Page:United States Statutes at Large Volume 83.djvu/405

 83 STAT. ]

PUBLIC LAW 91-151-DEC. 23, 1969

Sec. 204. Determination of interest charge Except as otherwise provided by the Board, the amount of the interest charge in connection with any credit transaction shall be determined under the regulations of the Board as the sum of all charges payable directly or indirectly to the person by whom the credit is extended in consideration of the extension of credit. Sec. 205. Authority for institution of credit controls (a) Whenever the President determines that such action is necessary or appropriate for the purpose of preventing or controlling inflation generated by the extension of credit in an excessive volume, the President may authorize the Board to regulate and control any or all extensions of credit. (b) The Board may, in administering this Act, utilize the services of the Federal Reserve banks and any other agencies, Federal or State, which are available and appropriate. Sec. 206. Extent of control The Board, upon being authorized by the President under section 205 and for such period of time as he may determine, may by regulation (1) require transactions or persons or classes of either to be registered or licensed. (2) prescribe appropriate limitations, terms, and conditions for any such registration or license. (3) provide for suspension of any such registration or license for violation of any provision thereof or of any regulation, rule, or order prescribed under this Act, (4) prescribe appropriate requirements as to the keeping of records and as to the form, contents, or substantive provisions of contracts, liens, or any relevant documents. (5) prohibit solicitations by creditors which would encourage evasion or avoidance of the requirements of any regulation, license, or registration under this Act. (6) prescribe the maximum amount of credit which may be extended on, or in connection with, any loan, purchase, or other extension of credit. (7) prescribe the maximum rate of interest, maximum maturity, mmimum periodic payment, maximum period between payments, and any other specification or limitation of the terms and conditions of any extension of credit. (8) prescribe the methods of determining purchase prices or market values or other bases for computing permissible extensions of credit or required downpayment. (9) prescribe special or different terms, conditions, or exemptions with respect to new or used goods, minimum original cash jDayments, temporary credits which are merely incidental to cash purchases, payment or deposits usable to liquidate credits, and other adjustments or special situations.

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