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Truth in Lending: (a) Enforcing agencies

Subject to subtitle B of the Consumer Financial Protection Act of 2010, compliance with the requirements imposed under this subchapter shall be enforced under—

(1) section 1818 of title 12 [section 8 of the Federal Deposit Insurance Act], by the appropriate Federal banking agency, as defined in section 1813(q) of title 12 [section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. 1813(q))], with respect to—

Truth in Lending: (b) Violations of this subchapter deemed violations of pre-existing statutory requirements; additional agency powers

For the purpose of the exercise by any agency referred to in subsection (a) of its powers under any Act referred to in that subsection, a violation of any requirement imposed under this subchapter shall be deemed to be a violation of a requirement imposed under that Act. In addition to its powers under any provision of law specifically referred to in subsection (a), each of the agencies referred to in that subsection may exercise, for the purpose of enforcing compliance with any requirement imposed under this subchapter, any other authority conferred on it by law.

Truth in Lending: (c) Overall enforcement authority of the Federal Trade Commission

Except to the extent that enforcement of the requirements imposed under this subchapter is specifically committed to some other Government agency under any of paragraphs (1) through (5) of subsection (a), and subject to subtitle B of the Consumer Financial Protection Act of 2010, the Federal Trade Commission shall be authorized to enforce such requirements.

Truth in Lending: (d) Rules and regulations

The authority of the Bureau to issue regulations under this subchapter does not impair the authority of any other agency designated in this section to make rules respecting its own procedures in enforcing compliance with requirements imposed under this subchapter.

Truth in Lending: (e) Adjustment of finance charges; procedures applicable, coverage, criteria, etc.

(1) In carrying out its enforcement activities under this section, each agency referred to in subsection (a) or (c), in cases where an annual percentage rate or finance charge was inaccurately disclosed, shall notify the creditor of such disclosure error and is authorized in accordance with the provisions of this subsection to require the creditor to make an adjustment to the account of the person to whom credit was extended, to assure that such person will not be required to pay a finance charge in excess of the finance charge actually disclos

Truth in Lending: Amendment History

[Pub. L. No. 90-321, 82 Stat. 150 (May 29, 1968); Pub. L. No. 91-206, 84 Stat. 49 (Mar. 10, 1970); Pub. L. No. 93-495, 88 Stat. 1517 (Oct. 28, 1974); Pub. L. No. 95-630, 92 Stat. 3680 (Nov. 10, 1978); Pub. L. No. 96-221, 94 Stat. 171 (Mar. 21, 1980); Pub. L. No. 98-443, 98 Stat. 1708 (Oct. 4, 1984); Pub. L. No. 101-73, 103 Stat. 439 (Aug. 9, 1989); Pub. L. No. 102-242, 105 Stat. 2299 (Dec. 19, 1991); Pub. L. No. 102-550, 106 Stat. 4082 (Oct. 28, 1992); Pub. L. No. 104-208, 110 Stat. 3009 (Sept. 30, 1996); Pub. L. No. 111-203, §§ 1100A, 1414, 124 Stat.

Truth in Lending: § 1608. Views of other agencies [TILA § 109]

In the exercise of its functions under this subchapter, the Bureau may obtain upon requests the views of any other Federal agency which, in the judgment of the Bureau, exercises regulatory or supervisory functions with respect to any class of creditors subject to this subchapter.

[Pub. L. No. 90-321, 82 Stat. 150 (May 29, 1968); Pub. L. No. 111-203, § 1100A, 124 Stat. 1376, 2107 (July 21, 2010)]

Truth in Lending: § 1611. Criminal liability for willful and knowing violation [TILA § 112]

Whoever willfully and knowingly

(1) gives false or inaccurate information or fails to provide information which he is required to disclose under the provisions of this subchapter or any regulation issued thereunder,

(2) uses any chart or table authorized by the Bureau under section 1606 of this title in such a manner as to consistently understate the annual percentage rate determined under section 1606(a)(1)(A) of this title, or

Truth in Lending: § 1612. Effect on government agencies [TILA § 113]

(a) Consultation requirements respecting compliance of credit instruments issued to participating creditor

Any department or agency of the United States which administers a credit program in which it extends, insures, or guarantees consumer credit and in which it provides instruments to a creditor which contain any disclosures required by this subchapter shall, prior to the issuance or continued use of such instruments, consult with the Bureau to assure that such instruments comply with this subchapter.

Truth in Lending: § 1613. Annual reports to Congress by Bureau [TILA § 114]

Each year the Bureau shall make a report to the Congress concerning the administration of its functions under this subchapter, including such recommendations as the Bureau deems necessary or appropriate. In addition, each report of the Bureau shall include its assessment of the extent to which compliance with the requirements imposed under this subchapter is being achieved.

Truth in Lending: § 1616. Board review of consumer credit plans and regulations

(a) Required review

Not later than 2 years after the effective date of this Act and every 2 years thereafter, except as provided in subsection (c)(2), the Board shall conduct a review, within the limits of its existing resources available for reporting purposes, of the consumer credit card market, including—

(1) the terms of credit card agreements and the practices of credit card issuers;

Truth in Lending: § 1631. Disclosure requirements [TILA § 121]

(a) Duty of creditor or lessor respecting one or more than one obligor

Subject to subsection (b), a creditor or lessor shall disclose to the person who is obligated on a consumer lease or a consumer credit transaction the information required under this subchapter. In a transaction involving more than one obligor, a creditor or lessor, except in a transaction under section 1635 of this title, need not disclose to more than one of such obligors if the obligor given disclosure is a primary obligor.

Truth in Lending: § 1633. Exemption for State-regulated transactions [TILA § 123]

The Bureau shall by regulation exempt from the requirements of this part any class of credit transactions within any State if it determines that under the law of that State that class of transactions is subject to requirements substantially similar to those imposed under this part, and that there is adequate provision for enforcement.

[Pub. L. No. 90-321, 82 Stat. 152. (May 29, 1968); Pub. L. No. 111-203, § 1100A, 124 Stat. 1376, 2107 (July 21, 2010)]

Truth in Lending: § 1634. Effect of subsequent occurrence [TILA § 124]

If information disclosed in accordance with this part is subsequently rendered inaccurate as the result of any act, occurrence, or agreement subsequent to the delivery of the required disclosures, the inaccuracy resulting therefrom does not constitute a violation of this part.

[Pub. L. No. 90-321, 82 Stat. 152. (May 29, 1968)]

Truth in Lending: (a) Disclosure of obligor’s right to rescind

Except as otherwise provided in this section, in the case of any consumer credit transaction (including opening or increasing the credit limit for an open end credit plan) in which a security interest, including any such interest arising by operation of law, is or will be retained or acquired in any property which is used as the principal dwelling of the person to whom credit is extended, the obligor shall have the right to rescind the transaction until midnight of the third business day following the consummation of the transaction or the delivery of the information and rescission forms r

Truth in Lending: (a) Prerequisites

Except as otherwise specifically provided in this subchapter, any civil action for a violation of this subchapter or proceeding under section 1607 of this title which may be brought against a creditor may be maintained against any assignee of such creditor only if the violation for which such action or proceeding is brought is apparent on the face of the disclosure statement, except where the assignment was involuntary.

Truth in Lending: (b) Proof of compliance with statutory provisions

Except as provided in section 1635(c) of this title, in any action or proceeding by or against any subsequent assignee of the original creditor without knowledge to the contrary by the assignee when he acquires the obligation, written acknowledgement of receipt by a person to whom a statement is required to be given pursuant to this subchapter shall be conclusive proof of the delivery thereof and, except as provided in subsection (a), of compliance with this part. This section does not affect the rights of the obligor in any action against the original creditor.