Page:United States Statutes at Large Volume 94 Part 1.djvu/218

 94 STAT. 168

PUBLIC LAW 96-221—MAR. 31, 1980 person or circumstance other than that as to which it is held invalid shall not be affected thereby. DEFINITION

12 USC 1730g note.

SEC. 527. For purposes of this title, the term "State" includes the several States, the Commonwealth of Puerto Rico, the District of Columbia, Guam, the Trust Territories of the Pacific Islands, the Northern Mariana Islands, and the Virgin Islands, except as provided in section 501(a)(2)(B). EFFECT ON OTHER LAW

12 USC i735f-7 SEC. 528. In any case in which one or more provisions of, or note. amendments made by, this title, section 529 of the National Housing 93 Stat. 1114. Act, or any other provision of law, including section 5197 of the Revised Statutes (12 U.S.C. 85), apply with respect to the same loan, mortgage, credit sale, or advance, such loan, mortgage, credit sale, or advance may be made at the highest applicable rate. REPEAL OF EXISTING LAW 93 Stat. 789. 12 USC 85 note. 93 Stat. 1234. 12 USC 85 and note, 86a and note, 371b-l and note, 1425b, 1730e, 1735f-7 note, 1828, 1831a and note; 15

SEC. 529. Effective at the close of March 31, 1980, Public Law 96-104, section 105(a)(2) of Public Law 96-161, and the amendments made by and the provisions of title II of Public Law 96-161 are hereby repealed, except that the provisions of such Public Law, the provisions of such section, the amendments made by such title, and the provisions of such title shall continue to apply to any loan made, any deposit made, or any obligation issued in any State during any period when those provisions or amendments were in effect in such State.

Truth in Lending Simplification and Reform Act. 15 USC 1601 note.

TITLE VI-TRUTH IN LENDING SIMPLIFICATION

use 687.

SHORT TITLE

SEC. 601. This title may be cited as the "Truth in Lending Simplification and Reform Act". DEFINITIONS

"ereditor."

SEC. 602. (a) Section 103(f) of the Truth in Lending Act (15 U.S.C. 1602(f)) is amended— (1) by striking out the first sentence and inserting in lieu thereof the following: "The term 'creditor' refers only to a person who both (1) regularly extends, whether in connection with loans, sales of property or services, or otherwise, consumer credit which is payable by agreement in more than four installments or for which the payment of a finance charge is or may be required; and (2) is the person to whom the debt arising from the consumer credit transaction is initially payable on the face of the evidence of indebtedness or, if there is no such evidence of indebtedness, by agreement. Notwithstanding the previous sentence, a person who regularly arranges for the extension of consumer credit, which is payable in more than four installments or for which the payment of a finance charge is or may be required, from persons who are not creditors is a creditor, and in the case of an open end credit plan involving a credit card, the card issuer and any person who honors the credit card and offers a discount which is a finance charge are creditors."; and

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