Truth in Lending Simplification Act

Truth in Lending Simplification Act - Amends the Truth in Lending Act to exempt transactions involving extensions of credit for agricultural purposes.

Defines the finance charge as the sum of all charges imposed upon and payable by the consumer for the extension of credit.

Requires the itemizing of finance charges except in the case of the sale of a dwelling or a consumer loan secured by a first lien.

Amends the Truth in Lending Act by requiring from both consumer and creditor statements indicating a security interest is taken and general descriptions of any other property which is the subject of or is connected with an extension of credit not under an open end credit plan.

Requires the Board of Governors of the Federal Reserve System to provide readily understandable model forms and clauses to facilitate compliance with disclosure requirements.

States that no civil or criminal liability applies for failure to make disclosure if the creditor utilized these model forms or clauses in good faith.

Redefines the disclosure requirements to comply with the provisions of this Act.

States that whoever maliciously or in bad faith institutes a civil proceeding under this Act is liable for damages.

Establishes a fixed date for regulations of the Board of Governors requiring credit disclosure different from that previously required under the Consumer Credit Protection Act.

Removes the limitation on recovery in class actions brought for violations of the credit billing and consumer lease provisions of the Truth in Lending Act. Empowers the courts to award reasonable attorney's fees in successful actions involving secured consumer credit transactions in which the litigant is determined to have a right of rescission.

Lengthens, from 15 to 60 days, the time in which a creditor may notify a consumer of a billing error in order to establish such notice as a defense in civil actions brought by the Federal Trade Commission or criminal actions for the intentional violation of the consumer credit cost disclosure requirements. Requires creditors in such cases to adjust their accounts in order to reflect the lowest finance charge actually disclosed to the consumer. States that clerical, calculation, computer, and printing errors are examples of bona fide errors in establishing an unintentional violation defense. Stipulates that an error of judgment concerning a persons's legal obligations is not a bona fide error.