TILA (Truth in Lending Act, 15 U.S.C.) § 1601 — Congressional findings and declaration of purpose
TILA (Truth in Lending Act, 15 U.S.C.), §1601 Congressional findings and declaration of purpose. Captured section-complete from Cornell LII (verbatim).
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Verbatim provisions from TILA (Truth in Lending Act, 15 U.S.C.) § 1601 — Congressional findings and declaration of purpose — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
15 U.S.C. §1601(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 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.
15 U.S.C. §1601(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 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 .)
Operationalizing TILA (Truth in Lending Act, 15 U.S.C.) § 1601 — Congressional findings and declaration of purpose
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Source of record: https://claudeforcompliance.com/regs/tila-15usc-1601/
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