Title 15 — Commerce and Trade — § 1601. Congressional findings and declaration of purpose
Summary
Section 1601 of Title 15 of the U.S. Code sets out Congress's findings and purpose for the consumer credit cost disclosure subchapter, enacted as the Truth in Lending Act by Pub. L. 90–321 on May 29, 1968. Congress found that the informed use of credit would enhance economic stabilization and strengthen competition among firms extending consumer credit, and stated the purpose of assuring a meaningful disclosure of credit terms and protecting consumers against inaccurate and unfair credit billing and credit card practices. A 1976 amendment added a second purpose: meaningful disclosure of the terms of personal property leases, including limits on balloon payments in consumer leasing. The pages, 1452 to 1455, also print part of the chapter's section list, short-title notes for laws such as the Fair Credit Billing Act and the Credit CARD Act of 2009, and the start of § 1602 on definitions.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
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§ 1601 TITLE 15—COMMERCE AND TRADE Page 1452
Sec. Sec.
1679f. Noncompliance with this subchapter. 1692m. Reports to Congress by the Bureau; views of
1679g. Civil liability. other Federal agencies.
1679h. Administrative enforcement. 1692n. Relation to State laws.
1679i. Statute of limitations. 1692o. Exemption for State regulation.
1679j. Relation to State law. 1692p Exception for certain bad check enforcement
SUBCHAPTER III—CREDIT REPORTING AGENCIES programs operated by private entities.
SUBCHAPTER VI—ELECTRONIC FUND TRANSFERS
1681. Congressional findings and statement of pur-
pose. 1693. Congressional findings and declaration of pur-
1681a. Definitions; rules of construction. pose.
1681b. Permissible purposes of consumer reports. 1693a. Definitions.
1681c. Requirements relating to information con- 1693b. Regulations.
tained in consumer reports. 1693c. Terms and conditions of transfers.
1681c–1. Identity theft prevention; fraud alerts and ac- 1693d. Documentation of transfers.
tive duty alerts. 1693e. Preauthorized transfers.
1681c–2. Block of information resulting from identity 1693f. Error resolution.
theft. 1693g. Consumer liability.
1681c–3. Adverse information in cases of trafficking. 1693h. Liability of financial institutions.
1681d. Disclosure of investigative consumer reports. 1693i. Issuance of cards or other means of access.
1681e. Compliance procedures. 1693j. Suspension of obligations.
1681f. Disclosures to governmental agencies. 1693k. Compulsory use of electronic fund transfers.
1681g. Disclosures to consumers. 1693l. Waiver of rights.
1681h. Conditions and form of disclosure to con- 1693l–1. General-use prepaid cards, gift certificates,
sumers. and store gift cards.
1681i. Procedure in case of disputed accuracy. 1693m. Civil liability.
1681j. Charges for certain disclosures. 1693n. Criminal liability.
1681k. Public record information for employment 1693o. Administrative enforcement.
purposes. 1693o–1. Remittance transfers.
1681l. Restrictions on investigative consumer re- 1693o–2. Reasonable fees and rules for payment card
ports. transactions.
1681m. Requirements on users of consumer reports. 1693p. Reports to Congress.
1681n. Civil liability for willful noncompliance. 1693q. Relation to State laws.
1681o. Civil liability for negligent noncompliance. 1693r. Exemption for State regulation.
1681p. Jurisdiction of courts; limitation of actions. SUBCHAPTER I—CONSUMER CREDIT COST
1681q. Obtaining information under false pretenses.
DISCLOSURE
1681r. Unauthorized disclosures by officers or em-
ployees. PART A—GENERAL PROVISIONS
1681s. Administrative enforcement.
1681s–1. Information on overdue child support obliga- § 1601. Congressional findings and declaration of
tions. purpose
1681s–2. Responsibilities of furnishers of information
to consumer reporting agencies. (a) Informed use of credit
1681s–3. Affiliate sharing. The Congress finds that economic stabiliza-
1681t. Relation to State laws. tion would be enhanced and the competition
1681u. Disclosures to FBI for counterintelligence
purposes.
among the various financial institutions and
1681v. Disclosures to governmental agencies for other firms engaged in the extension of con-
counterterrorism purposes. sumer credit would be strengthened by the in-
1681w. Disposal of records. formed use of credit. The informed use of credit
1681x. Corporate and technological circumvention results from an awareness of the cost thereof by
prohibited. consumers. It is the purpose of this subchapter
SUBCHAPTER IV—EQUAL CREDIT OPPORTUNITY to assure a meaningful disclosure of credit
1691. Scope of prohibition.
terms so that the consumer will be able to com-
1691a. Definitions; rules of construction. pare more readily the various credit terms
1691b. Promulgation of regulations by the Bureau. available to him and avoid the uninformed use
1691c. Administrative enforcement. of credit, and to protect the consumer against
1691c–1. Incentives for self-testing and self-correction. inaccurate and unfair credit billing and credit
1691c–2. Small business loan data collection. card practices.
1691d. Applicability of other laws.
(b) Terms of personal property leases
1691e. Civil liability.
1691f. Annual reports to Congress; contents. The Congress also finds that there has been a
SUBCHAPTER V—DEBT COLLECTION PRACTICES recent trend toward leasing automobiles and
other durable goods for consumer use as an al-
1692. Congressional findings and declaration of pur-
ternative to installment credit sales and that
pose.
1692a. Definitions. these leases have been offered without adequate
1692b. Acquisition of location information. cost disclosures. It is the purpose of this sub-
1692c. Communication in connection with debt col- chapter to assure a meaningful disclosure of the
lection. terms of leases of personal property for per-
1692d. Harassment or abuse. sonal, family, or household purposes so as to en-
1692e. False or misleading representations. able the lessee to compare more readily the var-
1692f. Unfair practices. ious lease terms available to him, limit balloon
1692g. Validation of debts.
payments in consumer leasing, enable compari-
1692h. Multiple debts.
1692i. Legal actions by debt collectors. son of lease terms with credit terms where ap-
1692j. Furnishing certain deceptive forms. propriate, and to assure meaningful and accu-
1692k. Civil liability. rate disclosures of lease terms in advertise-
1692l. Administrative enforcement. ments.
Page 1453 TITLE 15—COMMERCE AND TRADE § 1601
(Pub. L. 90–321, title I, § 102, May 29, 1968, 82 Stat. classification] may be cited as the ‘Mortgage Reform
146; Pub. L. 93–495, title III, § 302, Oct. 28, 1974, 88 and Anti-Predatory Lending Act’.’’
Stat. 1511; Pub. L. 94–240, § 2, Mar. 23, 1976, 90 SHORT TITLE OF 2009 AMENDMENT
Stat. 257.)
Pub. L. 111–93, § 1, Nov. 6, 2009, 123 Stat. 2998, provided
that: ‘‘This Act [amending section 1666b of this title]
Editorial Notes
may be cited as the ‘Credit CARD Technical Correc-
AMENDMENTS tions Act of 2009’.’’
Pub. L. 111–24, § 1(a), May 22, 2009, 123 Stat. 1734, pro-
1976—Pub. L. 94–240 designated existing provisions as vided that: ‘‘This Act [enacting sections 1616, 1651, 1665c
subsec. (a) and added subsec. (b). to 1665e, 1666i–1, 1666i–2, and 1693l–1 of this title and sec-
1974—Pub. L. 93–495 inserted provisions expanding tion 1a–7b of Title 16, Conservation, amending sections
purposes of subchapter to include protection of con- 1602, 1632, 1637, 1640, 1650, 1666b, 1666c, 1666j, 1681b, 1681j,
sumer against inaccurate and unfair credit billing and and 1693m to 1693r of this title, enacting provisions set
credit card practices. out as notes under sections 1602, 1637, 1638, 1666b, 1681j,
and 1693l–1 of this title and section 5311 of Title 31,
Statutory Notes and Related Subsidiaries Money and Finance, and amending provisions set out as
EFFECTIVE DATE OF 2010 AMENDMENT notes under sections 1638 and 1693 of this title] may be
cited as the ‘Credit Card Accountability Responsibility
Pub. L. 111–203, title XIV, § 1400(c), July 21, 2010, 124 and Disclosure Act of 2009’ or the ‘Credit CARD Act of
Stat. 2136, provided that: 2009’.’’
‘‘(1) REGULATIONS.—The regulations required to be
prescribed under this title [see Tables for classifica- SHORT TITLE OF 2008 AMENDMENT
tion] or the amendments made by this title shall— Pub. L. 110–315, title X, § 1001, Aug. 14, 2008, 122 Stat.
‘‘(A) be prescribed in final form before the end of 3478, provided that: ‘‘This title [enacting section 1650 of
the 18-month period beginning on the designated this title and sections 1019d and 9709 of Title 20, Edu-
transfer date; and cation, amending sections 1602, 1603, 1638, and 1640 of
‘‘(B) take effect not later than 12 months after the this title, section 2903 of Title 12, Banks and Banking,
date of issuance of the regulations in final form. and section 1092 of Title 20, and enacting provisions set
‘‘(2) EFFECTIVE DATE ESTABLISHED BY RULE.—Except out as notes under sections 1638 and 1640 of this title,
as provided in paragraph (3), a section, or provision section 2903 of Title 12, and section 9709 of Title 20] may
thereof, of this title shall take effect on the date on be cited as the ‘Private Student Loan Transparency
which the final regulations implementing such section, and Improvement Act of 2008’.’’
or provision, take effect. Pub. L. 110–289, div. B, title V, § 2501, July 30, 2008, 122
‘‘(3) EFFECTIVE DATE.—A section of this title for Stat. 2855, provided that: ‘‘This title [amending sec-
which regulations have not been issued on the date tions 1638 and 1640 of this title and sections 24 and 338a
that is 18 months after the designated transfer date of Title 12, Banks and Banking, and enacting provisions
shall take effect on such date.’’ set out as a note under section 1638 of this title] may
EFFECTIVE DATE OF 1976 AMENDMENT be cited as the ‘Mortgage Disclosure Improvement Act
of 2008’.’’
Amendment by Pub. L. 94–240 effective on expiration Pub. L. 110–241, § 1, June 3, 2008, 122 Stat. 1565, pro-
of one year after Mar. 23, 1976, see section 6 of Pub. L. vided that: ‘‘This Act [amending section 1681n of this
94–240, set out as an Effective Date note under section title and enacting provisions set out as notes under sec-
1667 of this title. tion 1681n of this title] may be cited as the ‘Credit and
EFFECTIVE DATE OF 1974 AMENDMENT Debit Card Receipt Clarification Act of 2007’.’’
For effective date of amendment by Pub. L. 93–495, SHORT TITLE OF 2003 AMENDMENT
see section 308 of Pub. L. 93–495, set out as an Effective Pub. L. 108–159, § 1(a), Dec. 4, 2003, 117 Stat. 1952, pro-
Date note under section 1666 of this title. vided that: ‘‘This Act [enacting sections 1681c–1,
EFFECTIVE DATE 1681c–2, 1681s–3, 1681w, and 1681x of this title and sec-
tions 9701 to 9708 of Title 20, Education, amending sec-
Pub. L. 90–321, title V, § 504(a), May 29, 1968, 82 Stat. tions 1681a, 1681b, 1681c, 1681g, 1681i, 1681j, 1681m, 1681o,
167, provided that: ‘‘Except as otherwise specified, the 1681p, 1681s, 1681s–2, 1681t, 1681u, and 1681v of this title
provisions of this Act [see Short Title note set out and section 5318 of Title 31, Money and Finance, enact-
below] take effect upon enactment [May 29, 1968].’’ ing provisions set out as notes under this section, sec-
tions 1681, 1681a, 1681b, 1681c, 1681c–1, 1681i, 1681j, 1681m,
SHORT TITLE OF 2018 AMENDMENT
1681n, 1681s–2, 1681s–3 of this title, and section 9701 of
Pub. L. 115–174, § 1(a), May 24, 2018, 132 Stat. 1296, pro- Title 20, and amending provisions set out as a note
vided that: ‘‘This Act [see Tables for classification] under this section] may be cited as the ‘Fair and Accu-
may be cited as the ‘Economic Growth, Regulatory Re- rate Credit Transactions Act of 2003’.’’
lief, and Consumer Protection Act’.’’
SHORT TITLE OF 1999 AMENDMENT
SHORT TITLE OF 2015 AMENDMENT
Pub. L. 106–102, title VII, § 701, Nov. 12, 1999, 113 Stat.
Pub. L. 114–94, div. G, title LXXXIX, § 89001, Dec. 4, 1463, provided that: ‘‘This subtitle [subtitle A
2015, 129 Stat. 1799, provided that: ‘‘This title [amending (§§ 701–705) of title VII of Pub. L. 106–102, amending sec-
sections 1639c and 1639d of this title and enacting provi- tions 1693b, 1693c, and 1693h of this title] may be cited
sions set out as a note under section 5512 of Title 12, as the ‘ATM Fee Reform Act of 1999’.’’
Banks and Banking] may be cited as the ‘Helping Ex-
SHORT TITLE OF 1998 AMENDMENT
pand Lending Practices in Rural Communities Act of
2015’ or the ‘HELP Rural Communities Act of 2015’.’’ Pub. L. 105–347, § 1, Nov. 2, 1998, 112 Stat. 3208, pro-
vided that: ‘‘This Act [amending sections 1681a to 1681c,
SHORT TITLE OF 2010 AMENDMENT 1681g, 1681i, 1681k, and 1681s of this title and enacting
Pub. L. 111–319, § 1, Dec. 18, 2010, 124 Stat. 3457, pro- provisions set out as a note under section 1681a of this
vided that: ‘‘This Act [amending section 1681m of this title] may be cited as the ‘Consumer Reporting Em-
title and enacting provisions set out as a note under ployment Clarification Act of 1998’.’’
section 1681m of this title] may be cited as the ‘Red
SHORT TITLE OF 1996 AMENDMENT
Flag Program Clarification Act of 2010’.’’
Pub. L. 111–203, title XIV, § 1400(a), July 21, 2010, 124 Pub. L. 104–208, div. A, title II, § 2401, Sept. 30, 1996, 110
Stat. 2136, provided that: ‘‘This title [see Tables for Stat. 3009–426, provided that: ‘‘This chapter [chapter 1
§ 1601 TITLE 15—COMMERCE AND TRADE Page 1454
(§§ 2401–2422) of subtitle D of title II of div. A of Pub. L. title, and enacting provisions set out as a note under
104–208, enacting section 1681s–2 of this title, amending section 1667 of this title] may be cited as the ‘Consumer
sections 1681a to 1681e, 1681g to 1681j, 1681m to 1681o, Leasing Act of 1976’.’’
1681q to 1681s, and 1681t of this title, and enacting pro- Pub. L. 94–239, § 1(a), Mar. 23, 1976, 90 Stat. 251, pro-
visions set out as notes under sections 1681a, 1681b, and vided that: ‘‘This Act [enacting section 1691f of this
1681g of this title] may be cited as the ‘Consumer Credit title, amending this section and sections 1691b, 1691c,
Reporting Reform Act of 1996’.’’ 1691d, 1691e of this title, repealing section 1609 of this
title, enacting provisions set out as notes under this
SHORT TITLE OF 1995 AMENDMENTS section, and repealing provision set out as a note under
Pub. L. 104–29, § 1, Sept. 30, 1995, 109 Stat. 271, provided this section] may be cited as the ‘Equal Credit Oppor-
that: ‘‘This Act [enacting section 1649 of this title, tunity Act Amendments of 1976’.’’
amending sections 1605, 1631, 1635, 1640, and 1641 of this SHORT TITLE OF 1974 AMENDMENT
title, and enacting provisions set out as notes under
section 1605 of this title] may be cited as the ‘Truth in Pub. L. 93–495, title III, § 301, Oct. 28, 1974, 88 Stat.
Lending Act Amendments of 1995’.’’ 1511, provided that: ‘‘This title [enacting sections 1666
Pub. L. 104–12, § 1, May 18, 1995, 109 Stat. 161, provided to 1666j of this title, amending this section and sections
that: ‘‘This Act [amending section 1640 of this title] 1602, 1610, 1631, 1632, and 1637 of this title, and enacting
may be cited as the ‘Truth in Lending Class Action Re- provision set out as a note under section 1666 of this
lief Act of 1995’.’’ title] may be cited as the ‘Fair Credit Billing Act’.’’
Pub. L. 93–495, title V, § 501, Oct. 28, 1974, 88 Stat. 1521,
SHORT TITLE OF 1994 AMENDMENT which provided that title V of Pub. L. 93–495 (enacting
Pub. L. 103–325, title I, § 151, Sept. 23, 1994, 108 Stat. subchapter IV of this chapter and notes set out under
2190, provided that: ‘‘This subtitle [subtitle B section 1691 of this title) could be cited as the ‘‘Equal
(§§ 151–158) of title I of Pub. L. 103–325, enacting sections Credit Opportunity Act’’, was repealed by Pub. L.
1639 and 1648 of this title, amending sections 1602, 1604, 94–239, § 1(c), Mar. 23, 1976, 90 Stat. 251.
1610, 1640, 1641, and 1647 of this title, and enacting provi- SHORT TITLE
sions set out as notes under this section and section
1602 of this title] may be cited as the ‘Home Ownership Pub. L. 90–321, § 1, May 29, 1968, 82 Stat. 146, provided
and Equity Protection Act of 1994’.’’ that: ‘‘This Act [enacting this chapter, sections 891 to
896 of Title 18, Crimes and Criminal Procedure, and pro-
SHORT TITLE OF 1992 AMENDMENT visions set out as notes under this section, sections 1631
Pub. L. 102–537, § 1, Oct. 27, 1992, 106 Stat. 3531, pro- and 1671 of this title, and section 891 of Title 18] may
vided that: ‘‘This Act [enacting section 1681s–1 of this be cited as the ‘Consumer Credit Protection Act’.’’
title, amending section 1681a of this title, and enacting Pub. L. 90–321, title I, § 101, May 29, 1968, 82 Stat. 146,
provisions set out as a note under section 1681a of this provided that: ‘‘This title [enacting this subchapter]
title] may be cited as the ‘Ted Weiss Child Support En- may be cited as the ‘Truth in Lending Act’.’’
forcement Act of 1992’.’’ Pub. L. 90–321, title IV, § 401, as added by Pub. L.
104–208, div. A, title II, § 2451, Sept. 30, 1996, 110 Stat.
SHORT TITLE OF 1988 AMENDMENTS 3009–454, provided that: ‘‘This title [enacting sub-
chapter II–A of this chapter] may be cited as the ‘Cred-
Pub. L. 100–709, § 1, Nov. 23, 1988, 102 Stat. 4725, pro- it Repair Organizations Act’.’’
vided that: ‘‘This Act [enacting sections 1637a, 1647, and Pub. L. 90–321, title VI, § 601, as added by Pub. L.
1665b of this title, amending sections 1632 and 1637 of 91–508, title VI, § 601, Oct. 26, 1970, 84 Stat. 1128, as
this title, and enacting provisions set out as notes amended by Pub. L. 108–159, title VIII, § 811(a), Dec. 4,
under section 1637a of this title] may be cited as the 2003, 117 Stat. 2011, provided that: ‘‘This title [enacting
‘Home Equity Loan Consumer Protection Act of 1988’.’’ subchapter III of this chapter] may be cited as the ‘Fair
Pub. L. 100–583, § 1, Nov. 3, 1988, 102 Stat. 2960, pro- Credit Reporting Act’.’’
vided that: ‘‘This Act [amending sections 1610, 1632, Pub. L. 90–321, title VII, § 709, as added by Pub. L.
1637, 1640, and 1646 of this title and enacting provisions 94–239, § 1(b), Mar. 23, 1976, 90 Stat. 251, provided that:
set out as a note under section 1637 of this title] may ‘‘This title [enacting subchapter IV of this chapter and
be cited as the ‘Fair Credit and Charge Card Disclosure notes set out under section 1691 of this title] may be
Act of 1988’.’’ cited as the ‘Equal Credit Opportunity Act’.’’
SHORT TITLE OF 1981 AMENDMENT Pub. L. 90–321, title VIII, § 801, as added by Pub. L.
95–109, Sept. 20, 1977, 91 Stat. 874, provided that: ‘‘This
Pub. L. 97–25, § 1, July 27, 1981, 95 Stat. 144, provided: title [enacting subchapter V of this chapter] may be
‘‘That this Act [amending sections 1602 and 1666f of this cited as the ‘Fair Debt Collection Practices Act’.’’
title, section 29 of Title 12, Banks and Banking, and Pub. L. 90–321, title IX, § 901, as added by Pub. L.
sections 205 and 212 of Title 42, The Public Health and 95–630, title XX, § 2001, Nov. 10, 1978, 92 Stat. 3728, pro-
Welfare; enacting provisions set out as notes under this vided that: ‘‘This title [enacting subchapter VI of this
section and sections 1602 and 1666f of this title; and chapter] may be cited as the ‘Electronic Fund Transfer
amending provisions set out as notes under sections Act’.’’
1602 and 1666f of this title] may be cited as the ‘Cash
Discount Act’.’’ SEVERABILITY
SHORT TITLE OF 1980 AMENDMENT Pub. L. 90–321, title V, § 501, May 29, 1968, 82 Stat. 167,
provided that: ‘‘If a provision enacted by this Act [see
Pub. L. 96–221, title VI, § 601, Mar. 31, 1980, 94 Stat. 168, Short Title note above], is held invalid, all valid provi-
provided that: ‘‘This title [enacting section 1646 of this sions that are severable from the invalid provision re-
title, amending sections 57a, 1602 to 1607, 1610, 1612, 1613, main in effect. If a provision enacted by this Act is held
1631, 1632, 1635, 1637, 1638, 1640, 1641, 1643, 1663, 1664, 1665a, invalid in one or more of its applications, the provision
1666, 1666d, 1667d, and 1691f of this title, repealing sec- remains in effect in all valid applications that are sev-
tions 1614, 1636, and 1639 of this title, and enacting pro- erable from the invalid application or applications.’’
visions set out as notes under sections 1602 and 1607 of
this title] may be cited as the ‘Truth in Lending Sim- EXEMPTION OR MODIFICATION OF MORTGAGE
plification and Reform Act’.’’ DISCLOSURE REQUIREMENTS
Pub. L. 111–203, title XIV, § 1405(b), July 21, 2010, 124
SHORT TITLE OF 1976 AMENDMENTS
Stat. 2142, provided that: ‘‘Notwithstanding any other
Pub. L. 94–240, § 1, Mar. 23, 1976, 90 Stat. 257, provided provision of this title [see Tables for classification], in
that: ‘‘This Act [enacting sections 1667 to 1667e of this order to improve consumer awareness and under-
title, amending this section and section 1640 of this standing of transactions involving residential mort-
Page 1455 TITLE 15—COMMERCE AND TRADE § 1602
gage loans through the use of disclosures, the Board ‘‘(a) HEARINGS.—Not less than once during the 3-year
may, by rule, exempt from or modify disclosure re- period beginning on the date of enactment of this Act
quirements, in whole or in part, for any class of resi- [Sept. 23, 1994], and regularly thereafter, the Bureau, in
dential mortgage loans if the Board determines that consultation with the Advisory Board to the Bureau,
such exemption or modification is in the interest of shall conduct a public hearing to examine the home eq-
consumers and in the public interest.’’ uity loan market and the adequacy of existing regu-
latory and legislative provisions and the provisions of
ANALYSIS OF FURTHER RESTRICTIONS ON OFFERS OF this subtitle [see Short Title of 1994 Amendment note
CREDIT OR INSURANCE above] in protecting the interests of consumers, and
Pub. L. 108–159, title II, § 213(e), Dec. 4, 2003, 117 Stat. low-income consumers in particular.
1979, provided that: ‘‘(b) PARTICIPATION.—In conducting hearings required
‘‘(1) IN GENERAL.—The Board shall conduct a study by subsection (a), the Bureau shall solicit participation
of— from consumers, representatives of consumers, lenders,
‘‘(A) the ability of consumers to avoid receiving and other interested parties.’’
written offers of credit or insurance in connection STUDY BY FEDERAL RESERVE BOARD OF GOVERNORS
with transactions not initiated by the consumer; and COVERING EFFECT OF CHARGE CARD TRANSACTIONS
‘‘(B) the potential impact that any further restric- UPON CARD ISSUERS, MERCHANTS, AND CONSUMERS
tions on providing consumers with such written of-
fers of credit or insurance would have on consumers. Pub. L. 97–25, title II, § 202, July 27, 1981, 95 Stat. 145,
‘‘(2) REPORT.—The Board shall submit a report sum- directed Board of Governors of Federal Reserve Sys-
marizing the results of the study required under para- tem, not later than 2 years after July 27, 1981, to pre-
graph (1) to the Congress not later than 12 months after pare a study and submit its findings to Congress on the
the date of enactment of this Act [Dec. 4, 2003], to- effect of charge card transactions upon card issuers,
gether with such recommendations for legislative or merchants, and consumers.
administrative action as the Board may determine to INFERENCE OF LEGISLATIVE INTENT IN SECTION
be appropriate. CAPTIONS AND CATCHLINES
‘‘(3) CONTENT OF REPORT.—The report described in
paragraph (2) shall address the following issues: Pub. L. 90–321, title V, § 502, May 29, 1968, 82 Stat. 167,
‘‘(A) The current statutory or voluntary mecha- provided that: ‘‘Captions and catchlines are intended
nisms that are available to a consumer to notify solely as aids to convenient reference, and no inference
lenders and insurance providers that the consumer as to the legislative intent with respect to any provi-
does not wish to receive written offers of credit or in- sion enacted by this Act [enacting this chapter, section
surance. 891 to 896 of Title 18, Crimes and Criminal Procedure,
‘‘(B) The extent to which consumers are currently and provisions set out as notes under this section, sec-
utilizing existing statutory and voluntary mecha- tions 1631 and 1671 of this title, and section 891 of Title
nisms to avoid receiving offers of credit or insurance. 18] may be drawn from them.’’
‘‘(C) The benefits provided to consumers as a result
GRAMMATICAL USAGES
of receiving written offers of credit or insurance.
‘‘(D) Whether consumers incur significant costs or Pub. L. 90–321, title V, § 503, May 30, 1968, 82 Stat. 167,
are otherwise adversely affected by the receipt of provided that: ‘‘In this Act [enacting this chapter, sec-
written offers of credit or insurance. tions 891 to 896 of Title 18, Crimes and Criminal Proce-
‘‘(E) Whether further restricting the ability of lend- dure, and provisions set out as notes under this section,
ers and insurers to provide written offers of credit or sections 1631 and 1671 of this title, and section 891 of
insurance to consumers would affect— Title 18]:
‘‘(i) the cost consumers pay to obtain credit or in- ‘‘(1) The word ‘may’ is used to indicate that an ac-
surance; tion either is authorized or is permitted.
‘‘(ii) the availability of credit or insurance; ‘‘(2) The word ‘shall’ is used to indicate that an ac-
‘‘(iii) consumers’ knowledge about new or alter- tion is both authorized and required.
native products and services; ‘‘(3) The phrase ‘may not’ is used to indicate that
‘‘(iv) the ability of lenders or insurers to compete an action is both unauthorized and forbidden.
with one another; and ‘‘(4) Rules of law are stated in the indicative
‘‘(v) the ability to offer credit or insurance prod- mood.’’
ucts to consumers who have been traditionally un- DEFINITION
derserved.’’
[For definitions of terms used in section 213(e) of Pub. Pub. L. 111–203, title XIV, § 1495, July 21, 2010, 124
L. 108–159, set out above, see section 2 of Pub. L. 108–159, Stat. 2207, provided that: ‘‘For purposes of this title
set out as a Definitions note under section 1681 of this [see Tables for classification], the term ‘designated
title.] transfer date’ means the date established under section
1062 of this Act [12 U.S.C. 5582].’’
FEDERAL RESERVE STUDY OF HOME EQUITY LENDING
AND APPROPRIATE INTEREST RATE INDEX § 1602. Definitions and rules of construction
Pub. L. 103–325, title I, § 157, Sept. 23, 1994, 108 Stat. (a) The definitions and rules of construction
2197, provided that during the period beginning 180 days
set forth in this section are applicable for the
after Sept. 23, 1994, and ending 2 years after that date,
the Board of Governors of the Federal Reserve System purposes of this subchapter.
was to conduct a study and submit to the Congress a (b) BUREAU.—The term ‘‘Bureau’’ means the
report, including recommendations for any appropriate Bureau of Consumer Financial Protection.
legislation, regarding whether consumers engaging in (c) The term ‘‘Board’’ refers to the Board of
open end credit transactions as defined in section 1602 Governors of the Federal Reserve System.
of this title secured by principal dwellings have ade- (d) The term ‘‘organization’’ means a corpora-
quate Federal protection and whether a more appro- tion, government or governmental subdivision
priate interest rate index existed for purposes of sec- or agency, trust, estate, partnership, coopera-
tion 1602(bb)(1)(A) of this title than the yield on Treas-
ury securities.
tive, or association.
(e) The term ‘‘person’’ means a natural person
HEARINGS ON HOME EQUITY LENDING or an organization.
Pub. L. 103–325, title I, § 158, Sept. 23, 1994, 108 Stat. (f) The term ‘‘credit’’ means the right granted
2197, as amended by Pub. L. 111–203, title X, § 1096, July by a creditor to a debtor to defer payment of
21, 2010, 124 Stat. 2102, provided that: debt or to incur debt and defer its payment.
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