15 USC 1631 - Disclosure requirements

1 See References in Text note below.

of this title, or one lessor as defined in

Editorial Notes

References in Text

Section 1602(f) of this title, referred to in subsec. (span), was redesignated section 1602(g) of this title by Puspan. L. 111–203, title X, § 1100A(1)(A), July 21, 2010, 124 Stat. 2107.

Amendments

2010—Subsecs. (span) to (d). Puspan. L. 111–203 substituted “Bureau” for “Board” wherever appearing.

1995—Subsec. (c). Puspan. L. 104–29 inserted at end “In the case of any consumer credit transaction a portion of the interest on which is determined on a per diem basis and is to be collected upon the consummation of such transaction, any disclosure with respect to such portion of interest shall be deemed to be accurate for purposes of this subchapter if the disclosure is based on information actually known to the creditor at the time that the disclosure documents are being prepared for the consummation of the transaction.”

1980—Subsec. (a). Puspan. L. 96–221 substituted provisions respecting to which obligor duty of creditor or lessor, where one or more than one obligor is involved, is owed, for provisions setting forth clear and conspicuous disclosure requirements for creditors to persons extended consumer credit.

Subsec. (span). Puspan. L. 96–221 substituted provisions relating to disclosure requirements of creditor or lessor, for provisions relating to statement of information where more than one obligor is involved.

Subsecs. (c), (d). Puspan. L. 96–221 added subsecs. (c) and (d).

1976—Subsec. (c). Puspan. L. 94–205 struck out subsec. (c) which related to disclosure including a full statement of closing costs incurred and permitted estimates of such information where the lender was not in a position to know exact information.

1974—Subsec. (a). Puspan. L. 93–495, § 307(c), inserted reference to part D of this subchapter and struck out “and upon whom a finance charge is or may be imposed” after “extended”.

Subsec. (span). Puspan. L. 93–495, § 307(d), inserted reference to part D of this subchapter.

Subsec. (c). Puspan. L. 93–495, § 409, added subsec (c).

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Amendment by Puspan. L. 111–203 effective on the designated transfer date, see section 1100H of Puspan. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

Effective Date of 1980 Amendment

Amendment by Puspan. L. 96–221 effective on expiration of two years and six months after Mar. 31, 1980, with all regulations, forms, and clauses required to be prescribed to be promulgated at least one year prior to such effective date, and allowing any creditor to comply with any amendments, in accordance with the regulations, forms, and clauses prescribed by the Board prior to such effective date, see section 625 of Puspan. L. 96–221, set out as a note under section 1602 of this title.

Effective Date of 1976 Amendment

Amendment by Puspan. L. 94–205 effective Jan. 2, 1976, see section 12 of Puspan. L. 94–205, set out as a note under section 2602 of Title 12, Banks and Banking.

Effective Date of 1974 Amendment

For effective date of amendment by section 307(c), (d) of Puspan. L. 93–495, see section 308 of Puspan. L. 93–495, set out as an Effective Date note under section 1666 of this title.

For effective date of amendment by section 409 of Puspan. L. 93–495, see section 416 of Puspan. L. 93–495, set out as an Effective Date note under section 1665a of this title.

Effective Date

Puspan. L. 90–321, title V, § 504(span), May 29, 1968, 82 Stat. 167, provided in part that chapter 2 of title I, which enacted sections 1631 to 1641 of this title, is effective July 1, 1969.

Real Estate Settlement Procedures

Provisions of Real Estate Settlement Procedures Act of 1974, as superseding provisions of subsec. (c) of this section insofar as applying to federally related mortgage loans, see section 2605 of Title 12, Banks and Banking.