Page:United States Statutes at Large Volume 90 Part 1.djvu/303

 PUBLIC LAW 94-239—MAR. 23, 1976 Consumer Credit Protection Act and to advise and consult with it concerning other consumer related matters it may place before the Council. I n appointing the members of the Council, the Board shall seek to achieve a fair representation of the interests of creditors and consumers. The Council shall meet from time to time at the call of the Board. Members of the Council who are not regular full-time employees of the United States shall, while attending meetings of such Council, be entitled to receive compensation at a rate fixed by the Board, but not exceeding $100 per day, including travel time. Such members may be allowed travel expenses, including transportation and subsistence, while away from their homes or regular place of business.". (b)(1) Section 110 of the T r u t h in Lending Act is repealed. (2) The table of sections of chapter 1 of such Act is amended by striking out item 110. SEC. 4. Section 704(c) of the Equal Credit O p p o r t u n i t y Act is amended by inserting before the period at the end thereof the following: ", including the power to enforce any Federal Reserve Board regulation promulgated under this title in the same manner as if the violation had been a violation of a Federal Trade Commission trade regulation rule". SEC. 5. Section 705 of the Equal Credit Opportunity Act is amended— (1) by amending subsection (e) to read as follows: " (e) Where the same act or omission constitutes a violation of this title and of applicable State law, a person aggrieved by such conduct may b r i n g a legal action to recover monetary damages either under this title or under such State law, but not both. This election of remedies shall not apply to court actions in which the relief sought does not include monetary damages or to administrative actions."; and (2) by adding the following new subsections: " (f) This title does not annul, alter, or affect, or exempt any person subject to the provisions of this title from complying with, the laws of any State with respect to credit discrimination, except to the extent that those laws are inconsistent with any provision of this title, and then only to the extent of the inconsistency. The Board is authorized to determine whether such inconsistencies exist. The Board may not determine that any State law is inconsistent with any provision of this title if the Board determines that such law gives greater protection to the applicant. " (g) The Board shall by regulation exempt from the requirements of sections 701 and 702 of this title any class of credit transactions within any State if it determines that under the law of that State that class of transactions is subject to requirements substantially similar to those imposed under this title or that such law gives greater protection to the applicant, and that there is adequate provision for enforcement. Failure to comply with any requirement of such State law in any transaction so exempted shall constitute a violation of this title for the purposes of section 706.". SEC. 6. Section 706 of the E q u a l Credit O p p o r t u n i t y Act is amended to read as follows: «§ 706. Civil liability " (a) Any creditor who fails to comply with any requirement imposed under this title shall be liable to the aggrieved applicant for any actual damages sustained by such applicant acting either in an individual capacity or as a member of a class. " (b) Any creditor, other than a government or governmental sub-

90 STAT. 253

15 USC 1601 note.

Repeal. 15 USC 1609. 15 USC 1601 et seq. 15 USC 1691c.

15 USC 1691d.

15 USC 1691, 1691a.

Infra.

15 USC 1691e.

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