H.R.1054 - Truth in Lending Modernization Act of 2001107th Congress (2001-2002)
|Sponsor:||Rep. LaFalce, John J. [D-NY-29] (Introduced 03/15/2001)|
|Committees:||House - Financial Services|
|Latest Action:||04/10/2001 Referred to the Subcommittee on Financial Institutions and Consumer Credit.|
This bill has the status Introduced
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.1054 — 107th Congress (2001-2002)All Bill Information (Except Text)
Truth in Lending Modernization Act of 2001 - Amends the Consumer Credit Protection Act to: (1) apply consumer credit information and disclosure requirements to all credit and lease transactions involving real and personal property in which the total amount financed exceeds $75,000 (currently $25,000); and (2) increase the civil penalties for creditor violations of such requirements.
Introduced in House (03/15/2001)
Amends the Truth in Lending Act to: (1) deem ineffective any consumer waiver of the right to rescission of a transaction required (as a condition of the transaction), urged, or discussed by a creditor; and (2) deem unenforceable any contract provision which requires binding arbitration or any other nonjudicial procedure to resolve a dispute if it would deny the consumer any right to bring an action for any liability of the creditor.
Amends the Housing and Community Development Act of 1992 to eliminate the Rule of 78s accounting method for calculating refunds of unearned interest on credit transactions consummated after September 30, 1999 (currently, September 30, 1993).