Page:United States Statutes at Large Volume 90 Part 1.djvu/248

 90 STAT. 198

Effective date. 12 USC 548 note.

PUBLIC LAW 94-222—FEB. 27, 1976 (d) Section 171 of the Truth in Lending Act (15 U.S.C. 1666j) is amended by adding at the end thereof the following new subsection: "(c) Notwithstanding any other provisions of this title, any discount offered under section 167(b) of this title shall not be considered a finance charge or other charge for credit under the usury laws of any State or under the laws of any State relating to disclosure of information in connection with credit transactions, or relating to the types, amounts or rates of charges, or to any element or elements of charges permissible under such laws in connection with the extension or use of credit.". SEC. 4. The first section of the Act takes effect on January 1, 1976. Approved February 27, 1976.

LEGISLATIVE HISTORY: SENATE REPORT No. 94-472 (Comm. on Banking, Housing and Urban Affairs). CONGRESSIONAL RECORD: Vol. 121 (1975): Dec. 8, considered and passed Senate. Dec. 16, considered and passed House, amended. Vol. 122 (1976): Feb. 6, Senate concurred in House amendment with amendments. Feb. 9, House agreed to Senate amendments.

�