# Consumer Credit Protection Act

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An Act To safeguard the consumer in connection with the utilization of credit by requiring full disclosure of the terms and conditions of finance charges In credit transactions or In offers to extend credit; by restricting the garnishment of wages; and by creating the National Commission on Consumer Finance to study and make recommendations on the need for further regulation of the consumer finance industry; and for other purposes.
    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

### SECTION 1. SHORT TITLE OF ENTIRE ACT.

    This Act may be cited as the ``Consumer Credit Protection Act´´.
       TITLE I—CONSUMER CREDIT COST DISCLOSURE
          CHAPTER 1—GENERAL PROVISIONS
             Sec. 101. Short title.
             Sec. 102. Findings and Declaration of Purpose.
             Sec. 103. Definitions and Rules of Construction.
             Sec. 104. Exempted transactions.
             Sec. 105. Regulations.
             Sec. 106. Determination of Finance Charge.
             Sec. 107. Determination of Annual Percentage Rate.
             Sec. 108. Administrative Enforcement.
             Sec. 109. Views of Other Agencies.
             Sec. 110. Advisory Committee.
             Sec. 111. Effect on Other Laws.
             Sec. 112. Criminal Liability for Willful and Knowing Violation.
             Sec. 113. Penalties Inapplicable to Governmental Agencies.
             Sec. 114. Reports by Board and Attorney General.
          CHAPTER 2—CREDIT TRANSACTIONS
             Sec. 121. General Requirement of Disclosure.
             Sec. 122. Form of Disclosure; Additional Information.
             Sec. 123. Exemption for State-regulated Transactions.
             Sec. 124. Effect of Subsequent Occurrence.
             Sec. 125. Right of Rescission as to Certain Transactions.
             Sec. 126. Content of Periodic Statements.
             Sec. 127. Open End Consumer Credit Plans.
             Sec. 128. Sales Not Under Open End Credit Plans.
             Sec. 129. Consumer Loans Not Under Open End Credit Plans.
             Sec. 130. Civil Liability.
             Sec. 131. Written Acknowledgment as Proof of Receipt.
          CHAPTER 3—CREDIT ADVERTISING
             Sec. 141. Catalogs and Multiple-page Advertisements.
             Sec. 142. Advertising of Downpayments and Installments.
             Sec. 143. Advertising of Open End Credit Plans.
             Sec. 144. Advertising of Credit Other than Open End Plans.
             Sec. 145. Nonliability of Media.
       TITLE II—EXTORTIONATE CREDIT TRANSACTIONS
          Sec. 201. Findings and Purpose.
          Sec. 202. Amendments to Title 18, United States Code.
          Sec. 203. Reports by Attorney General.
       TITLE III—RESTRICTION ON GARNISHMENT
          Sec. 301. Findings and Purpose.
          Sec. 302. Definitions.
          Sec. 303. Restriction on Garnishment.
          Sec. 304. Restriction on Discharge from Employment by Reason of Garnishment.
          Sec. 305. Exemption for State-regulated Garnishments.
          Sec. 306. Enforcement by Secretary of Labor.
          Sec. 307. Effect on State Laws.
       TITLE IV—NATIONAL COMMISSION ON CONSUMER FINANCE
          Sec. 401. Establishment.
          Sec. 402. Membership of the Commission.
          Sec. 403. Compensation of Members.
          Sec. 404. Duties of the Commission.
          Sec. 405. Powers of the Commission.
          Sec. 406. Administrative Arrangements.
          Sec. 407. Authorization of Appropriations.
       TITLE V—GENERAL PROVISIONS
          Sec. 501. Severability.
          Sec. 502. Captions and Catchlines for Reference Only.
          Sec. 503. Grammatical Usages.
          Sec. 504. Effective Dates.
Approved May 29, 1968.

## Legislative History

* S. 5, (H.R. 11601)
   * HOUSE REPORTS:
   ** No. 90-1040 (Comm. on Banking & Currency)
   ** No. 90-1397 (Comm. of Conference)
   * SENATE REPORTS:
   ** No. 90-392 (Comm. on Banking & Currency)
   * CONGRESSIONAL RECORD, Vol. 113 (1967):
   ** July 11, considered and passed Senate.
   * CONGRESSIONAL RECORD, Vol. 114 (1968):
   ** Jan. 30, 31, Feb. 1, considered and passed House amended in lieu of H.R. 11601.
   ** May 22, House and Senate agree to conference report.
   * WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, (1968):
   ** May 29, Presidential remarks.
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