Page:United States Statutes at Large Volume 110 Part 4.djvu/634

 110 STAT. 3009-471 PUBLIC LAW 104-208—SEPT. 30, 1996 (b) ON-PREMISES DISPLAYS.— Section 263(c) of the Truth in Savings Act (12 U.S.C. 4302(c)) is amended— (1) by striking paragraph (2); (2) by striking "(1) IN GENERAL. —"; and (3) by redesignating subparagraphs (A) and (B) as paragraphs (1) and (2), respectively, and indenting appropriately. (c) DEPOSITORY INSTITUTION DEFINITION.—Section 274(6) of the Truth in Savings Act (12 U.S.C. 4313(6)) is amended by inserting before the period ", but does not include any nonautomated credit union that was not required to comply with the requirements of this title as of the date of enactment of the Economic Growth and Regulatory Paperwork Reduction Act of 1996, pursuant to the determination of the National Credit Union Administration Board". (d) TIME DEPOSITS.—Section 266(a)(3) of the Truth in Savings Act (12 U.S.C. 4305(a)(3)) is amended by inserting "has a maturity of more than 30 days" after "deposit which". 15 USC 1667 SEC. 2605. CONSUMER LEASING ACT AMENDMENTS. (a) CONGRESSIONAL FINDINGS AND DECLARATION OF PUR- POSES.— (1) FINDINGS.— The Congress finds that— (A) competition among the various financial institutions and other firms engaged in the business of consumer leasing is greatest* when there is informed use of leasing; (B) the informed use of leasing results from an awareness of the cost of leasing by consumers; and (C) there has been a continued trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that leasing product advances have occurred such that lessors have been unable to provide consistent industry-wide disclosures to fully account for the competitive progress that has occurred. (2) PURPOSES. —The purposes of this section are— (A) to assure a simple, meaningful disclosure of leasing terms so that the consumer will be able to compare more readily the various leasing terms available to the consumer and avoid the uninformed use of leasing, and to protect the consumer against inaccurate and unfair leasing practices; (B) to provide for adequate cost disclosures that reflect the marketplace without impairing competition and the development of new leasing products; and (C) to provide the Board with the regulatory authority to assure a simplified, meaningful definition and disclosure of the terms of certain leases of personal property for personal, family, or household purposes so as to— (i) enable the lessee to compare more readily the various lease terms available to the lessee; (ii) enable comparison of lease terms with credit terms, as appropriate; and (iii) assure meaningful and accurate disclosures of lease terms in advertisements. (b) REGULATIONS.—

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