Page:United States Statutes at Large Volume 88 Part 2.djvu/201

 88 STAT. ]

PUBLIC LAW 93-495-OCT. 28, 1974

(f) Section 122(b) of such Act (15 U. S. C 1632(b)) is amended by inserting "or chapter 4" immediately after "this chapter". § 308. Effective date This title takes effect upon the expiration of one year after the date of its enactment.

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TITLE IV—AMENDMENTS TO THE T R U T H I N LENDING ACT §401. Advertising; more-than-four-installment rule (a) Chapter 3 of the Truth in Lending Act (15 U.S.C. 1661-1665) is amended by adding at the end thereof a new section as follows: "Any advertisement to aid, promote, or assist directly or indirectly the extension of consumer credit repayable in more than four installments shall, unless a finance charge is imposed, clearly and conspicuously state, in accordance with the regulations of the Board: " ' THE COST OF C R E D I T I S I N C L U D E D I N THE P R I C E Q U O T E D FOR THE GOODS A N D SERVICES. ' " (h) The table of sections of such chapter is amended by adding at the end thereof a new item as follows:
 * '§ 146. More-than-four-installment rule

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"146. More-than-four-installment rule.".

§ 402. Agricultural credit exemption Section 104 of the Truth in Lending Act (15 U.S.C. 1603) is amended by adding at the end thereof a new paragraph as follows: "(5) Credit transactions primarily for agricultural purposes in which the total amount to be financed exceeds $25,000." u - f ^ § 403. Administrative enforcement (a) Section 108(a) of the Truth in Lending Act (15 U.S.C. 1607 (a)) is amended by striking out paragraph (4) and by redesignating paragraphs (5) and (6) as paragraphs (4) and (5), respectively. (b) Section 108(a) of such Act (15 U.S.C. 1607(a)) is amended by adding at the end thereof a new paragraph as follows: "(6) the F a r m Credit Act of 1971, by the Farm Credit Ad- _\l use 2001 ministration with respect to any Federal land bank, Federal land note. "" ° bank association, Federal intermediate credit bank, or production credit association." § 404. Liens arising by operation of State law Section 125 of the Truth in Lending Act (15 U.S.C. 1635) is amended— (1) by striking out "is" the first time it appears in the first sentence of subsection (a) and inserting in lieu thereof ", including any such interest arising by operation of law, is or will be"; and (2) by inserting after "obligor" the second time it appears in the first sentence of subsection (b) the following: ", including any such interest arising by operation of law,". § 405. Time limit for right of rescission Section 125 of the T r u t h in Lending Act (15 U.S.C. 1635) is amended by adding at the end thereof a new subsection as follows: " (f) An obligor's right of rescission shall expire three years after the date of consummation of the transaction or upon the sale of the property, whichever occurs earlier, notwithstanding the fact that the disclosures required under this section or any other material dis-

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