Truth in Lending Act Amendments

Truth in Lending Act Amendments - Title I: Fair Credit Billing - Requires a creditor to provide an obligor with a semiannual statement with respect to any account in which there was any activity during the preceding six months.

Establishes requirements and procedures for the correction of billing errors.

States that if an open end consumer credit plan provides a time period within which an obligor may repay any portion of the credit extended without incurring an additional finance charge, such additional finance charge may not be imposed with respect to such portion of the credit extended for the billing cycle of which such period is a part unless a statement which includes the amount upon which the finance charge for that period is based was mailed at least fourteen days prior to the date specified in the statement by which payment must be made in order to avoid imposition of that finance charge.

Provides that payments received from an obligor under an open end consumer credit plan by the creditor shall be posted promptly to the obligor's account.

Declares that with respect to a credit card which may be used for extensions of credit in sales transactions in which the seller is a person other than the card issuer, the card issuer may not, by contract or otherwise, prohibit any such seller from offering a discount to a cardholder to induce the cardholder to pay by cash, check, or similar means rather than a credit card.

Prohibits the use of tie-in services and offsets. Lists specified rights of credits card customers.

Title II: Amendments to the Truth in Lending Act - Provides that any advertisement to aid, promote, or assist directly or indirectly the extension of consumer credit repayable in more than four installments shall, unless a finance charge is stated in the advertisement, clearly and conspicuously state: "The cost of credit is included in the price quoted for the goods and services".

Exempts from consumer credit cost disclosure credit transactions primarily for agricultural purposes in which the total amount to be financed exceeds $25,000.

Provides that an obligor's right of recession of a transaction shall expire three years after the date of consummation of the transaction or upon the sale of the property, whichever occurs earlier.

States that the multiple failure to disclose to any person any information required under the Truth in Lending Act to be disclosed in connection with a single account under an open end consumer credit plan, other single consumer credit sale, consumer loan, or other extension of consumer credit, shall entitle the person to a single recovery under such Act but continued failure to disclose after a recovery has been granted shall give rise to rights to additional recoveries.

Revises the civil liabilities for violations of the Truth in Lending Act.

Title III: Equal Credit Opportunity - Makes it unlawful for any creditor or card issuer to discriminate on account of sex or marital status against any individual with respect to the approval or denial of any extension of consumer credit or with respect to the terms thereof or with respect to the approval, denial, renewal, continuation, or revocation of any open end consumer credit account or with respect to the terms thereof.