15 U.S.C. § 1610 — Effect on other laws

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 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 enforceability of any contract or obliga- tion under State or Federal law. (e) Certain credit and charge card application and solicitation disclosure provisions The provisions of subsection (c) of section 1632 of this title and subsections (c), (d), (e), and (f) of section 1637 of this title shall supersede any provision of the law of any State relating to the disclosure of information in any credit or charge card application or solicitation which is subject to the requirements of section 1637(c) of this title or any renewal notice which is subject to the requirements of section 1637(d) of this title, except that any State may employ or establish State laws for the purpose of enforcing the re- quirements of such sections. (Pub. L. 90–321, title I, § 111, May 29, 1968, 82 Stat. 151; Pub. L. 93–495, title III, § 307(b), Oct. 28, 1974, 88 Stat. 1516; Pub. L. 96–221, title VI, § 609, Mar. 31, 1980, 94 Stat. 173; Pub. L. 100–583, § 4, Nov. 3, 1988, 102 Stat. 2967; Pub. L. 103–325, title I, § 152(e)(2)(B), (C), Sept. 23, 1994, 108 Stat. 2194; Pub. L. 111–203, title X, § 1100A(2), July 21, 2010, 124 Stat. 2107.) Editorial Notes REFERENCES IN TEXT Section 1602(aa) of this title, referred to in subsec. (b), was redesignated section 1602(bb) of this title by Pub. L. 111–203, title X, § 1100A(1)(A), July 21, 2010, 124 Stat. 2107. AMENDMENTS 2010—Subsec. (a). Pub. L. 111–203 substituted ‘‘Bu- reau’’ for ‘‘Board’’ wherever appearing. 1994—Subsec. (a)(2). Pub. L. 103–325, § 152(e)(2)(B), which directed the amendment of par. (2) by inserting ‘‘, and such State-required disclosure may not be made in lieu of the disclosures applicable to certain mort- gages under section 1639 of this title’’ before period, was executed by making the insertion before period at end of par. (2), to reflect the probable intent of Con- gress. Subsec. (b). Pub. L. 103–325, § 152(e)(2)(C), substituted ‘‘Except as provided in section 1639 of this title, this subchapter’’ for ‘‘This subchapter’’ and inserted at end ‘‘The provisions of section 1639 of this title do not annul, alter, or affect the applicability of the laws of any State or exempt any person subject to the provi- sions 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) of this title, except to the extent that those State laws are in- consistent with any provisions of section 1639 of this title, and then only to the extent of the inconsistency.’’ 1988—Subsec. (a)(1). Pub. L. 100–583, § 4(1), substituted ‘‘Except as provided in subsection (e), this part’’ for ‘‘This part’’. Subsec. (e). Pub. L. 100–583, § 4(2), added subsec. (e). 1980—Subsec. (a). Pub. L. 96–221 designated existing provisions as par. (1), substituted provisions respecting the effect of this part and parts B and C of this sub- chapter, and procedures applicable for determination, for provisions respecting the effect of this subchapter, and added par. (2). 1974—Subsec. (d). Pub. L. 93–495 inserted reference to section 1666e of this title. 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. EFFECTIVE DATE OF 1974 AMENDMENT For effective date of amendment by Pub. L. 93–495, see section 308 of Pub. L. 93–495, set out as an Effective Date note under section 1666 of this title. § 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 re- quired to disclose under the provisions of this subchapter or any regulation issued there- under, (2) uses any chart or table authorized by the Bureau under section 1606 of this title in such a manner as to consistently understate the an- nual percentage rate determined under section 1606(a)(1)(A) of this title, or