15 U.S.C. § 1601 - Congressional findings and declaration of purpose

• Cite as: 15 U.S.C. § 1601

(a) Informed use of credit

The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.

(b) Terms of personal property leases

The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.

Cite as 15 U.S.C. § 1601

Source: Pub. L. 90-321, title I, §102, May 29, 1968, 82 Stat. 146; Pub. L. 93-495, title III, §302, Oct. 28, 1974, 88 Stat. 1511; Pub. L. 94-240, §2, Mar. 23, 1976, 90 Stat. 257.

Notes from the Office of Law Revision Counsel

current through 7/7/2021

AMENDMENTS

1976- Pub. L. 94-240 designated existing provisions as subsec. (a) and added subsec. (b).

1974- Pub. L. 93-495 inserted provisions expanding purposes of subchapter to include protection of consumer against inaccurate and unfair credit billing and credit card practices.

EFFECTIVE DATE OF 2010 AMENDMENT

Pub. L. 111-203, title XIV, §1400(c), July 21, 2010, 124 Stat. 2136, provided that:

"(1) REGULATIONS.-The regulations required to be prescribed under this title [see Tables for classification] or the amendments made by this title shall-

"(A) be prescribed in final form before the end of the 18-month period beginning on the designated transfer date; and

"(B) take effect not later than 12 months after the date of issuance of the regulations in final form.

"(2) EFFECTIVE DATE ESTABLISHED BY RULE.-Except as provided in paragraph (3), a section, or provision thereof, of this title shall take effect on the date on which the final regulations implementing such section, or provision, take effect.

"(3) EFFECTIVE DATE.-A section of this title for which regulations have not been issued on the date that is 18 months after the designated transfer date shall take effect on such date."

EFFECTIVE DATE OF 1976 AMENDMENT

Amendment by Pub. L. 94-240 effective on expiration of one year after Mar. 23, 1976, see section 6 of Pub. L. 94-240 set out as an Effective Date note under section 1667 of this title.

EFFECTIVE DATE OF 1974 AMENDMENT

For effective date of amendment by Pub. L. 93-495 see section 308 of Pub. L. 93-495 set out as an Effective Date note under section 1666 of this title.

EFFECTIVE DATE

Section 504(a) of Pub. L. 90-321 provided that this part is effective May 29, 1968.

SHORT TITLE OF 2018 AMENDMENT

Pub. L. 115-174, §1(a), May 24, 2018, 132 Stat. 1296, provided that: "This Act [see Tables for classification] may be cited as the 'Economic Growth, Regulatory Relief, and Consumer Protection Act'."

SHORT TITLE OF 2015 AMENDMENT

Pub. L. 114-94, div. G, title LXXXIX, §890019001,, 129 Stat. 1799, provided that: "This title [amending sections 1639c and 1639d of this title and enacting provisions set out as a note under section 5512 of Title 12, Banks and Banking] may be cited as the 'Helping Expand Lending Practices in Rural Communities Act of 2015' or the 'HELP Rural Communities Act of 2015'."

SHORT TITLE OF 2010 AMENDMENT

Pub. L. 111-319, §1, Dec. 18, 2010, 124 Stat. 3457, provided that: "This Act [amending section 1681m of this title and enacting provisions set out as a note under section 1681m of this title] may be cited as the 'Red Flag Program Clarification Act of 2010'."