TILA – The Truth in Lending Act of 1968, Pub. L. No. 90-321
TILA was enacted to promote the informed use of consumer credit, by requiring disclosures about the terms and costs, and to standardize the manner in which costs associated with borrowing are calculated and disclosed.
TILA amendments were enacted as United States Public Law 104-29 on September 30, 1995; compiled at 109 Stat. 271; and codified at 15 USC 1601 to 1693.
“An Act — To amend the Truth in Lending Act to clarify the intent of such Act and to reduce burdensome regulatory requirements on creditors.”
Section 1 – “This Act may be cited as the Truth In Lending Act Amendments of 1995”, 15 USC 1601.
SUBCHAPTER I—CONSUMER CREDIT COST DISCLOSURE
Part A—General Provisions
§1601. Congressional findings and declaration of purpose
(a) Informed use of credit
The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.
Part B – Credit Transactions
Secs. 1631 to 1651
Part C – Credit Advertising and Limits on Credit Card Fees
Secs. 1661 to 1665e
Part D—Credit Billing
Secs. 1666 to 1666j
Part E—Consumer Leases
Secs. 1667 to 1667f
SUBCHAPTER II—RESTRICTIONS ON GARNISHMENT
Secs. 1671 to 1677
SUBCHAPTER II–A—CREDIT REPAIR ORGANIZATIONS
Secs. 1679 to 1679j
SUBCHAPTER III—CREDIT REPORTING AGENCIES
Secs. 1681 to 1681x
SUBCHAPTER IV—EQUAL CREDIT OPPORTUNITY
Secs. 1691 to 1691f
SUBCHAPTER V—DEBT COLLECTION PRACTICES
Secs. 1692 to 1692p
SUBCHAPTER VI—ELECTRONIC FUND TRANSFERS
Secs. 1693 to 1693r
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