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Truth in Lending: (a) Individual or class action for damages; amount of award; factors determining amount of award

Except as otherwise provided in this section, any creditor who fails to comply with any requirement imposed under this part, including any requirement under section 1635 of this title, subsection (f) or (g) of section 1641 of this title, or part D or E of this subchapter with respect to any person is liable to such person in an amount equal to the sum of—

(1) any actual damage sustained by such person as a result of the failure;

Truth in Lending: (b) Correction of errors

A creditor or assignee has no liability under this section or section 1607 of this title or section 1611 of this title for any failure to comply with any requirement imposed under this part or part E, if within sixty days after discovering an error, whether pursuant to a final written examination report or notice issued under section 1607(e)(1) of this title or through the creditor’s or assignee’s own procedures, and prior to the institution of an action under this section or the receipt of written notice of the error from the obligor, the creditor or assignee notifies

Truth in Lending: (c) Unintentional violations; bona fide errors

A creditor or assignee may not be held liable in any action brought under this section or section 1635 of this title for a violation of this subchapter if the creditor or assignee shows by a preponderance of evidence that the violation was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any such error.

Truth in Lending: (e) Jurisdiction of courts; limitations on actions; State attorney general enforcement

Except as provided in the subsequent sentence, any action under this section may be brought in any United States district court, or in any other court of competent jurisdiction, within one year from the date of the occurrence of the violation or, in the case of a violation involving a private education loan (as that term is defined in section 1650(a)), 1 year from the date on which the first regular payment of principal is due under the loan.

Truth in Lending: (f) Good faith compliance with rule, regulation, or interpretation of Bureau or with interpretation or approval of duly authorized official or employee of Federal Reserve System

No provision of this section, section 1607(b) of this title, section 1607(c) of this title, section 1607(e) of this title, or section 1611 of this title imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule, regulation, or interpretation thereof by the Bureau or in conformity with any interpretation or approval by an official or employee of the Federal Reserve System duly authorized by the Bureau to issue such interpretations or approvals under such procedures as the Bureau may prescribe therefor, notwithstanding that a

Truth in Lending: (g) Recovery for multiple failures to disclose

The multiple failure to disclose to any person any information required under this part or part D or E of this subchapter to be disclosed in connection with a single account under an open end consumer credit plan, other single consumer credit sale, consumer loan, consumer lease, or other extension of consumer credit, shall entitle the person to a single recovery under this section but continued failure to disclose after a recovery has been granted shall give rise to rights to additional recoveries.

Truth in Lending: (i) Class action moratorium

(1) In general

During the period beginning on May 18, 1995, and ending on October 1, 1995, no court may enter any order certifying any class in any action under this subchapter—

(A) which is brought in connection with any credit transaction not under an open end credit plan which is secured by a first lien on real property or a dwelling and constitutes a refinancing or consolidation of an existing extension of credit; and

Truth in Lending: Amendment History

[Pub. L. No. 90-321, 82 Stat. 157 (May 29, 1968); Pub. L. No. 93-495, 88 Stat. 1518 (Oct. 28, 1974); Pub. L. No. 94-222, 90 Stat. 197 (Feb. 27, 1976); Pub. L. No. 94-240, 90 Stat. 260 (Mar. 23, 1976); Pub. L. No. 96-221, 94 Stat. 180 (Mar. 31, 1980); Pub. L. No. 100-583, 102 Stat. 2966 (Nov. 3, 1988); Pub. L. No. 103-325, 108 Stat. 2195 (Sept. 23, 1994); Pub. L. No. 104-12, 109 Stat. 161 (May 18, 1995); Pub. L. No. 104-29, 109 Stat. 274 (Sept. 30, 1995); Pub. L. No. 111-203, §§ 1100A, 1413, 1416–1417, 1422, 124 Stat. 1376, 2107, 2149, 2153, 2157 (July 21, 2010)]

Truth in Lending: Legislative History

15 U.S.C. §§ 1601–1666j; Pub. L. No. 90-321, 82 Stat. 146 (May 29, 1968); as amended by Pub. L. No. 91-508, 84 Stat. 1126 (Oct. 26, 1970); Pub. L. No. 93-495, 88 Stat. 1511 (Oct. 28, 1974); Pub. L. No. 94-240, 90 Stat. 257 (Feb. 27, 1976); Pub. L. No. 96-221, 94 Stat. 168 (March 31, 1980); Pub. L. No. 97-25, 95 Stat. 144 (July 27, 1981); Pub. L. No. 97-320, 96 Stat. 1538 (Oct. 1, 1982); Pub. L. No. 100-583, 102 Stat. 2960 (Nov. 3, 1988); Pub. L. No. 100-709, 102 Stat. 4725 (Nov. 23, 1988); Pub. L. No. 103-325, 108 Stat. 2160 (Sept. 23, 1994); Pub. L. No. 104-29, 109 Stat.

Truth in Lending: 1601 NOTE (Selected Provisions)

EFFECTIVE DATE OF 2010 AMENDMENT

Pub. L. 111–203, title XIV, § 1400(c), July 21, 2010, 124 Stat. 2136, provided that:

“(1) REGULATIONS.—The regulations required to be prescribed under this title [see Tables for classification] or the amendments made by this title shall—

(A) be prescribed in final form before the end of the 18-month period beginning on the designated transfer date; and

(B) take effect not later than 12 months after the date of issuance of the regulations in final form.

Truth in Lending: § 1602(a) – (i)

(a) The definitions and rules of construction set forth in this section are applicable for the purposes of this subchapter.

(b) Bureau. The term “Bureau” means the Bureau of Consumer Financial Protection.

(c) The term “Board” refers to the Board of Governors of the Federal Reserve System.

Truth in Lending: § 1602(j) – (u)

(j) The terms “open end credit plan” and “open end consumer credit plan” mean a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance.

Truth in Lending: § 1602(v) – (aa)

(v) The term “material disclosures” means the disclosure, as required by this subchapter, of the annual percentage rate, the method of determining the finance charge and the balance upon which a finance charge will be imposed, the amount of the finance charge, the amount to be financed, the total of payments, the number and amount of payments, the due dates or periods of payments scheduled to repay the indebtedness, and the disclosures required by section 1639(a) of this title.

Truth in Lending: § 1602(bb) –(cc)

(bb) High-cost mortgage

(1) Definition3

(A) In general

The term “high-cost mortgage”, and a mortgage referred to in this subsection, means a consumer credit transaction that is secured by the consumer’s principal dwelling, other than a reverse mortgage transaction, if—

Truth in Lending: Amendment History

[Pub. L. No. 90-321, 82 Stat. 147 (May 29, 1968); Pub. L. No. 91-508, 84 Stat. 1126 (Oct. 26, 1970); Pub. L. No. 93-495, 88 Stat. 1511 (Oct. 28, 1974); Pub. L. No. 94-222, 90 Stat. 197 (Feb. 27, 1976); Pub. L. No. 96-221, 94 Stat. 168 (Mar. 31, 1980); Pub. L. No. 97-25, 95 Stat. 144 (July 27, 1981); Pub. L. No. 97-320, 96 Stat. 1538 (Oct. 15, 1982); Pub. L. No. 103-325, 108 Stat. 2190 (Sept. 23, 1994); Pub. L. No. 110-315, tit. X, 122 Stat 3078 (Aug. 14, 2008); Pub. L. No. 111-24, tit. I, § 108, 123 Stat. 1743 (May 22, 2009); Pub. L. No. 111-203, §§ 1100A, 1401, 1431, 124 Stat.

Truth in Lending: § 1603. Exempted transactions [TILA § 104]

This subchapter does not apply to the following:

(1) Credit transactions involving extensions of credit primarily for business, commercial, or agricultural purposes, or to government or governmental agencies or instrumentalities, or to organizations.

(2) Transactions in securities or commodities accounts by a broker-dealer registered with the Securities and Exchange Commission.