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15 U.S.C. § 1611 — Criminal liability for willful and knowing violation

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

15 U.S.C. § 1611 — Criminal liability for willful and knowing violation

Whoever willfully and knowingly (1) gives false or inaccurate information or fails to provide information which he is required to disclose under the provisions of this subchapter or any regulation issued thereunder, (2) uses any chart or table authorized by the Bureau under [section 1606 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1606&num=0&edition=prelim) in such a manner as to consistently understate the annual percentage rate determined under [section 1606(a)(1)(A) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1606/a/1/A&num=0&edition=prelim), or (3) otherwise fails to comply with any requirement imposed under this subchapter, shall be fined not more than $5,000 or imprisoned not more than one year, or both.

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Source file: Laws/federal/codes/united-states-code/title-15/section-1611-criminal-liability-for-willful-and-knowing-violation--9f3ba1233e.md
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Source location: Title 15, Chapter 41, § 1611; chapter-041-consumer-credit-protection.md

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

15 U.S.C. § 1606 — Determination of annual percentage rate

**(a) “Annual percentage rate” defined** The annual percentage rate applicable to any extension of consumer credit shall be determined, in accordance with the regulations of the Bureau, (1) in the case of any extension of credit other than under an open end credit plan, as (A) that nominal annual percentage rate which will yield a sum equal to the amount of the finance charge when it is applied to the unpaid balances of the amount financed, calculated according to the actuarial method of allocating payments made on a debt between the amount financed and the amount of the finance charge, pursuant to which a payment is applied first to the accumulated finance charge and the balance is applied to the unpaid amount financed; or (B) the rate determined by any method prescribed by the Bureau as a method which materially simplifies computation while retaining reasonable accuracy as compared with the rate determined under subparagraph (A).11 So in original. (2) in the case of any extension of credit under an open end credit plan, as the quotient (expressed as a percentage) of the total finance charge for the period to which it relates divided by the amount upon which the finance charge for that period is based, multiplied by the number of such periods in a year. **(b) Computation of rate of finance charges for balances within a specified range** Where a creditor imposes the same finance charge for balances within a specified range, the annual percentage rate shall be computed on the median balance within the range, except that if the Bureau determines that a rate so computed would not be meaningful, or would be materially misleading, the annual percentage rate shall be computed on such other basis as the Bureau may be regulation require. **(c) Allowable tolerances for

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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

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

15 U.S.C. § 1640 — Civil liability

**(a) Individual or class action for damages; amount of award; factors determining amount of award** Except as otherwise provided in this section, any creditor who fails to comply with any requirement imposed under this part, including any requirement under [section 1635 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1635&num=0&edition=prelim), subsection (f) or (g) of [section 1641 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1641&num=0&edition=prelim), or part D or E of this subchapter with respect to any person is liable to such person in an amount equal to the sum of— (1) any actual damage sustained by such person as a result of the failure; (2) (A) (i) in the case of an individual action twice the amount of any finance charge in connection with the transaction, (ii) in the case of an individual action relating to a consumer lease under part E of this subchapter, 25 per centum of the total amount of monthly payments under the lease, except that the liability under this subparagraph shall not be less than $200 nor greater than $2,000, (iii) in the case of an individual action relating to an open end consumer credit plan that is not secured by real property or a dwelling, twice the amount of any finance charge in connection with the transaction, with a minimum of $500 and a maximum of $5,000, or such higher amount as may be appropriate in the case of an established pattern or practice of such failures; 11 So in original. The semicolon probably should be a comma. or (iv) in the case of an individual action relating to a credit transaction not under an open end credit plan that is secured by real property or a dwelling, not less than $400 or greater than $4,000; or (B)

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

15 U.S.C. § 1611 — Criminal liability for willful and knowing

Page 1472 TITLE 15—COMMERCE AND TRADE § 1611 1 See References in Text note below. applicable to certain mortgages under section 1639 of this title. (b) State credit charge statutes Except as provided in section 1639 of this title, this subchapter does not otherwise annul, alter or affect in any manner the meaning, scope or applicability of the laws of any State, including, but not limited to, laws relating to the types, amounts or rates of charges, or any element or elements of charges, permissible under such laws in connection with the extension or use of credit, nor does this subchapter extend the ap- plicability of those laws to any class of persons or transactions to which they would not other- wise apply. The provisions of section 1639 of this title do not annul, alter, or affect the applica- bility of the laws of any State or exempt any person subject to the provisions of section 1639 of this title from complying with the laws of any State, with respect to the requirements for mortgages referred to in section 1602(aa) 1 of this title, except to the extent that those State laws are inconsistent with any provisions of section 1639 of this title, and then only to the extent of the inconsistency. (c) Disclosure as evidence In any action or proceeding in any court in- volving a consumer credit sale, the disclosure of the annual percentage rate as required under this subchapter in connection with that sale may not be received as evidence that the sale was a loan or any type of transaction other than a credit sale. (d) Contract or other obligations under State or Federal law Except as specified in sections 1635, 1640, and 1666e of this title, this subchapter and the regu- lations issued thereunder do not affect the valid- ity or enforceab

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