Page:United States Statutes at Large Volume 82.djvu/188

 PUBLIC LAW 90-321-MAY 29, 1968

1^ Effective dates.

Short title.

[82 STAT.

SEC. 9. (a) Except as provided in subsection (b) of the first section of this Act and in subsection (b) of this section, the effective date of this Act and the amendments made by this Act shall be the first day of the first pay period beginning on or after October 1, 1967. (b) The effective date of the amendment made by section 6 of this Act shall be the date of the enactment of this Act. SEC. 10. This Act may be cited as the "District of Columbia Police and Firemen's Salary Act Amendments of 1968". Approved May 27, 1968. Public Law 90-321

May 29, 1968 [S. 5]

Consumer Credit Protection Act.

AN ACT To safeguard the consumer in connection with the utilization of credit by requiring full disclosure of the terms and conditions of finance charges in credit transactions or in offers to extend credit; by restricting the garnishment of wages; and by creating the National Commission on Consumer Finance to study and make recommendations on the need for further regulation of the consumer finance industry; and for Other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, § 1. Short title of entire Act This Act may be cited as the Consumer Credit Protection Act.

TITLE I—CONSUMER CREDIT COST DISCLOSURE Chapter 1. 2. 3.

Section

GENERAL PROVISIONS CREDIT T R A N S ACTION S CREDIT ADVERTISING

101 121 141

CHAPTER l—GENERAL PROVISIONS Sec.

101. 102. 103. 104. 105. 106. 107. 108. 109. 110. 111. 112. 113. 114. Citation of title.

Short title. Findings and declaration of purpose. Definitions and rules of construction. Exempted transactions. R^ulations. Determination of finance charge. Determination of annual percentage rate. Administrative enforcement Views of other agencies. Advisory committee. Effect on other laws. Criminal liability for willful and knowing violation. Penalties inapplicable to governmental agencies. Reports by Board and Attorney General.

§ 101. Short title This title may be cited as the T r u t h in Lending Act. §102. Findings and declaration of purpose The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. I t is the purpose of this title to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit.

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