Consumer Credit Protection Act Amendments of 1979

Consumer Credit Protection Act Amendments of 1979 - Title I: Amendments to the Truth in Lending Act - Amends the Truth in Lending Act to include within its coverage specified bailment and lease contracts which transfer ownership of the property involved to the bailee or lessee through the exercise of options to renew the contract. Requires credit disclosure calculated on the assumption that the bailee or lessee will exercise all such options.

Exempts credit transactions for agricultural purposes from the requirements of the 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 the Act.

Revises the disclosure requirements for open-end credit plans, consumer credit sales, and consumer loans. Stipulates that a creditor need not disclose collection costs, default, or acceleration charges in connection with consumer credit sales or consumer loans.

Limits the liability of a creditor in any class action or series of class actions arising out of the same violation. Extends the period of time in which a creditor may notify a consumer of an error in order to avoid civil liability. States that there shall be a single recovery of damages under a consumer credit transaction or lease involving multiple obligors.

Grants any consumer the right to cancel within 30 days any optional credit life, accident, health, or loss of income insurance purchased to secure a consumer credit transaction or lease.

Requires any credit advertisement, including advertisements of residential real estate, to express finance charges only as an annual percentage rate.

Requires any advertisement for consumer credit involving more than four installments to state whether the quoted price includes the cost of credit or is only the cash price.

Establishes civil liability for violations of the credit advertising provisions and the prohibition against credit and surcharges.

Repeals the requirement that a creditor make specified disclosures in periodic statements sent to a consumer, including the annual percentage rate of the finance charge and the payment date, under extensions of consumer credit other than open-end plans.

Title II: Credit Card Amendments to the Truth in Lending Act - Amends the Truth in Lending Act to expand the required disclosures by creditors before credit is extended under an open end consumer credit plan.

Requires credit card issuers to be prompt in the billing of charges.

Requires credit card issuers to disclose the following information to prospective cardholders: (1) the circumstances under which the plan may be restricted or closed; (2) the circumstances under which any line of credit under the plan may be temporarily or permanently unavailable or reduced and the extent to which the line of credit may be reduced; and (3) the consequences to a cardholder of exceeding a line of credit permitted under the plan.

Prohibits any card issuer from amending any credit card plan by modifying or adding services without giving proper notification to the cardholder.

Disallows the imposition of service charges by the card issuer in specified instances.

States that no finance charge may be imposed on purchases of goods or services which are paid within 25 days after the closing date of the billing cycle in which the purchase was posted to the account or on a per transaction basis. Sets forth the formula for determining the balance upon which a finance charge may be imposed under a credit card plan.

Prohibits the billing of a cardholder for any annual or periodic fees where the card issuer has permitted a cardholder to elect to defer payment of all or any portion of the outstanding balance at the end of a billing cycle and to incur a finance charge thereon.

Requires card issuers to disclose to each cardholder the total amount of finance charges paid each year.

Prohibits the imposition of minimum finance charges on any cardholder.

Allows a cardholder to request from the creditor an instruction form explaining the computation of the balance and the finance charge.

Prohibits the issuance of unsolicited credit cards.

Allows a cardholder to dispute a billing error involving the amount of the extension of credit. Prohibits a creditor from imposing any charge or fee for conducting an investigation or sending any explanation or documentary material.

Title III: Effective Date of the Electronic Fund Transfer Act - Makes the Electronic Fund Transfer Act effective generally on September 10, 1979.

Title IV: Residential or Occupational Discrimination under the Equal Credit Opportunity Act - Amends the Equal Credit Opportunity Act to prohibit discrimination on the basis of occupation or place of residence in the issuance and use of credit cards.

Title V: General Provisions - Provides for the issuance of regulations and effective dates of provisions of this Act.