Truth in Lending Reform and Simplification Act

Truth in Lending Reform and Simplification Act - Amends the Truth in Lending Act to eliminate credit transactions for agricultural purposes from coverage under such Act. Requires a State to enforce requirements under applicable State truth in lending law when such State has been exempted from application of Federal law governing credit transactions within the State because of such similar State law.

Requires agencies enforcing such Act to obtain compliance by notifying the debtor of rights under such Act when the creditor fails to comply with its provisions or by publicizing the fact of a creditor's sustained and substantial violations.

Grants such agencies the authority to assess civil penalties and to issue cease-and-desist orders.

Sets limitations on the time within which civil actions may be brought to enforce such Act.

Directs the Board of Governors of the Federal Reserve System to issue model forms and clauses, for use in common transactions, describing the transaction in understandable language. Exempts creditors who use such forms from liability under such Act.