Page:United States Statutes at Large Volume 109 Part 1.djvu/289

 PUBLIC LAW 104-29—SEPT. 30, 1995 109 STAT. 273 "(2) shall be treated as being accurate for purposes of section 125 if— "(A) except as provided in subparagraph (B), the amount disclosed as the finance charge does not vary from the actual finance charge by more than an amount equal to one-half of one percent of the total amount of credit extended; or "(B) in the case of a transaction, other than a mortgage referred to in section 103(aa), which— "(i) is a refinancing of the principal balance then due and any accrued and unpaid finance charges of a residential mortgage transaction as defined in section 103(w), or is any subsequent refinancing of such a transaction; and "(ii) does not provide any new consolidation or new advance; if the amount disclosed as the finance charge does not vary from the actual finance charge by more than an amount equal to one percent of the total amount of credit extended. ". (b) BASIS OF DISCLOSURE FOR PER DIEM INTEREST.—Section 121(c) of the Truth in Lending Act (15 U.S.C. 1631(c)) is amended by adding at the end the following new sentence: "In the case of any consumer credit transaction a portion of the interest on which is determined on a per diem basis and is to be collected upon the consummation of such transaction, any disclosure with respect to such portion of interest shall be deemed to be accurate for purposes of this title if the disclosure is based on information actually known to the creditor at the time that the disclosure documents are being prepared for the consummation of the transaction.". SEC. 4. LIMITATION ON LIABILITY. (a) IN GENERAL. — Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by adding at the end the following new section: "SEC. 139. CERTAIN LIMITATIONS ON LIABILITY. 15 USC 1649. "(a) LIMITATIONS ON LIABILITY. —For any consumer credit transaction subject to this title that is consummated before the date of the enactment of the Truth in Lending Act Amendments of 1995, a creditor or any assignee of a creditor shall have no civil, administrative, or criminal liability under this title for, and a consumer shall have no extended rescission rights under section 125(f) with respect to— "(1) the creditor's treatment, for disclosure purposes, of— "(A) taxes described in section 106(d)(3); "(B) fees described in section 106(e)(2) and (5); "(C) fees and amounts referred to in the 3rd sentence of section 106(a); or "(D) borrower-paid mortgage broker fees referred to in section 106(a)(6); "(2) the form of written notice used by the creditor to inform the obligor of the rights of the obligor under section 125 if the creditor provided the obligor with a properly dated form of written notice published and adopted by the Board or a comparable written notice, and otherwise complied with all the requirements of this section regarding notice; or 99-194O-95 -10:QL3Part1

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