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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.

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)]