15 U.S.C. § 1607 — Administrative enforcement

Page 1467 TITLE 15—COMMERCE AND TRADE § 1607 1 So in original. priate regulation in order to effect any change included in the report under paragraph (1), and shall publish the regulation in the Federal Register before the end of the 1-year period beginning on the date of enactment of this Act.’’ § 1606. Determination of annual percentage rate (a) ‘‘Annual percentage rate’’ defined The annual percentage rate applicable to any extension of consumer credit shall be deter- mined, 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 meth- od 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 accu- mulated 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 re- taining reasonable accuracy as compared with the rate determined under subpara- graph (A).1 (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 di- vided 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 purposes of compli- ance with disclosure requirements The disclosure of an annual percentage rate is accurate for the purpose of this subchapter if the rate disclosed is within a tolerance not greater than one-eighth of 1 per centum more or less than the actual rate or rounded to the near- est one-fourth of 1 per centum. The Bureau may allow a greater tolerance to simplify compliance where irregular payments are involved. (d) Use of rate tables or charts having allowable variance from determined rates The Bureau may authorize the use of rate ta- bles or charts which may provide for the disclo- sure of annual percentage rates which vary from the rate determined in accordance with sub- section (a)(1)(A) by not more than such toler- ances as the Bureau may allow. The Bureau may not allow a tolerance greater than 8 per centum of that rate except to simplify compliance where irregular payments are involved. (e) Authorization of tolerances in determining annual percentage rates In the case of creditors determining the an- nual percentage rate in a manner other than as described in subsection (d), the Bureau may au- thorize other reasonable tolerances. (Pub. L. 90–321, title I, § 107, May 29, 1968, 82 Stat. 149; Pub. L. 96–221, title VI, § 607, Mar. 31, 1980, 94 Stat. 170; Pub. L. 111–203, title X, § 1100A(2), July 21, 2010, 124 Stat. 2107.) Editorial Notes AMENDMENTS 2010—Pub. L. 111–203 substituted ‘‘Bureau’’ for ‘‘Board’’ wherever appearing. 1980—Subsec. (c). Pub. L. 96–221, § 607(a), substituted provisions relating to allowable tolerances for purposes of compliance with disclosure requirements, for provi- sions relating to rounding off of annual percentage rates which are converted from single add-on or other rates. Subsec. (e). Pub. L. 96–221, § 607(b), struck out ref- erence to subsection (c) of this section. Subsec. (f). Pub. L. 96–221, § 607(c), struck out subsec. (f) setting forth requirements for form of expressing percentage rates prior to Jan. 1, 1971. 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 OF 1980 AMENDMENT Amendment by Pub. L. 96–221 effective on expiration of two years and six months after Mar. 31, 1980, with all regulations, forms, and clauses required to be pre- scribed to be promulgated at least one year prior to such effective date, and allowing any creditor to com- ply with any amendments, in accordance with the regu- lations, forms, and clauses prescribed by the Board prior to such effective date, see section 625 of Pub. L. 96–221, set out as a note under section 1602 of this title. § 1607. Administrative enforcement (a) Enforcing agencies Subject to subtitle B of the Consumer Finan- cial Protection Act of 2010 [12 U.S.C. 5511 et seq.], compliance with the requirements imposed under this subchapter shall be enforced under— (1) section 8 of the Federal Deposit Insur- ance Act [12 U.S.C. 1818], by the appropriate Federal banking agency, as defined in section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. 1813(q)), with respect to— (A) national banks, Federal savings asso- ciations, and Federal branches and Federal agencies of foreign banks; (B) member banks of the Federal Reserve System (other than national banks), branches and agencies of foreign banks (other than Federal branches, Federal agen- cies, and insured State branches of foreign banks), commercial lending companies owned or controlled by foreign banks, and Page 1468 TITLE 15—COMMERCE AND TRADE § 1607 organizations operating under section 25 or 25A of the Federal Reserve Act [12 U.S.C. 601 et seq., 611 et seq.]; and (C) banks and State savings associations insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System), and insured State branches of foreign banks; (2) the Federal Credit Union Act [12 U.S.C. 1751 et seq.], by the Director of the National Credit Union Administration, with respect to any Federal credit union; (3) part A of subtitle VII of title 49, by the Secretary of Transportation, with respect to any air carrier or foreign air carrier subject to that part; (4) the Packers and Stockyards Act, 1921 [7 U.S.C. 181 et seq.] (except as provided in sec- tion 406 of that Act [7 U.S.C. 226, 227]), by the Secretary of Agriculture, with respect to any activities subject to that Act; (5) the Farm Credit Act of 1971 [12 U.S.C. 2001 et seq.], by the Farm Credit Administration with respect to any Federal land bank, Fed- eral land bank association, Federal inter- mediate credit bank, or production credit as- sociation; and (6) subtitle E of the Consumer Financial Protection Act of 2010 [12 U.S.C. 5561 et seq.], by the Bureau, with respect to any person sub- ject to this subchapter. (7) sections 21B and 21C of the Securities Ex- change Act of 1934 [15 U.S.C. 78u–2, 78u–3], in the case of a broker or dealer, other than a de- pository institution, by the Securities and Ex- change Commission. (b) Violations of this subchapter deemed viola- tions of pre-existing statutory requirements; additional agency powers For the purpose of the exercise by any agency referred to in subsection (a) of its powers under any Act referred to in that subsection, a viola- tion of any requirement imposed under this sub- chapter shall be deemed to be a violation of a re- quirement imposed under that Act. In addition to its powers under any provision of law specifi- cally referred to in subsection (a), each of the agencies referred to in that subsection may ex- ercise, for the purpose of enforcing compliance with any requirement imposed under this sub- chapter, any other authority conferred on it by law. (c) Overall enforcement authority of the Federal Trade Commission Except to the extent that enforcement of the requirements imposed under this subchapter is specifically committed to some other Govern- ment agency under any of paragraphs (1) through (5) of subsection (a), and subject to sub- title B of the Consumer Financial Protection Act of 2010 [12 U.S.C. 5511 et seq.], the Federal Trade Commission shall be authorized to enforce such requirements. For the purpose of the exer- cise by the Federal Trade Commission of its functions and powers under the Federal Trade Commission Act [15 U.S.C. 41 et seq.], a viola- tion of any requirement imposed under this sub- chapter shall be deemed a violation of a require- ment imposed under that Act. All of the func- tions and powers of the Federal Trade Commis- sion under the Federal Trade Commission Act are available to the Federal Trade Commission to enforce compliance by any person with the requirements under this subchapter, irrespective of whether that person is engaged in commerce or meets any other jurisdictional tests under the Federal Trade Commission Act. (d) Rules and regulations The authority of the Bureau to issue regula- tions under this subchapter does not impair the authority of any other agency designated in this section to make rules respecting its own proce- dures in enforcing compliance with require- ments imposed under this subchapter. (e) Adjustment of finance charges; procedures applicable, coverage, criteria, etc. (1) In carrying out its enforcement activities under this section, each agency referred to in subsection (a) or (c), in cases where an annual percentage rate or finance charge was inac- curately disclosed, shall notify the creditor of such disclosure error and is authorized in ac- cordance with the provisions of this subsection to require the creditor to make an adjustment to the account of the person to whom credit was extended, to assure that such person will not be required to pay a finance charge in excess of the finance charge actually disclosed or the dollar equivalent of the annual percentage rate actu- ally disclosed, whichever is lower. For the pur- poses of this subsection, except where such dis- closure error resulted from a willful violation which was intended to mislead the person to whom credit was extended, in determining whether a disclosure error has occurred and in calculating any adjustment, (A) each agency shall apply (i) with respect to the annual per- centage rate, a tolerance of one-quarter of 1 per- cent more or less than the actual rate, deter- mined without regard to section 1606(c) of this title, and (ii) with respect to the finance charge, a corresponding numerical tolerance as gen- erated by the tolerance provided under this sub- section for the annual percentage rate; except that (B) with respect to transactions con- summated after two years following March 31, 1980, each agency shall apply (i) for transactions that have a scheduled amortization of ten years or less, with respect to the annual percentage rate, a tolerance not to exceed one-quarter of 1 percent more or less than the actual rate, deter- mined without regard to section 1606(c) of this title, but in no event a tolerance of less than the tolerances allowed under section 1606(c) of this title, (ii) for transactions that have a scheduled amortization of more than ten years, with re- spect to the annual percentage rate, only such tolerances as are allowed under section 1606(c) of this title, and (iii) for all transactions, with re- spect to the finance charge, a corresponding nu- merical tolerance as generated by the tolerances provided under this subsection for the annual percentage rate. (2) Each agency shall require such an adjust- ment when it determines that such disclosure error resulted from (A) a clear and consistent pattern or practice of violations, (B) gross neg- ligence, or (C) a willful violation which was in- tended to mislead the person to whom the credit Page 1469 TITLE 15—COMMERCE AND TRADE § 1607 1 So in original. Probably should be preceded by ‘‘if’’. was extended. Notwithstanding the preceding sentence, except where such disclosure error re- sulted from a willful violation which was in- tended to mislead the person to whom credit was extended, an agency need not require such an adjustment if it determines that such disclo- sure error— (A) resulted from an error involving the dis- closure of a fee or charge that would otherwise be excludable in computing the finance charge, including but not limited to violations involving the disclosures described in sections 1605(b), (c) and (d) of this title, in which event the agency may require such remedial action as it determines to be equitable, except that for transactions consummated after two years after March 31, 1980, such an adjustment shall be ordered for violations of section 1605(b) of this title; (B) involved a disclosed amount which was 10 per centum or less of the amount that should have been disclosed and (i) in cases where the error involved a disclosed finance charge, the annual percentage rate was dis- closed correctly, and (ii) in cases where the error involved a disclosed annual percentage rate, the finance charge was disclosed cor- rectly; in which event the agency may require such adjustment as it determines to be equi- table; (C) involved a total failure to disclose either the annual percentage rate or the finance charge, in which event the agency may require such adjustment as it determines to be equi- table; or (D) resulted from any other unique cir- cumstance involving clearly technical and nonsubstantive disclosure violations that do not adversely affect information provided to the consumer and that have not misled or oth- erwise deceived the consumer. In the case of other such disclosure errors, each agency may require such an adjustment. (3) Notwithstanding paragraph (2), no adjust- ment shall be ordered— (A) if it would have a significantly adverse impact upon the safety or soundness of the creditor, but in any such case, the agency may— (i) require a partial adjustment in an amount which does not have such an impact; or (ii) require the full adjustment, but permit the creditor to make the required adjust- ment in partial payments over an extended period of time which the agency considers to be reasonable, if (in the case of an agency re- ferred to in paragraph (1), (2), or (3) of sub- section (a)), the agency determines that a partial adjustment or making partial pay- ments over an extended period is necessary to avoid causing the creditor to become undercapitalized pursuant to section 38 of the Federal Deposit Insurance Act [12 U.S.C. 1831o]; (B) the 1 amount of the adjustment would be less than $1, except that if more than one year has elapsed since the date of the violation, the agency may require that such amount be paid into the Treasury of the United States, or (C) except where such disclosure error re- sulted from a willful violation which was in- tended to mislead the person to whom credit was extended, in the case of an open-end credit plan, more than two years after the violation, or in the case of any other extension of credit, as follows: (i) with respect to creditors that are subject to examination by the agencies referred to in paragraphs (1) through (3) of subsection (a) of this section, except in connection with viola- tions arising from practices identified in the current examination and only in connection with transactions that are consummated after the date of the immediately preceding exam- ination, except that where practices giving rise to violations identified in earlier exami- nations have not been corrected, adjustments for those violations shall be required in con- nection with transactions consummated after the date of examination in which such prac- tices were first identified; (ii) with respect to creditors that are not subject to examination by such agencies, ex- cept in connection with transactions that are consummated after May 10, 1978; and (iii) in no event after the later of (I) the ex- piration of the life of the credit extension, or (II) two years after the agreement to extend credit was consummated. (4)(A) Notwithstanding any other provision of this section, an adjustment under this sub- section may be required by an agency referred to in subsection (a) or (c) only by an order issued in accordance with cease and desist procedures provided by the provision of law referred to in such subsections. (B) In case of an agency which is not author- ized to conduct cease and desist proceedings, such an order may be issued after an agency hearing on the record conducted at least thirty but not more than sixty days after notice of the alleged violation is served on the creditor. Such a hearing shall be deemed to be a hearing which is subject to the provisions of section 8(h) of the Federal Deposit Insurance Act [12 U.S.C. 1818(h)] and shall be subject to judicial review as pro- vided therein. (5) Except as otherwise specifically provided in this subsection and notwithstanding any provi- sion of law referred to in subsection (a) or (c), no agency referred to in subsection (a) or (c) may require a creditor to make dollar adjustments for errors in any requirements under this sub- chapter, except with regard to the requirements of section 1666d of this title. (6) A creditor shall not be subject to an order to make an adjustment, if within sixty days after discovering a disclosure error, whether pursuant to a final written examination report or through the creditor’s own procedures, the creditor notifies the person concerned of the error and adjusts the account so as to assure that such person will not be required to pay a fi- nance charge in excess of the finance charge ac- tually disclosed or the dollar equivalent of the annual percentage rate actually disclosed, whichever is lower. (7) Notwithstanding the second sentence of subsection (e)(1), subsection (e)(3)(C)(i), and sub- Page 1470 TITLE 15—COMMERCE AND TRADE § 1607 section (e)(3)(C)(ii), each agency referred to in subsection (a) or (c) shall require an adjustment for an annual percentage rate disclosure error that exceeds a tolerance of one quarter of one percent less than the actual rate, determined without regard to section 1606(c) of this title, with respect to any transaction consummated between January 1, 1977, and March 31, 1980. (Pub. L. 90–321, title I, § 108, May 29, 1968, 82 Stat. 150; Pub. L. 91–206, § 3, Mar. 10, 1970, 84 Stat. 49; Pub. L. 93–495, title IV, § 403, Oct. 28, 1974, 88 Stat. 1517; Pub. L. 95–630, title V, § 501, Nov. 10, 1978, 92 Stat. 3680; Pub. L. 96–221, title VI, § 608(a), (c), Mar. 21, 1980, 94 Stat. 171, 173; Pub. L. 98–443, § 9(n), Oct. 4, 1984, 98 Stat. 1708; Pub. L. 101–73, title VII, § 744(k), Aug. 9, 1989, 103 Stat. 439; Pub. L. 102–242, title II, § 212(b), Dec. 19, 1991, 105 Stat. 2299; Pub. L. 102–550, title XVI, § 1604(a)(5), Oct. 28, 1992, 106 Stat. 4082; Pub. L. 104–208, div. A, title II, § 2106, Sept. 30, 1996, 110 Stat. 3009–402; Pub. L. 111–203, title X, § 1100A(2), (8), title XIV, § 1414(b), July 21, 2010, 124 Stat. 2107, 2108, 2152.) Editorial Notes REFERENCES IN TEXT The Consumer Financial Protection Act of 2010, re- ferred to in subsecs. (a) and (c), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955. Subtitles B (§§ 1021–1029A) and E (§§ 1051–1058) of the Act are classi- fied generally to parts B (§ 5511 et seq.) and E (§ 5561 et seq.), respectively, of subchapter V of chapter 53 of Title 12, Banks and Banking. For complete classifica- tion of this Act to the Code, see Short Title note set out under section 5301 of Title 12 and Tables. Sections 25 and 25A of the Federal Reserve Act, re- ferred to in subsec. (a)(1)(B), are classified to sub- chapters I (§ 601 et seq.) and II (§ 611 et seq.), respec- tively, of chapter 6 of Title 12, Banks and Banking. The Federal Credit Union Act, referred to in subsec. (a)(2), is act June 26, 1934, ch. 750, 48 Stat. 1216, which is classified generally to chapter 14 (§ 1751 et seq.) of Title 12. For complete classification of this Act to the Code, see section 1751 of Title 12 and Tables. The Packers and Stockyards Act, 1921, referred to in subsec. (a)(4), is act Aug. 15, 1921, ch. 64, 42 Stat. 159, which is classified generally to chapter 9 (§ 181 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 181 of Title 7 and Ta- bles. The Farm Credit Act of 1971, referred to in subsec. (a)(5), is Pub. L. 92–181, Dec. 10, 1971, 85 Stat. 583, which is classified generally to chapter 23 (§ 2001 et seq.) of Title 12, Banks and Banking. For complete classifica- tion of this Act to the Code, see Short Title note set out under section 2001 of Title 12 and Tables. The Federal Trade Commission Act, referred to in subsec. (c), is act Sept. 26, 1914, ch. 311, 38 Stat. 717, which is classified generally to subchapter I (§ 41 et seq.) of chapter 2 of this title. For complete classifica- tion of this Act to the Code, see section 58 of this title and Tables. CODIFICATION In subsec. (a)(3), ‘‘part A of subtitle VII of title 49’’ substituted for ‘‘the Federal Aviation Act of 1958’’ and ‘‘that part’’ substituted for ‘‘that Act’’ on authority of Pub. L. 103–272, § 6(b), July 5, 1994, 108 Stat. 1378, the first section of which enacted subtitles II, III, and V to X of Title 49, Transportation. AMENDMENTS 2010—Subsec. (a). Pub. L. 111–203, § 1100A(8)(A), added subsec. (a) and struck out former subsec. (a) which list- ed agencies under which compliance with subchapter requirements would be enforced. Subsec. (a)(7). Pub. L. 111–203, § 1414(b), added par. (7). Subsec. (c). Pub. L. 111–203, § 1100A(8)(B), added sub- sec. (c) and struck out former subsec. (c). Prior to amendment, text read as follows: ‘‘Except to the extent that enforcement of the requirements imposed under this subchapter is specifically committed to some other Government agency under subsection (a) of this sec- tion, the Federal Trade Commission shall enforce such requirements. For the purpose of the exercise by the Federal Trade Commission of its functions and powers under the Federal Trade Commission Act, a violation of any requirement imposed under this subchapter shall be deemed a violation of a requirement imposed under that Act. All of the functions and powers of the Federal Trade Commission under the Federal Trade Commis- sion Act are available to the Commission to enforce compliance by any person with the requirements im- posed under this subchapter, irrespective of whether that person is engaged in commerce or meets any other jurisdictional tests in the Federal Trade Commission Act.’’ Subsec. (d). Pub. L. 111–203, § 1100A(2), substituted ‘‘Bureau’’ for ‘‘Board’’. 1996—Subsec. (e)(3). Pub. L. 104–208 struck out ‘‘or- dered (A) if’’ and inserted ‘‘ordered— ‘‘(A) if’’; struck out ‘‘may require a partial’’ and inserted ‘‘may— ‘‘(i) require a partial’’; struck out ‘‘, except that with respect to any trans- action consumated after March 31, 1980, the agency shall require’’ and inserted ‘‘; or ‘‘(ii) require’’; directed the substitution of ‘‘reasonable, if (in the case of an agency referred to in paragraph (1), (2), or (3) of subsection (a)), the agency determines that a partial adjustment or making partial payments over an ex- tended period is necessary to avoid causing the creditor to become undercapitalized pursuant to section 38 of the Federal Deposit Insurance Act; ‘‘(B) the’’; for ‘‘reasonable, (B) the’’, which was executed by mak- ing the substitution for ‘‘reasonable, (B) if the’’; and struck out ‘‘(C) except’’ and inserted ‘‘(C) except’’. 1992—Subsec. (a)(1)(C). Pub. L. 102–550 substituted semicolon for period at end. 1991—Subsec. (a). Pub. L. 102–242, § 212(b)(2), inserted at end ‘‘The terms used in paragraph (1) that are not defined in this subchapter or otherwise defined in sec- tion 3(s) of the Federal Deposit Insurance Act (12 U.S.C. 1813(s)) shall have the meaning given to them in section 1(b) of the International Banking Act of 1978 (12 U.S.C. 3101).’’ Pub. L. 102–242, § 212(b)(1), added par. (1) and struck out former par. (1) which read as follows: ‘‘section 8 of the Federal Deposit Insurance Act, in the case of ‘‘(A) national banks, by the Comptroller of the Cur- rency. ‘‘(B) member banks of the Federal Reserve System (other than national banks), by the Board. ‘‘(C) banks insured by the Federal Deposit Insur- ance Corporation (other than members of the Federal Reserve System), by the Board of Directors of the Federal Deposit Insurance Corporation.’’ 1989—Subsec. (a)(2). Pub. L. 101–73 amended par. (2) generally. Prior to amendment, par. (2) read as follows: ‘‘section 5(d) of the Home Owner’s Loan Act of 1933, sec- tion 407 of the National Housing Act, and sections 6(i) and 17 of the Federal Home Loan Bank Act, by the Fed- eral Home Loan Bank Board (acting directly or through the Federal Savings and Loan Insurance Cor- poration), in the case of any institution subject to any of those provisions.’’ 1984—Subsec. (a)(4). Pub. L. 98–443 substituted ‘‘Sec- retary of Transportation’’ for ‘‘Civil Aeronautics Board’’. 1980—Subsec. (e). Pub. L. 96–221, § 608(a), added subsec. (e). Page 1471 TITLE 15—COMMERCE AND TRADE § 1610 Pub. L. 96–221, § 608(c), struck out in pars. (1)(A)(i) and (7) ‘‘, except in the case of an irregular mortgage lend- ing transaction’’ after ‘‘section 1606(c) of this title’’. See Effective Date of 1980 Amendment note below. 1974—Subsec. (a)(4) to (6). Pub. L. 93–495 redesignated pars. (5) and (6) as (4) and (5), respectively. Former par. (4), which related to enforcement by the Interstate Commerce Commission, was struck out. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by section 1100A(2), (8) of Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employ- ees. Amendment by section 1414(b) of Pub. L. 111–203 effec- tive on the date on which final regulations imple- menting that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of this title. EFFECTIVE DATE OF 1992 AMENDMENT Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improve- ment Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102–550, set out as a note under section 191 of Title 12, Banks and Banking. EFFECTIVE DATE OF 1984 AMENDMENT Amendment by Pub. L. 98–443 effective Jan. 1, 1985, see section 9(v) of Pub. L. 98–443, set out as a note under section 5314 of Title 5, Government Organization and Employees. EFFECTIVE DATE OF 1980 AMENDMENT Pub. L. 96–221, title VI, § 608(b), Mar. 31, 1980, 94 Stat. 173, provided that: ‘‘This section [amending this sec- tion] shall take effect on the date of enactment of the Truth in Lending Simplification and Reform Act [Mar. 31, 1980].’’ Pub. L. 96–221, title VI, § 608(c), Mar. 31, 1980, 94 Stat. 173, provided that the amendment made by that section is effective one year after Mar. 31, 1980. EFFECTIVE DATE OF 1974 AMENDMENT Amendment by Pub. L. 93–495 effective Oct. 28, 1974, see section 416 of Pub. L. 93–495, set out as an Effective Date note under section 1665a of this title. TRANSFER OF FUNCTIONS ‘‘National Credit Union Administration Board’’ sub- stituted for ‘‘Director of the Bureau of Federal Credit Unions’’ in subsec. (a)(3) pursuant to section 3 of Pub. L. 91–206 and section 501 of Pub. L. 95–630 [12 U.S.C. 1752a] which transferred functions of Bureau of Federal Credit Unions, and Director thereof, to National Credit Union Administration and vested authority for man- agement of Administration in National Credit Union Administration Board. § 1608. Views of other agencies In the exercise of its functions under this sub- chapter, the Bureau may obtain upon requests the views of any other Federal agency which, in the judgment of the Bureau, exercises regu- latory or supervisory functions with respect to any class of creditors subject to this subchapter. (Pub. L. 90–321, title I, § 109, May 29, 1968, 82 Stat. 150; Pub. L. 111–203, title X, § 1100A(2), July 21, 2010, 124 Stat. 2107.) Editorial Notes AMENDMENTS 2010—Pub. L. 111–203 substituted ‘‘Bureau’’ for ‘‘Board’’ in two places. 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. § 1609. Repealed. Pub. L. 94–239, § 3(b)(1), Mar. 23, 1976, 90 Stat. 253 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 rep- resentation of interests of sellers of merchandise on credit, lenders, and the public. Statutory Notes and Related Subsidiaries 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 sec- tion 1691 of this title. § 1610. Effect on other laws (a) Inconsistent provisions; procedures applica- ble for determination (1) Except as provided in subsection (e), this part and parts B and C, do not annul, alter, or affect the laws of any State relating to the dis- closure of information in connection with credit transactions, except to the extent that those laws are inconsistent with the provisions of this subchapter, and then only to the extent of the inconsistency. Upon its own motion or upon the request of any creditor, State, or other inter- ested party which is submitted in accordance with procedures prescribed in regulations of the Bureau, the Bureau shall determine whether any such inconsistency exists. If the Bureau deter- mines that a State-required disclosure is incon- sistent, creditors located in that State may not make disclosures using the inconsistent term or form, and shall incur no liability under the law of that State for failure to use such term or form, notwithstanding that such determination is subsequently amended, rescinded, or deter- mined by judicial or other authority to be in- valid for any reason. (2) Upon its own motion or upon the request of any creditor, State, or other interested party which is submitted in accordance with proce- dures prescribed in regulations of the Bureau, the Bureau shall determine whether any disclo- sure required under the law of any State is sub- stantially the same in meaning as a disclosure required under this subchapter. If the Bureau de- termines that a State-required disclosure is sub- stantially the same in meaning as a disclosure required by this subchapter, then creditors lo- cated in that State may make such disclosure in compliance with such State law in lieu of the disclosure required by this subchapter, except that the annual percentage rate and finance charge shall be disclosed as required by section 1632 of this title, and such State-required disclo- sure may not be made in lieu of the disclosures