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TITLE 15 - CHAPTER 41 - SUBCHAPTER I

Part A - General Provisions

Truth In Lending Act

Summary:

"Open-end" credit disclosures cover credit cards, open-end consumer credit transactions, and/or charge cards. These acts require specific disclosures before the initial disclosure statement for credit. Cardholder is given 15-days prior notice of a change in terms. Disclosures must be made in a clear manner and it must be made in writing.

Other than a "card renewal", this act prohibits issuing a credit card unless it is in response to written or oral agreementl.

Under the Home Ownership and Equity Protection Act of 1994 more disclosures were set. Creditors/lenders must now make additional disclosures as well as comply on specific practices (related to APR, points, fees, etc...) on closed-end home equity loans.

If a consumer credit advertiser uses specific triggering terms in their ads, they must also provide terms and/or additional information.

Sets a $50 maximum limit a cardholder is required to pay for the unauthorized use of a card

Subsection:

1601 Congressional Findings and Declaration of Purpose

1602 Definitions and Rules of Construction

1603 Exempted Transactions

1604 Disclosure Guidelines

1605 Determination of Finance Charge

1606 Determination of Annual Percentage Rate

1607 Administrative Enforcement

1608 Views of Other Agencies

1609 Repealed

1610 Effect on Other Laws

1611 Criminal Liability for Willful and Knowing Violation

1612 Effect on Government Agencies

1613 Annual Reports to Congress by Board

1614 Repealed

1615 Prohibition on use of “Rule of 78’s” in Connection with Mortgage Refinancings and Other Consumer Loans