Truth in Lending Act Amendments
Latest action. Referred to House Committee on Banking and Currency.
Truth in Lending Act Amendments - Title I: Fair Credit Billing - Fair Credit Billing Act - Requires a creditor to provide an obligor with a semiannual statement with respect to any account in which there was any activity during the preceding six months. Establishes requirements and procedures for the correction of billing errors. States that if an open end consumer credit plan provides a time period within which an obligor may repay any portion of the credit extended without incurring an additional finance charge, such additional finance charge may not be imposed with respect to such portion of the credit extended for the billing cycle of which such period is a part unless a statement which includes the amount upon which the finance charge for that period is based was mailed at least fourteen days prior to the date specified in the statement by which payment must be made in order to avoid imposition of that finance charge. Provides that payments received from an obligor under an open end consumer credit plan by the creditor shall be posted promptly to the obligor's account. Declares that with respect to a credit card which may be used for extensions of credit in sales transactions in which the seller is a person other than the card issuer, the card issuer may not, by contract or otherwise, prohibit any such seller from offering a discount to a cardholder to induce the cardholder to pay by cash, check, or similar means rather than a credit card. Prohibits the use of tie-in services and offsets. Lists specified rights of credits card customers. Title II: Amendments to the Truth in Lending Act - Provides that any advertisement to aid, promote, or assist directly or indirectly the extension of consumer credit repayable in more than four installments shall, unless a finance charge is stated in the advertisement, clearly and conspicuously state: "The cost of credit is included in the price quoted for the goods and services". Exempts from the provisions of this Act consumer consumer credit cost disclosure credit transactions primarily for agricultural purposes in which the total amount to be financed exceeds $25,000. Provides that an obligor's right of rescission of a transaction shall expire three years after the date of consummation of the transaction or upon the sale of the property, which ever occurs earlier. States that the failure to disclose to any person any information required under the Truth in Lending Act to be disclosed in connection with a single account under an open end consumer credit plan, other single consumer credit sale, consumer loan, or other extension of consumer credit, shall entitle the person to a single recovery under such Act but continued failure to disclose after a recovery has been granted shall give rise to rights to additional recoveries. Revises the civil liabilities for violations of the Truth in Lending Act. Title III: Equal Credit Opportunity - Equal Credit Opportunity Act - Makes it unlawful for any creditor or card issuer to discriminate on account of sex or marital status against any individual with respect to the approval or denial of any extension of consumer credit or with respect to the terms thereof or with respect to the approval, denial, renewal, continuation, or revocation of any open end credit plan.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on December 10, 1974. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on December 10, 1974: Referred to House Committee on Banking and Currency.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
HENRY HELSTOSKI (D-NJ) introduced it on December 10, 1974. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on December 10, 1974, 18949 days ago. The most recent recorded action was 18949 days ago, on December 10, 1974.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers