US (United States) Code. Title 15. Chapter 41: Consumer credit protection

Codificación normativa de EEUU (Estados Unidos). Legislación federal estadounidense # Commerce and Trade

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  • País: Estados Unidos Estados Unidos
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15 USC CHAPTER 41 - CONSUMER CREDIT PROTECTION 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 41 - CONSUMER CREDIT PROTECTION

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CHAPTER 41 - CONSUMER CREDIT PROTECTION

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SUBCHAPTER I - CONSUMER CREDIT COST DISCLOSURE

PART A - GENERAL PROVISIONS

Sec.

1601. Congressional findings and declaration of purpose.

(a) Informed use of credit.

(b) Terms of personal property leases.

1602. Definitions and rules of construction.

1603. Exempted transactions.

1604. Disclosure guidelines.

(a) Promulgation, contents, etc., of regulations.

(b) Model disclosure forms and clauses; publication,

criteria, compliance, etc.

(c) Procedures applicable for adoption of model forms

and clauses.

(d) Effective dates of regulations containing new

disclosure requirements.

(f) Exemption authority.

(g) Waiver for certain borrowers.

1605. Determination of finance charge.

(a) ''Finance charge'' defined.

(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.

(f) Tolerances for accuracy.

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.

1607. Administrative enforcement.

(a) Enforcing agencies.

(b) Violations of this subchapter deemed violations

of pre-existing statutory requirements;

additional agency powers.

(c) Federal Trade Commission as overall enforcing

agency.

(d) Rules and regulations.

(e) Adjustment of finance charges; procedures

applicable, coverage, criteria, etc.

1608. Views of other agencies.

1609. Repealed.

1610. Effect on other laws.

(a) Inconsistent provisions; procedures applicable

for determination.

(b) State credit charge statutes.

(c) Disclosure as evidence.

(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.

1614. Repealed.

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.

(d) Definitions.

PART B - CREDIT TRANSACTIONS

1631. Disclosure requirements.

(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.

(g) Additional relief.

(h) Limitation on rescission.

(i) Rescission rights in foreclosure.

1636. Repealed.

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.

(a) Application disclosures.

(b) Time and form of disclosures.

(c) Third party applications.

(d) ''Principal dwelling'' defined.

(e) Pamphlet.

1638. Transactions other than under an open end credit plan.

(a) Required disclosures by creditor.

(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.

(a) Disclosures.

(b) Time of disclosures.

(c) No prepayment penalty.

(d) Limitations after default.

(e) No balloon payments.

(f) No negative amortization.

(g) No prepaid payments.

(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.

(k) ''Affiliate'' defined.

(l) Discretionary regulatory authority of Board.

1640. Civil liability.

(a) Individual or class action for damages; amount of

award; factors determining amount of award.

(b) Correction of errors.

(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.

(i) Class action moratorium.

1641. Liability of assignees.

(a) Prerequisites.

(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.

(f) Treatment of servicer.

1642. Issuance of credit cards.

1643. Liability of holder of credit card.

(a) Limits on liability.

(b) Burden of proof.

(c) Liability imposed by other laws or by agreement

with issuer.

(d) Exclusiveness of liability.

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.

(a) Annual percentage rates.

(b) Credit card price and availability information.

(c) Implementation.

1647. Home equity plans.

(a) Index requirement.

(b) Grounds for acceleration of outstanding balance.

(c) Change in terms.

(d) Terms changed after application.

(e) Additional requirements relating to refunds and

imposition of nonrefundable fees.

1648. Reverse mortgages.

(a) In general.

(b) Projected total cost.

1649. Certain limitations on liability.

(a) Limitations on liability.

(b) Exceptions.

PART C - CREDIT ADVERTISING

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.

(a) In general.

(b) Tax deductibility.

(c) Certain terms prohibited.

(d) Discounted initial rate.

(e) Balloon payment.

(f) ''Balloon payment'' defined.

PART D - CREDIT BILLING

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.

(b) Billing error.

(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.

(a) Additional finance charge.

(b) Excusable cause.

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; finance charge for

sales transactions involving cash discounts.

(a) Cash discounts.

(b) Finance charge.

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.

(b) Attachments and levies.

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.

(a) Consistency of provisions

(b) Exemptions by Board from credit billing

requirements.

(c) Finance charge or other charge for credit for

sales transactions involving cash discounts.

PART E - CONSUMER LEASES

1667. Definitions.

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.

(a) In general.

(b) Advertising medium not liable.

(c) Radio advertisements.

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.

1667f. Regulations.

(a) Regulations authorized.

(b) Model disclosure.

SUBCHAPTER II - RESTRICTIONS ON GARNISHMENT

1671. Congressional findings and declaration of purpose.

(a) Disadvantages of garnishment.

(b) Necessity for regulation.

1672. Definitions.

1673. Restriction on garnishment.

(a) Maximum allowable garnishment.

(b) Exceptions.

(c) Execution or enforcement of garnishment order or

process prohibited.

1674. Restriction on discharge from employment by reason of

garnishment.

(a) Termination of employment.

(b) Penalties.

1675. Exemption for State-regulated garnishments.

1676. Enforcement by Secretary of Labor.

1677. Effect on State laws.

SUBCHAPTER II-A - CREDIT REPAIR ORGANIZATIONS

1679. Findings and purposes.

(a) Findings.

(b) Purposes.

1679a. Definitions.

1679b. Prohibited practices.

(a) In general.

(b) Payment in advance.

1679c. Disclosures.

(a) Disclosure required.

(b) Separate statement requirement.

(c) Retention of compliance records.

1679d. Credit repair organizations contracts.

(a) Written contracts required.

(b) Terms and conditions of contract.

1679e. Right to cancel contract.

(a) In general.

(b) Cancellation form and other information.

(c) Consumer copy of contract required.

1679f. Noncompliance with this subchapter.

(a) Consumer waivers invalid.

(b) Attempt to obtain waiver.

(c) Contracts not in compliance.

1679g. Civil liability.

(a) Liability established.

(b) Factors to be considered in awarding punitive

damages.

1679h. Administrative enforcement.

(a) In general.

(b) Violations of this subchapter treated as

violations of Federal Trade Commission Act.

(c) State action for violations.

1679i. Statute of limitations.

1679j. Relation to State law.

SUBCHAPTER III - CREDIT REPORTING AGENCIES

1681. Congressional findings and statement of purpose.

(a) Accuracy and fairness of credit reporting.

(b) Reasonable procedures.

1681a. Definitions; rules of construction.

1681b. Permissible purposes of consumer reports.

(a) In general.

(b) Conditions for furnishing and using consumer

reports for employment purposes.

(c) Furnishing reports in connection with credit or

insurance transactions that are not initiated

by consumer.

(d) Reserved.

(e) Election of consumer to be excluded from lists.

(f) Certain use or obtaining of information

prohibited.

(g) Furnishing reports containing medical

information.

1681c. Requirements relating to information contained in consumer

reports.

(a) Information excluded from consumer reports.

(b) Exempted cases.

(c) Running of reporting period.

(d) Information required to be disclosed.

(e) Indication of closure of account by consumer.

(f) Indication of dispute by consumer.

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.

(d) Prohibitions.

1681e. Compliance procedures.

(a) Identity and purposes of credit users.

(b) Accuracy of report.

(c) Disclosure of consumer reports by users allowed.

(d) Notice to users and furnishers of information.

(e) Procurement of consumer report for resale.

1681f. Disclosures to governmental agencies.

1681g. Disclosures to consumers.

(a) Information on file; sources; report recipients.

(b) Exempt information.

(c) Summary of rights required to be included with

disclosure.

1681h. Conditions and form of disclosure to consumers.

(a) In general.

(b) Other forms of disclosure.

(c) Trained personnel.

(d) Persons accompanying consumer.

(e) Limitation of liability.

1681i. Procedure in case of disputed accuracy.

(a) Reinvestigations of disputed information.

(b) Statement of dispute.

(c) Notification of consumer dispute in subsequent

consumer reports.

(d) Notification of deletion of disputed information.

1681j. Charges for certain disclosures.

(a) Reasonable charges allowed for certain

disclosures.

(b) Free disclosure after adverse notice to consumer.

(c) Free disclosure under certain other

circumstances.

(d) Other charges prohibited.

1681k. Public record information for employment purposes.

(a) In general.

(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.

(b) Adverse action based on information obtained from

third parties other than consumer reporting

agencies.

(c) Reasonable procedures to assure compliance.

(d) Duties of users making written credit or

insurance solicitations on basis of information

contained in consumer files.

1681n. Civil liability for willful noncompliance.

(a) In general.

(b) Civil liability for knowing noncompliance.

(c) Attorney's fees.

1681o. Civil liability for negligent noncompliance.

(a) In general.

(b) Attorney's fees.

1681p. Jurisdiction of courts; limitation of actions.

1681q. Obtaining information under false pretenses.

1681r. Unauthorized disclosures by officers or employees.

1681s. Administrative enforcement.

(a) Enforcement by Federal Trade Commission.

(b) Enforcement by other agencies.

(c) State action for violations.

(d) Enforcement under other authority.

(e) Regulatory authority.

1681s-1. Information on overdue child support obligations.

1681s-2. Responsibilities of furnishers of information to consumer

reporting agencies.

(a) Duty of furnishers of information to provide

accurate information.

(b) Duties of furnishers of information upon notice

of dispute.

(c) Limitation on liability.

(d) Limitation on enforcement.

1681t. Relation to State laws.

(a) In general.

(b) General exceptions.

(c) ''Fi