Truth in Lending Act Amendments

Truth in Lending Act Amendments - Title I: Fair Credit Billing - Fair Credit Billing Act - States that the term "creditor" means any person who regularly extends credit or arranges for the extension of credit in connection with loans, sales of property or services, or otherwise. Provides that the creditor shall transmit at the end of each billing cycle a statement setting forth the amount and date of each extension of credit during the period and a brief identification on or accompanying the statement in a prescribed form sufficient to enable the obligor to identify the transaction or relate it to copies of sales vouchers or similar instruments previously furnished. Provides that such billings shall set forth the address to be used by the creditor for the purpose of receiving billing inquiries from the obligor.

Requires creditors to acknowledge customers' billing disputes within 30 days of receipt and to resolve such disputes within 90 days. Provides that any creditor who fails to comply with such requirement forfeits any right to collect from the obligor the amount indicated by the obligor and disputed and any finance charges thereon, not to exceed $50. Prohibits creditors from taking any action to collect disputed amounts or making adverse credit reports during the 90 day period.

Requires the mailing of billing statements at least 14 days prior to the date payment is due. Requires creditors to promptly post customers' payments. States that a credit card issuer may not, by contract or otherwise, prohibit any seller from offering a discount to a cardholder to induce the cardholder to pay by cash, check, or similar means rather than use a credit card. States that notwithstanding any agreement to the contrary no card issuer shall require a seller, as a condition to participation in a credit card plan, to open an account with or procure any other service from the card issuer or the subsidiary or agent.

Title II: Amendments to the Truth in Lending Act - Exempts from the provisions of this Act credit transactions for agricultural purposes in which the total amount to be financed exceeds $25,000.

States that the Board shall publish quarterly reports setting forth the average, and the distribution of, annual percentage rates applicable to at least each of the following major types of closed end consumer credit transactions during the period covered by the report: (1) new automobile loans; (2) mobile home loans; and (3) personal loans.

States that except as otherwise specifically provided in this Act, any criminal or civil action which may be brought against the original creditor in any credit transaction may be maintained against any subsequent assignee of the original creditor where the violation from which the alleged liability arose is apparent on the face of the instrument assigned unless the assignment is involuntary.

Provides that an obligor's right of rescission as to specified transactions shall expire three years after the date of consummation of the transaction or upon the sale of the property by the obligor, whichever occurs earlier, notwithstanding the fact that the disclosures required under this Act or any other material disclosures required under this Act have not been delivered to the customer.

States that the multiple failure to disclose to any person any information required under this 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 this Act but continued failure to disclose after a recovery has been granted shall give rise to rights to additional recoveries.

Sets forth specific limitations on class action liability. Provides criminal penalties for the fraudulent use of credit cards.

States that any premium for life or accident and health insurance charged by a credit in connection with any extension of credit shall be stated both as a dollar amount and as an annual percentage rate and shall be disclosed at the same time and in the same manner as the finance charge is required to be disclosed under this Act and the regulations of the Board thereunder.

Provides regulations for the advertising of downpayments, installments, credit insurance, and open end credit plans.