, or the right to use a credit card or similar device; (3) a consumer recipient; and (4) a creditor who regularly and in the ordinary course of business extends credit. Sets forth rules for the determination of finance charges including the special rules for residential mortgage transactions and for computation of insurance premiums. Directs the Board of Governors of the Federal Reserve System to prescribe regulations to carry out the purposes of this Title. Makes changes in the general disclosure requirements of credit transactions. Names parties who must make, and those who must receive, disclosures. Specifies the timing of disclosures for various types of transactions. Extends the protection surrounding the consumer's right to recission in transactions where a security interest is retained or acquired in property to be used as the principal dwelling place of the consumer. Increases the number of items which must appear in the Truth in Lending statements for closed and open end credit transactions. Makes any creditor in violation of this Act liable for actual damages, statutory damages under specified circumstances, and legal and attorneys fees. Sets forth the factors to be taken into account in determining damages in class actions and multiple consumer suits. States that a civil action brought against a creditor for violations of this Act may be maintained against any subsequent assignee of the creditor if the violation for which suit is brought is apparent on the face of the disclosure statement.

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1 official file

• Introduced in Senate

  summary · EN · 13 July 1977

  Open at official source

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