Connecticut is one of five states that the Federal Reserve Board exempts from the federal Truth in Lending Act . This permits local enforcement of the Truth in Lending Law. Creditors found to be violating Truth in Lending regulations may be required to rebate overcharges, to issue corrected disclosure statements or to issue additional rights of recission where such rights were improperly administered initially. In addition, such creditors are required to advise the department of their plan to prevent similar violations from occurring. The Division staff provides creditors subject to the Truth in Lending Act with substantial assistance in complying with its requirements.
Guidance concerning compliance is offered to creditors during and after examinations.
From time to time, Division staff also participate in formal educational programs presented by trade associations and other groups. The Division receives a large number of public inquiries and whenever possible staff advise consumers on how to best use the information creditors are required to disclose. The Division's staff responded to 2,324 written complaints and inquiries from consumers in 1999. The three most common complaints involved allegations of billing or account errors, allegations of improper collection practices, and disputes with respect to credit reporting. In addition to the number of written complaints handled, the Division responded to over 41,000 telephone calls during 1999.