source:
  type: regulation
  id: tila-15usc-1601
  authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1601 — Congressional findings and declaration of purpose
  description: 'TILA (Truth in Lending Act, 15 U.S.C.), §1601 Congressional findings and declaration of purpose.
    Captured section-complete from Cornell LII (verbatim).

    '
obligations:
- id: tila-15usc-1601-a
  canonical_id: tila-15usc-1601-a
  section: 15 U.S.C. §1601(a)
  description: 'Congressional findings and declaration of purpose — (a): (a) Informed use of credit The Congress
    finds that economic stabilization would be enhanced and the competition among the various financial institutions
    and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit.
    The informed use of credit results…'
  type: reference
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1601
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1601
    snapshot_id: 4dc1bc2b4ac992d5
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:d704cfd978487d4d50e074e3a0568b0048b643c6081a8163c9bd7b110616bbf7
    paragraph_quote: (a) Informed use of credit The Congress finds that economic stabilization would be enhanced
      and the competition among the various financial institutions and other firms engaged in the extension of consumer
      credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness
      of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of
      credit terms so that the consumer will be able to compare more readily the various credit terms available
      to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit
      billing and credit card practices.
    drafter_attestation: Verbatim slice of 15 U.S.C. §1601 subsection (a) from Cornell LII snapshot 4dc1bc2b4ac992d5;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: tila-15usc-1601-b
  canonical_id: tila-15usc-1601-b
  section: 15 U.S.C. §1601(b)
  description: 'Congressional findings and declaration of purpose — (b): (b) Terms of personal property leases The
    Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for
    consumer use as an alternative to installment credit sales and that these leases have been offered without adequate
    cost disclosures. It is the purp…'
  type: reference
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: TILA (Truth in Lending Act, 15 U.S.C.) § 1601
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/15/1601
    snapshot_id: 4dc1bc2b4ac992d5
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:d704cfd978487d4d50e074e3a0568b0048b643c6081a8163c9bd7b110616bbf7
    paragraph_quote: (b) Terms of personal property leases The Congress also finds that there has been a recent
      trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment
      credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose
      of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal,
      family, or household purposes so as to enable the lessee to compare more readily the various lease terms available
      to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where
      appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements. ( Pub. L.
      90–321, title I, § 102 , May 29, 1968 , 82 Stat. 146 ; Pub. L. 93–495, title III, § 302 , Oct. 28, 1974 ,
      88 Stat. 1511 ; Pub. L. 94–240, § 2 , Mar. 23, 1976 , 90 Stat. 257 .)
    drafter_attestation: Verbatim slice of 15 U.S.C. §1601 subsection (b) from Cornell LII snapshot 4dc1bc2b4ac992d5;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
