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15 U.S.C. § 1601 — Congressional findings and declaration of purpose
Federal law — U.S. Code and appendices · legal_authorities
**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.
**(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.
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Source file: Laws/federal/codes/united-states-code/title-15/section-1601-congressional-findings-and-declaration-of-purpose--a7074885ef.md
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Source location: Title 15, Chapter 41, § 1601; chapter-041-consumer-credit-protection.md
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**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.
**(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary of the Treasury (in this section referred to as the “Secretary”), in coordination with the Secretary of Education, the Secretary of Agriculture (with respect to land-grant colleges and universities), and any other appropriate agency that is a member of the Financial Literacy and Education Commission established under the Financial Literacy and Education Improvement Act ([20 U.S.C. 9701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section9701&num=0&edition=prelim) et seq.), shall seek to enhance financial literacy among students at covered educational institutions through—
(1) the development of initiatives, programs, and curricula that improve student awareness of the short- and long-term costs associated with education loans and other debt assumed while in college, their repayment obligations, and their rights as borrowers; and
(2) assisting such students in navigating the financial aid process.
**(b) Duties** For purposes of this section, the Secretary, working in conjunction with the Secretary of Education, the Secretary of Agriculture, and the Financial Literacy and Education Commission, shall—
(1) identify programs that promote or enhance financial literacy for college students, with specific emphasis on programs that impart the knowledge and ability for students to best navigate the financial aid process, including those that involve partnerships between nonprofit organizations, colleges and universities, State and local governments, and student organizations;
(2) evaluate the effectiveness of such programs in terms of measured results, including positive behavioral change among college students;
(3) promote the programs identified as being the most effective; and
(4) encourage covered educational in
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 9709
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Required disclosures by creditor** For each consumer credit transaction other than under an open end credit plan, the creditor shall disclose each of the following items, to the extent applicable:
(1) The identity of the creditor required to make disclosure.
(2)
(A) The “amount financed”, using that term, which shall be the amount of credit of which the consumer has actual use. This amount shall be computed as follows, but the computations need not be disclosed and shall not be disclosed with the disclosures conspicuously segregated in accordance with subsection (b)(1):
(i) take the principal amount of the loan or the cash price less downpayment and trade-in;
(ii) add any charges which are not part of the finance charge or of the principal amount of the loan and which are financed by the consumer, including the cost of any items excluded from the finance charge pursuant to [section 1605 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1605&num=0&edition=prelim); and
(iii) subtract any charges which are part of the finance charge but which will be paid by the consumer before or at the time of the consummation of the transaction, or have been withheld from the proceeds of the credit.
(B) In conjunction with the disclosure of the amount financed, a creditor shall provide a statement of the consumer’s right to obtain, upon a written request, a written itemization of the amount financed. The statement shall include spaces for a “yes” and “no” indication to be initialed by the consumer to indicate whether the consumer wants a written itemization of the amount financed. Upon receiving an affirmative indication, the creditor shall provide, at the time other disclosures are required to be furnished, a written
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1638
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Federal law — U.S. Code and appendices · legal_authorities
For the purposes of this chapter:
(1) To extend credit means to make or renew any loan, or to enter into any agreement, tacit or express, whereby the repayment or satisfaction of any debt or claim, whether acknowledged or disputed, valid or invalid, and however arising, may or will be deferred.
(2) The term “creditor”, with reference to any given extension of credit, refers to any person making that extension of credit, or to any person claiming by, under, or through any person making that extension of credit.
(3) The term “debtor”, with reference to any given extension of credit, refers to any person to whom that extension of credit is made, or to any person who guarantees the repayment of that extension of credit, or in any manner undertakes to indemnify the creditor against loss resulting from the failure of any person to whom that extension of credit is made to repay the same.
(4) The repayment of any extension of credit includes the repayment, satisfaction, or discharge in whole or in part of any debt or claim, acknowledged or disputed, valid or invalid, resulting from or in connection with that extension of credit.
(5) To collect an extension of credit means to induce in any way any person to make repayment thereof.
(6) An extortionate extension of credit is any extension of credit with respect to which it is the understanding of the creditor and the debtor at the time it is made that delay in making repayment or failure to make repayment could result in the use of violence or other criminal means to cause harm to the person, reputation, or property of any person.
(7) An extortionate means is any means which involves the use, or an express or implicit threat of use, of violence or other criminal means to cause harm to the person, reputation, or property of
Source: Supplied U.S. Code snapshot — release unconfirmed · 18 U.S.C. § 891
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of this part—
(1) The term “consumer lease” means a contract in the form of a lease or bailment for the use of personal property by a natural person for a period of time exceeding four months, and for a total contractual obligation not exceeding $50,000,11 See Adjustments for Inflation note below. primarily for personal, family, or household purposes, whether or not the lessee has the option to purchase or otherwise become the owner of the property at the expiration of the lease, except that such term shall not include any credit sale as defined in section 1602(g) 22 See References in Text note below. of this title. Such term does not include a lease for agricultural, business, or commercial purposes, or to a government or governmental agency or instrumentality, or to an organization.
(2) The term “lessee” means a natural person who leases or is offered a consumer lease.
(3) The term “lessor” means a person who is regularly engaged in leasing, offering to lease, or arranging to lease under a consumer lease.
(4) The term “personal property” means any property which is not real property under the laws of the State where situated at the time offered or otherwise made available for lease.
(5) The terms “security” and “security interest” mean any interest in property which secures payment or performance of an obligation.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1667
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Federal law — U.S. Code and appendices · legal_authorities
It is the purpose of this subchapter (except section 5315) to—
(1) require certain reports or records that are highly useful in—
(A) criminal, tax, or regulatory investigations, risk assessments, or proceedings; or
(B) intelligence or counterintelligence activities, including analysis, to protect against terrorism;
(2) prevent the laundering of money and the financing of terrorism through the establishment by financial institutions of reasonably designed risk-based programs to combat money laundering and the financing of terrorism;
(3) facilitate the tracking of money that has been sourced through criminal activity or is intended to promote criminal or terrorist activity;
(4) assess the money laundering, terrorism finance, tax evasion, and fraud risks to financial institutions, products, or services to—
(A) protect the financial system of the United States from criminal abuse; and
(B) safeguard the national security of the United States; and
(5) establish appropriate frameworks for information sharing among financial institutions, their agents and service providers, their regulatory authorities, associations of financial institutions, the Department of the Treasury, and law enforcement authorities to identify, stop, and apprehend money launderers and those who finance terrorists.
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 5311
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Required disclosures by creditor** Before opening any account under an open end consumer credit plan, the creditor shall disclose to the person to whom credit is to be extended each of the following items, to the extent applicable:
(1) The conditions under which a finance charge may be imposed, including the time period (if any) within which any credit extended may be repaid without incurring a finance charge, except that the creditor may, at his election and without disclosure, impose no such finance charge if payment is received after the termination of such time period. If no such time period is provided, the creditor shall disclose such fact.
(2) The method of determining the balance upon which a finance charge will be imposed.
(3) The method of determining the amount of the finance charge, including any minimum or fixed amount imposed as a finance charge.
(4) Where one or more periodic rates may be used to compute the finance charge, each such rate, the range of balances to which it is applicable, and the corresponding nominal annual percentage rate determined by multiplying the periodic rate by the number of periods in a year.
(5) Identification of other charges which may be imposed as part of the plan, and their method of computation, in accordance with regulations of the Bureau.
(6) In cases where the credit is or will be secured, a statement that a security interest has been or will be taken in (A) the property purchased as part of the credit transaction, or (B) property not purchased as part of the credit transaction identified by item or type.
(7) A statement, in a form prescribed by regulations of the Bureau of the protection provided by sections 1666 and 1666i of this title to an obligor and the creditor’s responsibilities under sections 1666a
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1637
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Accuracy and fairness of credit reporting** The Congress makes the following findings:
(1) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system.
(2) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers.
(3) Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers.
(4) There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer’s right to privacy.
**(b) Reasonable procedures** It is the purpose of this subchapter to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in accordance with the requirements of this subchapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1681
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Annual percentage rates** The Bureau shall collect, publish, and disseminate to the public, on a demonstration basis in a number of standard metropolitan statistical areas to be determined by the Bureau, the annual percentage rates charged for representative types of nonsale credit by creditors in such areas. For the purpose of this section, the Bureau is authorized to require creditors in such areas to furnish information necessary for the Bureau to collect, publish, and disseminate such information.
**(b) Credit card price and availability information**
(1) **Collection required** — The Bureau shall collect, on a semiannual basis, credit card price and availability information, including the information required to be disclosed under [section 1637(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1637/c&num=0&edition=prelim), from a broad sample of financial institutions which offer credit card services.
(2) **Sample requirements** — The broad sample of financial institutions required under paragraph (1) shall include—
(A) the 25 largest issuers of credit cards; and
(B) not less than 125 additional financial institutions selected by the Bureau in a manner that ensures—
(i) an equitable geographical distribution within the sample; and
(ii) the representation of a wide spectrum of institutions within the sample.
(3) **Report of information from sample** — Each financial institution in the broad sample established pursuant to paragraph (2) shall report the information to the Bureau in accordance with such regulations or orders as the Bureau may prescribe.
(4) **Public availability of collected information; report to Congress** — The Bureau shall—
(A) make the information collected pursuant to this
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1646
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 90–321, title I, § 110, May 29, 1968, 82 Stat. 151, provided for establishment of an advisory committee authorized to seek to achieve a fair representation of interests of sellers of merchandise on credit, lenders, and the public.
#### Effective Date of Repeal
Repeal effective Mar. 23, 1976, see section 708 of Pub. L. 90–321, set out as an Effective Date note under [section 1691 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1691&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1609
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Limitations on liability** For any closed end consumer credit transaction that is secured by real property or a dwelling, that is subject to this subchapter, and that is consummated before September 30, 1995, a creditor or any assignee of a creditor shall have no civil, administrative, or criminal liability under this subchapter for, and a consumer shall have no extended rescission rights under [section 1635(f) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1635/f&num=0&edition=prelim) with respect to—
(1) the creditor’s treatment, for disclosure purposes, of—
(A) taxes described in [section 1605(d)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1605/d/3&num=0&edition=prelim);
(B) fees described in section 1605(e)(2) and (5) of this title;
(C) fees and amounts referred to in the 3rd sentence of [section 1605(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1605/a&num=0&edition=prelim); or
(D) borrower-paid mortgage broker fees referred to in [section 1605(a)(6) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1605/a/6&num=0&edition=prelim);
(2) the form of written notice used by the creditor to inform the obligor of the rights of the obligor under [section 1635 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1635&num=0&edition=prelim) if the creditor provided the obligor with a properly dated form of written notice published and adopted by the Bureau or a comparable written notice, and otherwise complied with all the requirements of this section regarding notice; or
(3) any disclosure relating to the finance charge imposed with resp
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1649
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