Editorial Notes
Amendments
1976—Pub. L. 94–240 designated existing provisions as subsec. (a) and added subsec. (b).
1974—Pub. L. 93–495 inserted provisions expanding purposes of subchapter to include protection of consumer against inaccurate and unfair credit billing and credit card practices.
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
Pub. L. 111–203, title XIV, § 1400(c), July 21, 2010, 124 Stat. 2136, provided that:
“(1) Regulations.—The regulations required to be prescribed under this title [see Tables for classification] or the amendments made by this title shall—
“(A)
be prescribed in final form before the end of the 18-month period beginning on the designated transfer date; and
“(B)
take effect not later than 12 months after the date of issuance of the regulations in final form.
“(2) Effective date established by rule.—
Except as provided in paragraph (3), a section, or provision thereof, of this title shall take effect on the date on which the final regulations implementing such section, or provision, take effect.
“(3) Effective date.—
A section of this title for which regulations have not been issued on the date that is 18 months after the designated transfer date shall take effect on such date.”
Effective Date
Pub. L. 90–321, title V, § 504(a), May 29, 1968, 82 Stat. 167, provided that:
“Except as otherwise specified, the provisions of this Act [see Short Title note set out below] take effect upon enactment [May 29, 1968].”
Short Title of 2018 Amendment
Pub. L. 115–174, § 1(a), May 24, 2018, 132 Stat. 1296, provided that:
“This Act [see Tables for classification] may be cited as the ‘Economic Growth, Regulatory Relief, and Consumer Protection Act’.”
Short Title of 2010 Amendment
Pub. L. 111–319, § 1, Dec. 18, 2010, 124 Stat. 3457, provided that:
Pub. L. 111–203, title XIV, § 1400(a), July 21, 2010, 124 Stat. 2136, provided that:
“This title [see Tables for classification] may be cited as the ‘
Mortgage Reform and Anti-Predatory Lending Act’.”
Short Title of 2009 Amendment
Pub. L. 111–93, § 1, Nov. 6, 2009, 123 Stat. 2998, provided that:
Pub. L. 111–24, § 1(a), May 22, 2009, 123 Stat. 1734, provided that:
“This Act [enacting sections
1616,
1651,
1665c to 1665e, 1666i–1, 1666i–2, and 1693
l–1 of this title and
section 1a–7b of Title 16, Conservation, amending sections 1602, 1632, 1637, 1640, 1650, 1666b, 1666c, 1666j, 1681b, 1681j, and 1693m to 1693r of this title, enacting provisions set out as notes under sections 1602, 1637, 1638, 1666b, 1681j, and 1693
l–1 of this title and
section 5311 of Title 31, Money and Finance, and amending provisions set out as notes under sections 1638 and 1693 of this title] may be cited as the
‘Credit Card Accountability Responsibility and Disclosure Act of 2009’ or the ‘
Credit CARD Act of 2009’.”
Short Title of 2008 Amendment
Pub. L. 110–315, title X, § 1001, Aug. 14, 2008, 122 Stat. 3478, provided that:
“This title [enacting
section 1650 of this title and sections 1019d and 9709 of Title 20, Education, amending sections 1602, 1603, 1638, and 1640 of this title,
section 2903 of Title 12, Banks and Banking, and
section 1092 of Title 20, and enacting provisions set out as notes under sections 1638 and 1640 of this title,
section 2903 of Title 12, and
section 9709 of Title 20] may be cited as the ‘
Private Student Loan Transparency and Improvement Act of 2008’.”
Pub. L. 110–289, div. B, title V, § 2501, July 30, 2008, 122 Stat. 2855, provided that:
“This title [amending sections
1638 and
1640 of this title and sections 24 and 338a of Title 12, Banks and Banking, and enacting provisions set out as a note under
section 1638 of this title] may be cited as the ‘
Mortgage Disclosure Improvement Act of 2008’.”
Pub. L. 110–241, § 1, June 3, 2008, 122 Stat. 1565, provided that:
Short Title of 2003 Amendment
Pub. L. 108–159, § 1(a), Dec. 4, 2003, 117 Stat. 1952, provided that:
“This Act [enacting sections
1681c–1,
1681c–2,
1681s–3,
1681w, and
1681x of this title and sections 9701 to 9708 of Title 20, Education, amending sections 1681a, 1681b, 1681c, 1681g, 1681i, 1681j, 1681m, 1681
o, 1681p, 1681s, 1681s–2, 1681t, 1681u, and 1681v of this title and
section 5318 of Title 31, Money and Finance, enacting provisions set out as notes under this section, sections 1681, 1681a, 1681b, 1681c, 1681c–1, 1681i, 1681j, 1681m, 1681n, 1681s–2, 1681s–3 of this title, and
section 9701 of Title 20, and amending provisions set out as a note under this section] may be cited as the ‘
Fair and Accurate Credit Transactions Act of 2003’.”
Short Title of 1996 Amendment
Pub. L. 104–208, div. A, title II, § 2401, Sept. 30, 1996, 110 Stat. 3009–426, provided that:
“This chapter [chapter 1 (§§ 2401–2422) of subtitle D of title II of div. A of
Pub. L. 104–208, enacting
section 1681s–2 of this title, amending sections 1681a to 1681e, 1681g to 1681j, 1681m to 1681
o, 1681q to 1681s, and 1681t of this title, and enacting provisions set out as notes under sections
1681a,
1681b, and
1681g of this title] may be cited as the ‘
Consumer Credit Reporting Reform Act of 1996’.”
Short Title of 1995 Amendments
Pub. L. 104–29, § 1, Sept. 30, 1995, 109 Stat. 271, provided that:
“This Act [enacting
section 1649 of this title, amending sections 1605, 1631, 1635, 1640, and 1641 of this title, and enacting provisions set out as notes under
section 1605 of this title] may be cited as the ‘
Truth in Lending Act Amendments of 1995’.”
Pub. L. 104–12, § 1, May 18, 1995, 109 Stat. 161, provided that:
Short Title of 1994 Amendment
Pub. L. 103–325, title I, § 151, Sept. 23, 1994, 108 Stat. 2190, provided that:
“This subtitle [subtitle B (§§ 151–158) of title I of
Pub. L. 103–325, enacting sections 1639 and 1648 of this title, amending sections 1602, 1604, 1610, 1640, 1641, and 1647 of this title, and enacting provisions set out as notes under this section and
section 1602 of this title] may be cited as the ‘
Home Ownership and Equity Protection Act of 1994’.”
Short Title of 1988 Amendments
Pub. L. 100–709, § 1, Nov. 23, 1988, 102 Stat. 4725, provided that:
“This Act [enacting sections
1637a,
1647, and
1665b of this title, amending sections
1632 and
1637 of this title, and enacting provisions set out as notes under
section 1637a of this title] may be cited as the ‘
Home Equity Loan Consumer Protection Act of 1988’.”
Pub. L. 100–583, § 1, Nov. 3, 1988, 102 Stat. 2960, provided that:
“This Act [amending sections
1610,
1632,
1637,
1640, and
1646 of this title and enacting provisions set out as a note under
section 1637 of this title] may be cited as the ‘
Fair Credit and Charge Card Disclosure Act of 1988’.”
Short Title of 1981 Amendment
Pub. L. 97–25, § 1, July 27, 1981, 95 Stat. 144, provided:
“That this Act [amending sections
1602 and
1666f of this title,
section 29 of Title 12, Banks and Banking, and sections 205 and 212 of Title 42, The Public Health and Welfare; enacting provisions set out as notes under this section and sections 1602 and 1666f of this title; and amending provisions set out as notes under sections 1602 and 1666f of this title] may be cited as the ‘
Cash Discount Act’.”
Short Title of 1980 Amendment
Pub. L. 96–221, title VI, § 601, Mar. 31, 1980, 94 Stat. 168, provided that:
“This title [enacting
section 1646 of this title, amending sections 57a, 1602 to 1607, 1610, 1612, 1613, 1631, 1632, 1635, 1637, 1638, 1640, 1641, 1643, 1663, 1664, 1665a, 1666, 1666d, 1667d, and 1691f of this title, repealing sections 1614, 1636, and 1639 of this title, and enacting provisions set out as notes under sections 1602 and 1607 of this title] may be cited as the ‘
Truth in Lending Simplification and Reform Act’.”
Short Title of 1976 Amendments
Pub. L. 94–240, § 1, Mar. 23, 1976, 90 Stat. 257, provided that:
“This Act [enacting sections
1667 to
1667e of this title, amending this section and
section 1640 of this title, and enacting provisions set out as a note under
section 1667 of this title] may be cited as the ‘
Consumer Leasing Act of 1976’.”
Pub. L. 94–239, § 1(a), Mar. 23, 1976, 90 Stat. 251, provided that:
“This Act [enacting
section 1691f of this title, amending this section and sections 1691b, 1691c, 1691d, 1691e of this title, repealing
section 1609 of this title, enacting provisions set out as notes under this section, and repealing provision set out as a note under this section] may be cited as the ‘
Equal Credit Opportunity Act Amendments of 1976’.”
Short Title of 1974 Amendment
Pub. L. 93–495, title III, § 301, Oct. 28, 1974, 88 Stat. 1511, provided that:
“This title [enacting sections
1666 to
1666j of this title, amending this section and sections
1602,
1610,
1631,
1632, and
1637 of this title, and enacting provision set out as a note under
section 1666 of this title] may be cited as the ‘
Fair Credit Billing Act’.”
Pub. L. 93–495, title V, § 501, Oct. 28, 1974, 88 Stat. 1521, which provided that title V of Pub. L. 93–495 (enacting subchapter IV of this chapter and notes set out under section 1691 of this title) could be cited as the “Equal Credit Opportunity Act”, was repealed by Pub. L. 94–239, § 1(c), Mar. 23, 1976, 90 Stat. 251.
Short Title
Pub. L. 90–321, § 1, May 29, 1968, 82 Stat. 146, provided that:
“This Act [enacting this chapter, sections 891 to 896 of Title 18, Crimes and Criminal Procedure, and provisions set out as notes under this section, sections
1631 and
1671 of this title, and
section 891 of Title 18] may be cited as the ‘
Consumer Credit Protection Act’.”
Pub. L. 90–321, title I, § 101, May 29, 1968, 82 Stat. 146, provided that:
“This title [enacting this subchapter] may be cited as the ‘
Truth in Lending Act’.”
Pub. L. 90–321, title IV, § 401, as added by Pub. L. 104–208, div. A, title II, § 2451, Sept. 30, 1996, 110 Stat. 3009–454, provided that:
“This title [enacting subchapter II–A of this chapter] may be cited as the ‘
Credit Repair Organizations Act’.”
Pub. L. 90–321, title VI, § 601, as added by Pub. L. 91–508, title VI, § 601, Oct. 26, 1970, 84 Stat. 1128, as amended by Pub. L. 108–159, title VIII, § 811(a), Dec. 4, 2003, 117 Stat. 2011, provided that:
“This title [enacting subchapter III of this chapter] may be cited as the ‘
Fair Credit Reporting Act’.”
Pub. L. 90–321, title VII, § 709, as added by Pub. L. 94–239, § 1(b), Mar. 23, 1976, 90 Stat. 251, provided that:
“This title [enacting subchapter IV of this chapter and notes set out under
section 1691 of this title] may be cited as the ‘
Equal Credit Opportunity Act’.”
Pub. L. 90–321, title VIII, § 801, as added by Pub. L. 95–109, Sept. 20, 1977, 91 Stat. 874, provided that:
“This title [enacting subchapter V of this chapter] may be cited as the ‘
Fair Debt Collection Practices Act’.”
Pub. L. 90–321, title IX, § 901, as added by Pub. L. 95–630, title XX, § 2001, Nov. 10, 1978, 92 Stat. 3728, provided that:
“This title [enacting subchapter VI of this chapter] may be cited as the ‘
Electronic Fund Transfer Act’.”
Severability
Pub. L. 90–321, title V, § 501, May 29, 1968, 82 Stat. 167, provided that:
“If a provision enacted by this Act [see Short Title note above], is held invalid, all valid provisions that are severable from the invalid provision remain in effect. If a provision enacted by this Act is held invalid in one or more of its applications, the provision remains in effect in all valid applications that are severable from the invalid application or applications.”
Exemption or Modification of Mortgage Disclosure Requirements
Pub. L. 111–203, title XIV, § 1405(b), July 21, 2010, 124 Stat. 2142, provided that:
“Notwithstanding any other provision of this title [see Tables for classification], in order to improve consumer awareness and understanding of transactions involving
residential mortgage loans through the use of disclosures, the
Board may, by rule, exempt from or modify disclosure requirements, in whole or in part, for any class of
residential mortgage loans if the
Board determines that such exemption or modification is in the interest of consumers and in the public interest.”
Analysis of Further Restrictions on Offers of Credit or Insurance
Pub. L. 108–159, title II, § 213(e), Dec. 4, 2003, 117 Stat. 1979, provided that:
“(1) In general.—The Board shall conduct a study of—
“(A)
the ability of consumers to avoid receiving written offers of
credit or insurance in connection with transactions not initiated by the consumer; and
“(B)
the potential impact that any further restrictions on providing consumers with such written offers of
credit or insurance would have on consumers.
“(2) Report.—
The
Board shall submit a report summarizing the results of the study required under paragraph (1) to the
Congress not later than 12 months after the date of enactment of this Act [
Dec. 4, 2003], together with such recommendations for legislative or administrative action as the
Board may determine to be appropriate.
“(3) Content of report.—The report described in paragraph (2) shall address the following issues:
“(A)
The current statutory or voluntary mechanisms that are available to a consumer to notify lenders and insurance providers that the consumer does not wish to receive written offers of
credit or insurance.
“(B)
The extent to which consumers are currently utilizing existing statutory and voluntary mechanisms to avoid receiving offers of
credit or insurance.
“(C)
The benefits provided to consumers as a result of receiving written offers of
credit or insurance.
“(D)
Whether consumers incur significant costs or are otherwise adversely affected by the receipt of written offers of
credit or insurance.
“(E) Whether further restricting the ability of lenders and insurers to provide written offers of credit or insurance to consumers would affect—
“(i)
the cost consumers pay to obtain
credit or insurance;
“(ii)
the availability of
credit or insurance;
“(iii)
consumers’ knowledge about new or alternative products and services;
“(iv)
the ability of lenders or insurers to compete with one another; and
“(v)
the ability to offer
credit or insurance products to consumers who have been traditionally underserved.”
[For definitions of terms used in section 213(e) of Pub. L. 108–159, set out above, see section 2 of Pub. L. 108–159, set out as a Definitions note under section 1681 of this title.]
Federal Reserve Study of Home Equity Lending and Appropriate Interest Rate Index
Pub. L. 103–325, title I, § 157, Sept. 23, 1994, 108 Stat. 2197, provided that during the period beginning 180 days after Sept. 23, 1994, and ending 2 years after that date, the Board of Governors of the Federal Reserve System was to conduct a study and submit to the Congress a report, including recommendations for any appropriate legislation, regarding whether consumers engaging in open end credit transactions as defined in section 1602 of this title secured by principal dwellings have adequate Federal protection and whether a more appropriate interest rate index existed for purposes of section 1602(bb)(1)(A) of this title than the yield on Treasury securities.
Hearings on Home Equity Lending
Pub. L. 103–325, title I, § 158, Sept. 23, 1994, 108 Stat. 2197, as amended by Pub. L. 111–203, title X, § 1096, July 21, 2010, 124 Stat. 2102, provided that:
“(a) Hearings.—
Not less than once during the 3-year period beginning on the date of enactment of this Act [
Sept. 23, 1994], and regularly thereafter, the
Bureau, in consultation with the Advisory
Board to the
Bureau, shall conduct a public hearing to examine the home equity loan market and the adequacy of existing regulatory and legislative provisions and the provisions of this subtitle [see Short Title of 1994 Amendment note above] in protecting the interests of consumers, and low-income consumers in particular.
“(b) Participation.—
In conducting hearings required by subsection (a), the
Bureau shall solicit participation from consumers, representatives of consumers, lenders, and other interested parties.”
Study by Federal Reserve Board of Governors Covering Effect of Charge Card Transactions Upon Card Issuers, Merchants, and Consumers
Pub. L. 97–25, title II, § 202, July 27, 1981, 95 Stat. 145, directed Board of Governors of Federal Reserve System, not later than 2 years after July 27, 1981, to prepare a study and submit its findings to Congress on the effect of charge card transactions upon card issuers, merchants, and consumers.
Inference of Legislative Intent in Section Captions and Catchlines
Pub. L. 90–321, title V, § 502, May 29, 1968, 82 Stat. 167, provided that:
“Captions and catchlines are intended solely as aids to convenient reference, and no inference as to the legislative intent with respect to any provision enacted by this Act [enacting this chapter, section 891 to 896 of Title 18, Crimes and Criminal Procedure, and provisions set out as notes under this section, sections
1631 and
1671 of this title, and
section 891 of Title 18] may be drawn from them.”
Grammatical Usages
Pub. L. 90–321, title V, § 503, May 30, 1968, 82 Stat. 167, provided that:
“In this Act [enacting this chapter, sections 891 to 896 of Title 18, Crimes and Criminal Procedure, and provisions set out as notes under this section, sections 1631 and 1671 of this title, and section 891 of Title 18]:
“(1)
The word ‘may’ is used to indicate that an action either is authorized or is permitted.
“(2)
The word ‘shall’ is used to indicate that an action is both authorized and required.
“(3)
The phrase ‘may not’ is used to indicate that an action is both unauthorized and forbidden.
“(4)
Rules of law are stated in the indicative mood.”
