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Laws that govern credit card companies, banks and debt collectors: Understand
Your Rights! 
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Truth
In Lending Act (TILA) The
Truth in Lending Act is a Federal statute which
requires a commercial lender (bank, savings and loan, mortgage broker) to give
a borrower exact information on interest rates and a three-day period in which
the borrower may compare and consider competitive terms and cancel the loan agreement. The
Truth in Lending Act is contained in Title I of the Consumer Credit Protection
Act (15 U.S.C.A. § 1601 et seq.). The CCPA is designed to assure that
every customer who needs Consumer Credit is given meaningful information concerning
the cost of such credit. The Truth in Lending Act requires that the terms in transactions
involving consumer credit be fully explained to the prospective debtors. It sets
forth three basic rules: - a
creditor cannot advertise a deal that ordinarily is not available to anyone except
a preferred borrower;
- advertisements
must contain either all of the terms of a credit transaction or none of them;
and
if the credit
is to be repaid in more than four payments, the agreement must indicate, in clear
and conspicuous print, that "the cost of credit is included in the price
quoted for the goods and services." This law does not impose regulations
upon the advertising media, only upon the prospective creditor.
Consumer
Credit Protection Act The
Consumer Credit Protection Act (15 U.S.C.A. § 1601 et seq. [1972]) is federal
statute designed to protect borrowers of money by mandating complete disclosure
of the terms and conditions of finance charges in transactions; by limiting the
Garnishment of wages; and by regulating the use of charge accounts. The
Consumer Credit Protection Act was the first general federal Consumer Protection
legislation. Title I of this law, known as the truth-in-lending act (15 U.S.C.A.
§ 1601 et seq. [1968]), requires that the terms in Consumer Credit transactions
be fully explained to the prospective debtors. Title
VI of the Consumer Credit Protection Act, known as the Fair Credit Reporting Act
(15 U.S.C.A. § 1601 et seq. [1978]), applies to businesses that regularly
obtain consumer credit information for other businesses. Its purpose is to ensure
that consumer reporting activities are conducted in a manner that is fair and
equitable to the affected consumer. Whereas
the Consumer Credit Protection Act is federal law, states have also passed many
statutes regulating consumer credit. For example, the Uniform Consumer Credit
Code (UCCC) is an initiative that was drafted by the National Conference of Commissioners
on Uniform State Laws in 1968 to help provide consistency among the variety of
consumer credit laws that exist throughout state jurisdictions. The purpose of
the UCCC is threefold: - to
protect consumers obtaining credit to finance transactions;
- to
ensure that adequate credit is provided;
- and
to generally govern the credit industry.
As
of 2003, the UCCC had been adopted in only seven states and Guam. Many states,
however, continue to enact legislation that would provide consumer debtors similar
protections contained in the provisions of the UCCC.
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