Credit Deregulation and Availability Act of 1981

Credit Deregulation and Availability Act of 1981 - Title I: Business and Agricultural Credit - Amends the Depository Institutions Deregulation and Monetary Control Act of 1980 to eliminate the current Federal rate ceiling for business and agricultural loans.

Permits a State to reject Federal preemption of State usury ceilings on such loans within three years of the effective date of this Act. Makes Federal preemption applicable to certain activities in connection with credit agreements entered into during the preemption period, if the credit is extended within 18 months of the effective date of the State law rejecting preemption.

Title II: Consumer Credit - Preempts all State usury laws in connection with extensions of consumer credit made by a creditor.

Permits a State to reject such Federal preemption within three years of the effective date of this Act. Includes a transitional provision where a State rejects Federal preemption, applicable to open-end credit transactions where the credit is extended within 18 months of the effective date of the State law rejecting preemption.

Authorizes the Board of Governors of the Federal Reserve System to publish Board interpretations regarding the scope and application of such provisions.

Title III: Federal Credit Unions - Authorizes the boards of directors of Federal credit unions to establish interest rates.

Title IV: Effective Date - Makes this Act effective upon the date of enactment.