Page:United States Statutes at Large Volume 94 Part 1.djvu/223

 PUBLIC LAW 96-221—MAR. 31, 1980 "(iii) in no event after the later of (I) the expiration of the life of the credit extension, or (II) two years after the agreement to extend credit was consummated. "(4)(A) Notwithstanding any other provision of this section, an adjustment under this subsection may be required by an agency referred to in subsection (a) or (c) only by an order issued in accordance with cease and desist procedures provided by the provision of law referred to in such subsections. "(B) In the case of an agency which is not authorized to conduct cease and desist proceedings, such an order may be issued after an agency hearing on the record conducted at least thirty but not more than sixty days after notice of the alleged violation is served on the creditor. Such a hearing shall be deemed to be a hearing which is subject to the provisions of section 8(h) of the Federal Deposit Insurance Act and shall be subject to judicial review as provided therein. "(5) Except as otherwise specifically provided in this subsection and notwithstanding any provision of law referred to in subsection (a) or (c), no agency referred to in subsection (a) or (c) may require a creditor to make dollar adjustments for errors in any requirements under this title, except with regard to the requirements of section 165. "(6) A creditor shall not be subject to an order to make an adjustment, if within sixty days after discovering a disclosure error, whether pursuant to a final written examination report or through the creditor's own procedures, the creditor notifies the person concerned of the error and adjusts the account so as to assure that such person will not be required to pay a finance charge in excess of the finance charge actually disclosed or the dollar equivalent of the annual percentage rate actually disclosed, whichever is lower. "(7) Notwithstanding the second sentence of subsection (e)(1), subsection (e)(3KCXi), and subsection (e)(3)(C)(ii), each agency referred to in subsection (a) or (c) shall require an adjustment for an annual percentage rate disclosure error that exceeds a tolerance of one quarter of one percent less than the actual rate, determined without regard to section 107(c) of this title, except in the case of an irregular mortgage lending transaction, with respect to any transaction consummated between January 1, 1977, and the effective date of section 608 of the Truth in Lending Simplification and Reform Act.". (b) This section shall take effect on the date of enactment of the Truth in Lending Simplification and Reform Act. (c) Effective one year after the date of enactment of the Truth in Lending Simplification and Reform Act, section 108(e)(l)(A)(i) and section 108(e)(7) of the Truth in Lending Act are amended by striking out ", except in the case of an irregular mortgage lending transaction".

94 STAT. 173

12 USC 1818.

Post, p. 184.

^«^e, p. 170. Ante, p. I7i. ?|^f?*j:^®^^*® ^^t^sc 1607 ^^te, p. 168. ^^ use 1607. " ' ^'

EFFECT ON OTHER LAWS

SEC. 609. Section 111(a) of the Truth in Lending Act (15 U.S.C. 1610(a)) is amended to read as follows: "(a)(1) Chapters 1, 2, and 3 do not annul, alter, or affect the laws of 15 USC 1601 et any State relating to the disclosure of information in connection with *|^i ^^^^ ^* *^9' credit transactions, except to the extent that those laws are inconsist^ *^^' ent with the provisions of this title, and then only to the extent of the inconsistency. Upon its own motion or upon the request of any creditor, State, or other interested party which is submitted in accordance with procedures prescribed in regulations of the Board, the Board shall determine whether any such inconsistency exists. If the Board determines that a State-required disclosure is incon-

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