Source: https://www.accuratecredit.com/html/consumercreditprotectionact.html
Timestamp: 2019-04-22 12:50:56+00:00

Document:
(f) The term ''creditor'' refers only to a person who both (1) regularly extends, whether in connection with loans, sales of property or services, or otherwise, consumer credit which is payable by agreement in more than four installments or for which the payment of a finance charge is or may be required, and (2) is the person to whom the debt arising from the consumer credit transaction is initially payable on the face of the evidence of indebtedness or, if there is no such evidence of indebtedness, by agreement. Notwithstanding the preceding sentence, in the case of an open-end credit plan involving a credit card, the card issuer and any person who honors the credit card and offers a discount which is a finance charge are creditors. For the purpose of the requirements imposed under part D of this subchapter and sections 1637(a)(5), 1637(a)(6), 1637(a)(7), 1637(b)(1), 1637(b)(2), 1637(b)(3), 1637(b)(8), and 1637(b)(10) of this title, the term ''creditor'' shall also include card issuers whether or not the amount due is payable by agreement in more than four installments or the payment of a finance charge is or may be required, and the Board shall, by regulation, apply these requirements to such card issuers, to the extent appropriate, even though the requirements are by their terms applicable only to creditors offering open-end credit plans. Any person who originates 2 or more mortgages referred to in subsection (aa) of this section in any 12-month period or any person who originates 1 or more such mortgages through a mortgage broker shall be considered to be a creditor for purposes of this subchapter.
(t) The term ''agricultural products'' includes agricultural, horticultural, viticultural, and dairy products, livestock, wildlife, poultry, bees, forest products, fish and shellfish, and any products thereof, including processed and manufactured products, and any and all products raised or produced on farms and any processed or manufactured products thereof.
(x) As used in this section and section 1666f of this title, the term ''regular price'' means the tag or posted price charged for the property or service if a single price is tagged or posted, or the price charged for the property or service when payment is made by use of an open-end credit plan or a credit card if either (1) no price is tagged or posted, or (2) two prices are tagged or posted, one of which is charged when payment is made by use of an open-end credit plan or a credit card and the other when payment is made by use of cash, check, or similar means. For purposes of this definition, payment by check, draft, or other negotiable instrument which may result in the debiting of an open-end credit plan or a credit cardholder's open-end account shall not be considered payment made by use of the plan or the account.
the consumer, in which the total amount financed exceeds $25,000.
payment, and any discount allowed for early payment.
(6) Repealed. Pub. L. 96-221, title VI, Sec. 603(c)(3), Mar.
31, 1980, 94 Stat. 169.
U.S.C. 1070 et seq., 42 U.S.C. 2751 et seq.).
The Board shall prescribe regulations to carry out the purposes of this subchapter. Except in the case of a mortgage referred to in section 1602(aa) of this title, these regulations may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Board are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion thereof, or to facilitate compliance therewith.
The Board shall publish model disclosure forms and clauses for common transactions to facilitate compliance with the disclosure requirements of this subchapter and to aid the borrower or lessee in understanding the transaction by utilizing readily understandable language to simplify the technical nature of the disclosures. In devising such forms, the Board shall consider the use by creditors or lessors of data processing or similar automated equipment. Nothing in this subchapter may be construed to require a creditor or lessor to use any such model form or clause prescribed by the Board under this section. A creditor or lessor shall be deemed to be in compliance with the disclosure provisions of this subchapter with respect to other than numerical disclosures if the creditor or lessor (1) uses any appropriate model form or clause as published by the Board, or (2) uses any such model form or clause and changes it by (A) deleting any information which is not required by this subchapter, or (B) rearranging the format, if in making such deletion or rearranging the format, the creditor or lessor does not affect the substance, clarity, or meaningful sequence of the disclosure.
Model disclosure forms and clauses shall be adopted by the Board after notice duly given in the Federal Register and an opportunity for public comment in accordance with section 553 of title 5.
 So in original. No subsec. (e) has been enacted.
for the class of transactions.
undermined by such an exemption.
consumer is first obtained from the consumer.
income and net asset requirements of paragraph (1) for inflation.
§ 1605. Determination of finance charge.
(b) Life, accident, or health insurance premiums included in finance charge.
(c) Property damage and liability insurance premiums included in finance charge.
(d) Items exempted from computation of finance charge in all credit transactions.
(e) Items exempted from computation of finance charge in extensions of credit secured by an interest in real property.
§ 1606. Determination of annual percentage rate.
(a) ''Annual percentage rate'' defined.
(b) Computation of rate of finance charges for balances within a specified range.
(c) Allowable tolerances for purposes of compliance with disclosure requirements.
(d) Use of rate tables or charts having allowable variance from determined rates.
(e) Authorization of tolerances in determining annual percentage rates.
(b) Violations of this subchapter deemed violations of pre-existing statutory requirements; additional agency powers.
(c) Federal Trade Commission as overall enforcing agency.
§ 1608. Views of other agencies.
§ 1610. Effect on other laws.
(a) Inconsistent provisions; procedures applicable for determination.
(b) State credit charge statutes.
(d) Contract or other obligations under State or Federal law.
(e) Certain credit and charge card application and solicitation disclosure provisions.
§ 1611. Criminal liability for willful and knowing violation.
§ 1612. Effect on government agencies.
(a) Consultation requirements respecting compliance of credit instruments issued to participating creditor.
(b) Inapplicability of Federal civil or criminal penalties to Federal, State, and local agencies.
(c) Inapplicability of Federal civil or criminal penalties to participating creditor where violating instrument issued by United States.
(d) Applicability of State penalties to violations by participating creditor.
§ 1613. Annual reports to Congress by Board.
§ 1615. Prohibition on use of ''Rule of 78's'' in connection with mortgage refinancings and other consumer loans.
(a) Prompt refund of unearned interest required.
(b) Use of ''Rule of 78's'' prohibited.
(c) Statement of prepayment amount.
(a) Duty of creditor or lessor respecting one or more than one obligor.
(b) Creditor or lessor required to make disclosure.
(c) Estimates as satisfying statutory requirements; basis of disclosure for per diem interest.
(d) Tolerances for numerical disclosures.
§ 1632. Form of disclosure; additional information.
(a) Information clearly and conspicuously disclosed; ''annual percentage rate'' and ''finance charge''; order of disclosures and use of different terminology.
(b) Optional information by creditor or lessor.
(c) Tabular format required for certain disclosures under section 1637(c).
§ 1633. Exemption for State-regulated transactions.
§ 1634. Effect of subsequent occurrence.
§ 1635. Right of rescission as to certain transactions.
(a) Disclosure of obligor's right to rescind.
(b) Return of money or property following rescission.
(c) Rebuttable presumption of delivery of required disclosures.
(d) Modification and waiver of rights.
(e) Exempted transactions; reapplication of provisions.
(f) Time limit for exercise of right.
(i) Rescission rights in foreclosure.
§ 1637. Open end consumer credit plans.
(a) Required disclosures by creditor.
(b) Statement required with each billing cycle.
(c) Disclosure in credit and charge card applications and solicitations.
(d) Disclosure prior to renewal.
(e) Other rules for disclosures under subsections (c) and (d).
(f) Disclosure of range of certain fees which vary by State allowed.
(g) Insurance in connection with certain open end credit card plans.
§ 1637a. Disclosure requirements for open end consumer credit plans secured by consumer's principal dwelling.
(b) Time and form of disclosures.
§ 1638. Transactions other than under an open end credit plan.
(b) Form and timing of disclosures; residential mortgage transaction requirements.
(c) Timing of disclosures on unsolicited mailed or telephone purchase orders or loan requests.
(d) Timing of disclosure in cases of an addition of a deferred payment price to an existing outstanding balance.
§ 1639. Requirements for certain mortgages.
(h) Prohibition on extending credit without regard to payment ability of consumer.
(i) Requirements for payments under home improvement contracts.
(j) Consequence of failure to comply.
(l) Discretionary regulatory authority of Board.
(a) Individual or class action for damages; amount of award; factors determining amount of award.
(c) Unintentional violations; bona fide errors.
(d) Liability in transaction or lease involving multiple obligors.
(e) Jurisdiction of courts; limitations on actions; State attorney general enforcement.
(f) Good faith compliance with rule, regulation, or interpretation of Board or with interpretation or approval of duly authorized official or employee of Federal Reserve System.
(g) Recovery for multiple failures to disclose.
(h) Offset from amount owed to creditor or assignee; rights of defaulting consumer.
§ 1641. Liability of assignees.
(b) Proof of compliance with statutory provisions.
(c) Right of rescission by consumer unaffected.
(d) Rights upon assignment of certain mortgages.
(e) Liability of assignee for consumer credit transactions secured by real property.
§ 1642. Issuance of credit cards.
§ 1643. Liability of holder of credit card.
(c) Liability imposed by other laws or by agreement with issuer.
§ 1644. Fraudulent use of credit cards; penalties.
(a) Use, attempt or conspiracy to use card in transaction affecting interstate or foreign commerce.
(b) Transporting, attempting or conspiring to transport card in interstate commerce.
(c) Use of interstate commerce to sell or transport card.
(d) Receipt, concealment, etc., of goods obtained by use of card.
(e) Receipt, concealment, etc., of tickets for interstate or foreign transportation obtained by use of card.
(f) Furnishing of money, etc., through use of card.
§ 1645. Business credit cards; limits on liability of employees.
§ 1646. Dissemination of annual percentage rates; implementation, etc.
(b) Credit card price and availability information.
§ 1647. Home equity plans.
(b) Grounds for acceleration of outstanding balance.
(d) Terms changed after application.
(e) Additional requirements relating to refunds and imposition of nonrefundable fees.
§ 1649. Certain limitations on liability.
§ 1661. Catalogs and multiple-page advertisements.
§ 1662. Advertising of down payments and installments.
§ 1663. Advertising of open end credit plans.
§ 1664. Advertising of credit other than open end plans.
(a) Exclusion of open end credit plans.
(b) Advertisements of residential real estate.
(c) Rate of finance charge expressed as annual percentage rate.
(d) Requisite disclosures in advertisement.
§ 1665. Nonliability of advertising media.
§ 1665a. Use of annual percentage rate in oral disclosures; exceptions.
§ 1665b. Advertising of open end consumer credit plans secured by consumer's principal dwelling.
§ 1666. Correction of billing errors.
(a) Written notice by obligor to creditor; time for and contents of notice; procedure upon receipt of notice by creditor.
(c) Action by creditor to collect amount or any part thereof regarded by obligor to be a billing error.
(d) Restricting or closing by creditor of account regarded by obligor to contain a billing error.
(e) Effect of noncompliance with requirements by creditor.
§ 1666a. Regulation of credit reports.
(a) Reports by creditor on obligor's failure to pay amount regarded as billing error.
(b) Reports by creditor on delinquent amounts in dispute; notification of obligor of parties notified of delinquency.
(c) Reports by creditor of subsequent resolution of delinquent amounts.
§ 1666b. Length of billing period in credit statement for imposition of finance charge; effect of failure of timely mailing or delivery of statement.
§ 1666c. Prompt crediting of payments; imposition of finance charge.
§ 1666d. Treatment of credit balances.
§ 1666e. Notification of credit card issuer by seller of return of goods, etc., by obligor; credit for account of obligor.
§ 1666f. Inducements to cardholders by sellers of cash discounts for payments by cash, check or similar means; credit card surcharge prohibition; finance charge for sales transactions involving cash discounts.
§ 1666g. Tie-in services prohibited for issuance of credit card.
§ 1666h. Offset of cardholder's indebtedness by issuer of credit card with funds deposited with issuer by cardholder; remedies of creditors under State law not affected.
(a) Offset against consumer's funds.
§ 1666i. Assertion by cardholder against card issuer of claims and defenses arising out of credit card transaction; prerequisites; limitation on amount of claims or defenses.
(a) Claims and defenses assertible.
(b) Amount of claims and defenses assertible.
§ 1666j. Applicability of State laws.
(b) Exemptions by Board from credit billing requirements.
(c) Finance charge or other charge for credit for sales transactions involving cash discounts.
§ 1667a. Consumer lease disclosures.
§ 1667b. Lessee's liability on expiration or termination of lease.
(a) Estimated residual value of property as basis; presumptions; action by lessor for excess liability; mutually agreeable final adjustment.
(b) Penalties and charges for delinquency, default, or early termination.
(c) Independent professional appraisal of residual value of property at termination of lease; finality.
§ 1667c. Consumer lease advertising; liability of advertising media.
(b) Advertising medium not liable.
§ 1667d. Civil liability of lessors.
(a) Grounds for maintenance of action.
(b) Additional grounds for maintenance of action; ''creditor'' defined.
(c) Jurisdiction of courts; time limitation.
§ 1667e. Applicability of State laws; exemptions by Board from leasing requirements.
§ 1671. Congressional findings and declaration of purpose.
§ 1673. Restriction on garnishment.
(c) Execution or enforcement of garnishment order or process prohibited.
§ 1674. Restriction on discharge from employment by reason of garnishment.
§ 1675. Exemption for State-regulated garnishments.
§ 1676. Enforcement by Secretary of Labor.
§ 1677. Effect on State laws.
§ 1679. Findings and purposes.
(c) Retention of compliance records.
§ 1679d. Credit repair organizations contracts.
(b) Terms and conditions of contract.
§ 1679e. Right to cancel contract.
(b) Cancellation form and other information.
(c) Consumer copy of contract required.
§ 1679f. Noncompliance with this subchapter.
(b) Attempt to obtain waiver.
(c) Contracts not in compliance.
(b) Factors to be considered in awarding punitive damages.
(b) Violations of this subchapter treated as violations of Federal Trade Commission Act.
§ 1679i. Statute of limitations.
§ 1679j. Relation to State law.
§ 1681a. Definitions; rules of construction.
continues to meet the terms of the account.
criminal proceeding, or for any other purpose.
Commission under section 1681g(c)(3) of this title.
clause (i)) the procurement of the report by that person.
completeness of any information in a report.
investigation or another official proceeding.
Executive Service or equivalent civilian or military rank.
Order No. 12958 or successor orders.
has been lost or compromised.
provided by the agency pursuant to this paragraph.
respect to a particular creditor or other entity.
transaction that is not initiated by a consumer.
insurance transaction that is not initiated by the consumer.
form issued by the agency for purposes of this subparagraph.
jointly with other such consumer reporting agencies.
A consumer reporting agency shall not furnish for employment purposes, or in connection with a credit or insurance transaction, a consumer report that contains medical information about a consumer, unless the consumer consents to the furnishing of the report.
§ 1681c. Requirements relating to information contained in consumer reports.
(a) Information excluded from consumer reports.
§ 1681d. Disclosure of investigative consumer reports.
(a) Disclosure of fact of preparation.
(b) Disclosure on request of nature and scope of investigation.
(c) Limitation on liability upon showing of reasonable procedures for compliance with provisions.
(a) Identity and purposes of credit users.
(c) Disclosure of consumer reports by users allowed.
§ 1681f. Disclosures to governmental agencies.
§ 1681g. Disclosures to consumers.
§ 1681h. Conditions and form of disclosure to consumers.
§ 1681i. Procedure in case of disputed accuracy.
§ 1681j. Charges for certain disclosures.
§ 1681k. Public record information for employment purposes.
(b) Exemption for national security investigations.
§ 1681l. Restrictions on investigative consumer reports.
§ 1681m. Requirements on users of consumer reports.
(a) Duties of users taking adverse actions on basis of information contained in consumer reports.
(d) Duties of users making written credit or insurance solicitations on basis of information contained in consumer files.
§ 1681n. Civil liability for willful noncompliance.
(b) Civil liability for knowing noncompliance.
§ 1681o. Civil liability for negligent noncompliance.
§ 1681p. Jurisdiction of courts; limitation of actions.
§ 1681q. Obtaining information under false pretenses.
§ 1681r. Unauthorized disclosures by officers or employees.
§ 1681s-1. Information on overdue child support obligations.
§ 1681s-2. Responsibilities of furnishers of information to consumer reporting agencies.
§ 1681t. Relation to State laws.
(c) ''Firm offer of credit or insurance'' defined.
§ 1681u. Disclosures to FBI for counterintelligence purposes.
(j) Disciplinary actions for violations.
creditor in the extension of credit in favor of such applicant.
meets standards prescribed in regulations by the Board; if such refusal is required by or made pursuant to such program.
statement of reasons confirmed in writing on written request.
(6) For purposes of this subsection, the term ''adverse action'' means a denial or revocation of credit, a change in the terms of an existing credit arrangement, or a refusal to grant credit in substantially the amount or on substantially the terms requested. Such term does not include a refusal to extend additional credit under an existing credit arrangement where the applicant is delinquent or otherwise in default, or where such additional credit would exceed a previously established credit limit.
(b) Violations of subchapter deemed violations of pre-existing statutory requirements; additional agency powers.
(c) Overall enforcement authority of Federal Trade Commission.
(d) Rules and regulations by enforcing agencies.
§ 1691c-1. Incentives for self-testing and self-correction.
(b) State property laws affecting creditworthiness.
(c) State laws prohibiting separate extension of consumer credit to husband and wife.
(d) Combining credit accounts of husband and wife with same creditor to determine permissible finance charges or loan ceilings under Federal or State laws.
(e) Election of remedies under subchapter or State law; nature of relief determining applicability.
(f) Compliance with inconsistent State laws; determination of inconsistency.
(g) Exemption by regulation of credit transactions covered by State law; failure to comply with State law.
(a) Individual or class action for actual damages.
(b) Recovery of punitive damages in individual and class action for actual damages; exemptions; maximum amount of punitive damages in individual actions; limitation on total recovery in class actions; factors determining amount of award.
(c) Action for equitable and declaratory relief.
(d) Recovery of costs and attorney fees.
(e) Good faith compliance with rule, regulation, or interpretation of Board or interpretation or approval by an official or employee of Federal Reserve System duly authorized by Board.
(f) Jurisdiction of courts; time for maintenance of action; exceptions.
(g) Request by responsible enforcement agency to Attorney General for civil action.
(h) Authority for Attorney General to bring civil action; jurisdiction.
(i) Recovery under both subchapter and fair housing enforcement provisions prohibited for violation based on same transaction.
(j) Discovery of creditor's granting standards.
(k) Notice to HUD of violations.
§ 1692. Congressional findings and declaration of purpose.
(c) Available non-abusive collection methods.
§ 1692b. Acquisition of location information.
§ 1692c. Communication in connection with debt collection.
(a) Communication with the consumer generally.
(b) Communication with third parties.
§ 1692d. Harassment or abuse.
§ 1692e. False or misleading representations.
§ 1692g. Validation of debts.
(a) Notice of debt; contents.
§ 1692i. Legal actions by debt collectors.
§ 1692j. Furnishing certain deceptive forms.
(b) Factors considered by court.
(e) Advisory opinions of Commission.
(b) Applicable provisions of law.
§ 1692m. Reports to Congress by the Commission; views of other Federal agencies.
§ 1692n. Relation to State laws.
§ 1692o. Exemption for State regulation.
§ 1693. Congressional findings and declaration of purpose.
(a) Rights and liabilities undefined.
(b) Issuance of model clauses.
(c) Criteria; modification of requirements.
(d) Applicability to service providers other than certain financial institutions.
§ 1693c. Terms and conditions of transfers.
(a) Disclosures; time; form; contents.
(b) Notification of changes to consumer.
(c) Time for disclosures respecting accounts accessible prior to effective date of this subchapter.
§ 1693d. Documentation of transfers.
(a) Availability of written documentation to consumer; contents.
(b) Notice of credit to consumer.
(e) Accounts other than passbook accounts.
(a) Notification to financial institution of error.
(b) Correction of error; interest.
(c) Provisional recredit of consumer's account.
(d) Absence of error; finding; explanation.
(a) Unauthorized electronic fund transfers; limit.
(c) Determination of limitation on liability.
§ 1693h. Liability of financial institutions.
(a) Action or failure to act proximately causing damages.
(b) Acts of God and technical malfunctions.
§ 1693i. Issuance of cards or other means of access.
§ 1693j. Suspension of obligations.
§ 1693k. Compulsory use of electronic fund transfers.
§ 1693l. Waiver of rights.
(a) Individual or class action for damages; amount of award.
(b) Factors determining amount of award.
(c) Unintentional violations; bona fide error.
(d) Good faith compliance with rule, regulation, or interpretation of Board or approval of duly authorized official or employee of Federal Reserve System.
(e) Notification to consumer prior to action; adjustment of consumer's account.
(f) Action in bad faith or for harassment; attorney's fees.
(g) Jurisdiction of courts; time for maintenance of action.
(a) Violations respecting giving of false or inaccurate information, failure to provide information, and failure to comply with provisions of this subchapter.
(b) Violations affecting interstate or foreign commerce.
(b) Violations of subchapter deemed violations of pre-existing statutory requirements; additional powers.
§ 1693p. Reports to Congress.
§ 1693q. Relation to State laws.
§ 1693r. Exemption for State regulation.

References: § 1605

§ 1606

§ 1608

§ 1610

§ 1611

§ 1612

§ 1613

§ 1615

§ 1632

§ 1633

§ 1634

§ 1635

§ 1637

§ 1637

§ 1638

§ 1639

§ 1641

§ 1642

§ 1643

§ 1644

§ 1645

§ 1646

§ 1647

§ 1649

§ 1661

§ 1662

§ 1663

§ 1664

§ 1665

§ 1665

§ 1665

§ 1666

§ 1666

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§ 1677

§ 1679

§ 1679

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§ 1681

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§ 1691

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