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15 U.S.C. § 1649 — Certain limitations on liability

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1649 — Certain limitations on liability

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Stable record: federal_law:legal_authorities:record_usc_3f411c440e3cd8066ecdde1d
Source file: Laws/federal/codes/united-states-code/title-15/section-1649-certain-limitations-on-liability--53e2445e30.md
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Source location: Title 15, Chapter 41, § 1649; chapter-041-consumer-credit-protection.md

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**(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 respect to the transaction if the amount or percentage actually disclosed— (A) may be treated as accurate for purposes of this subchapter if the amount disclosed as the finance charge does not vary from the actual finance charge by more than $200; (B) may, under [section 1605(f)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1605/f/2&num=0&edition=prelim), be treated as accurate for purposes of [section 1635 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1635&num=0&edition=prelim); or (C) is greater than the amount or percentage required to be disclosed under this subchapter. **(b) Exceptions** Subsection (a) shall not apply to— (1) any individual action or counterclaim brought under this subchapter which was filed before June 1, 1995; (2) any class action brought under this subchapter for which a final order certifying a class was entered before January 1, 1995; (3) the named individual plaintiffs in any class action brought under this subchapter which was filed before June 1, 1995; or (4) any consumer credit transaction with respect to which a timely notice of rescission was sent to the creditor before June 1, 1995.

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 552a — Records maintained on individuals

**(a) Definitions.—** For purposes of this section— (1) the term “agency” means agency as defined in section 552(e) 11 See References in Text note below. of this title; (2) the term “individual” means a citizen of the United States or an alien lawfully admitted for permanent residence; (3) the term “maintain” includes maintain, collect, use, or disseminate; (4) the term “record” means any item, collection, or grouping of information about an individual that is maintained by an agency, including, but not limited to, his education, financial transactions, medical history, and criminal or employment history and that contains his name, or the identifying number, symbol, or other identifying particular assigned to the individual, such as a finger or voice print or a photograph; (5) the term “system of records” means a group of any records under the control of any agency from which information is retrieved by the name of the individual or by some identifying number, symbol, or other identifying particular assigned to the individual; (6) the term “statistical record” means a record in a system of records maintained for statistical research or reporting purposes only and not used in whole or in part in making any determination about an identifiable individual, except as provided by [section 8 of title 13](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title13-section8&num=0&edition=prelim); (7) the term “routine use” means, with respect to the disclosure of a record, the use of such record for a purpose which is compatible with the purpose for which it was collected; (8) the term “matching program”— (A) means any computerized comparison of— (i) two or more automated systems of records or a system of records with non-Federal records for the purpose

Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 552a

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1635 — Right of rescission as to certain transactions

**(a) Disclosure of obligor’s right to rescind** Except as otherwise provided in this section, in the case of any consumer credit transaction (including opening or increasing the credit limit for an open end credit plan) in which a security interest, including any such interest arising by operation of law, is or will be retained or acquired in any property which is used as the principal dwelling of the person to whom credit is extended, the obligor shall have the right to rescind the transaction until midnight of the third business day following the consummation of the transaction or the delivery of the information and rescission forms required under this section together with a statement containing the material disclosures required under this subchapter, whichever is later, by notifying the creditor, in accordance with regulations of the Bureau, of his intention to do so. The creditor shall clearly and conspicuously disclose, in accordance with regulations of the Bureau, to any obligor in a transaction subject to this section the rights of the obligor under this section. The creditor shall also provide, in accordance with regulations of the Bureau, appropriate forms for the obligor to exercise his right to rescind any transaction subject to this section. **(b) Return of money or property following rescission** When an obligor exercises his right to rescind under subsection (a), he is not liable for any finance or other charge, and any security interest given by the obligor, including any such interest arising by operation of law, becomes void upon such a rescission. Within 20 days after receipt of a notice of rescission, the creditor shall return to the obligor any money or property given as earnest money, downpayment, or otherwise, and shall take any action necessary

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1635

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1601 — Congressional findings and declaration of purpose

**(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.

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1601

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1649 — Certain limitations on liability

Page 1531 TITLE 15—COMMERCE AND TRADE § 1649 ceives the disclosure required under section 1637a(a) of this title and the pamphlet required under section 1637a(e) of this title with respect to such application. (2) Constructive receipt For purposes of determining when a non- refundable fee may be imposed in accordance with this subsection if the disclosures and pamphlet referred to in paragraph (1) are mailed to the consumer, the date of the re- ceipt of the disclosures by such consumer shall be deemed to be 3 business days after the date of mailing by the creditor. (Pub. L. 90–321, title I, § 137, as added Pub. L. 100–709, § 3, Nov. 23, 1988, 102 Stat. 4731; amended Pub. L. 103–325, title I, § 154(c), Sept. 23, 1994, 108 Stat. 2197; Pub. L. 111–203, title X, § 1100A(2), July 21, 2010, 124 Stat. 2107.) Editorial Notes AMENDMENTS 2010—Subsec. (c)(4)(B). Pub. L. 111–203 substituted ‘‘Bureau’’ for ‘‘Board’’ in heading and text. 1994—Subsec. (b). Pub. L. 103–325 inserted at end ‘‘This subsection does not apply to reverse mortgage transactions.’’ Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. EFFECTIVE DATE For effective date of section, see Regulations; Effec- tive Date note below. REGULATIONS; EFFECTIVE DATE For provisions relating to promulgation of regula- tions to implement amendment by Pub. L. 100–709 [en- acting this section], and effective date of such amend- ment in connection with those regulations, see section 7 of Pub. L. 100–709, set out as a note under section 1637a of this title. § 1648. Reverse mortgages

Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 1649

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