Truth in Lending Act Amendments

Summary

Truth in Lending Act Amendments - Title I: Fair Credit Billing Act - Extends the purpose of the Truth in Lending Act to include the protection of the consumer against inaccurate and unfair credit billing and credit card practices. Adds a new chapter to the Truth in Lending Act making specific regulations to protect the consumer in the following areas: (1) corrections of billing errors; (2) notice and length of time in acting upon credit reports; (3) crediting of an obligor's account promptly; (4) crediting of an obligor's account to indicate excess payment; (5) prompt notification to a creditor of the return of merchandise purchased on credit; (6) prohibition against imposing a finance charge on the remaining balance of an account after the overdue amount has been paid in full; (7) regulations as to the manner and mode in which finance charges may be imposed; (8) regulations as to those discounts which may be given to a credit card holder by the seller as an incentive for the card holder to pay in cash; (9) regulations preventing the issuer of a credit card from requiring the seller to procure after services from the issuer as a condition to participating in the credit card plan; and (10) regulations concerning the actions and procedures which may be taken by a credit card issuer due to a card holder's indebtedness. Outlines those claims and defenses which a card issuer is subject to and may plead. Establishes an exemption from the Act for credit transactions primarily involving agriculture in which the amount financed exceeds $25,000. Gives the Fair Credit Administration administrative enforcement powers under this Act with respect to any Federal land bank, Federal land bank association, Federal intermediate credit bank, or production credit association. Establishes the time limitation for an obligor's right of recession. Exempts the Board of Governors of the Federal Reserve System from civil liability for specified acts done or ommitted in good faith. Gives a right of recovery against any person for a multiple failure to disclose information required under this Act. Establishes liability limitations for individual and class actions. Requires that any extension of credit be identified by amount and date. Exempts any State agency from initial right of recession by a creditor.

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1 official file

• Introduced in Senate

  summary · EN · 20 February 1973

  Open at official source

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