Truth in Lending Simplification Act
Latest action. Referred to House Committee on Banking, Finance and Urban Affairs.
Truth in Lending Simplification Act - Amends the Truth in Lending Act to exempt transactions involving extensions of credit for agricultural purposes. Defines the finance charge as the sum of all charges imposed upon and payable by the consumer for the extension of credit. Requires the itemizing of finance charges except in the case of the sale of a dwelling or a consumer loan secured by a first lien. Amends the Truth in Lending Act by requiring from both consumer and creditor statements indicating a security interest is taken and general descriptions of any other property which is the subject of or is connected with an extension of credit not under an open end credit plan. Requires the Board of Governors of the Federal Reserve System to provide readily understandable model forms and clauses to facilitate compliance with disclosure requirements. States that no civil or criminal liability applies for failure to make disclosure if the creditor utilized these model forms or clauses in good faith. Redefines the disclosure requirements to comply with the provisions of this Act. States that whoever maliciously or in bad faith institutes a civil proceeding under this Act is liable for damages. Establishes a fixed date for regulations of the Board of Governors requiring credit disclosure different from that previously required under the Consumer Credit Protection Act. Removes the limitation on recovery in class actions brought for violations of the credit billing and consumer lease provisions of the Truth in Lending Act. Empowers the courts to award reasonable attorney's fees in successful actions involving secured consumer credit transactions in which the litigant is determined to have a right of rescission. Lengthens, from 15 to 60 days, the time in which a creditor may notify a consumer of a billing error in order to establish such notice as a defense in civil actions brought by the Federal Trade Commission or criminal actions for the intentional violation of the consumer credit cost disclosure requirements. Requires creditors in such cases to adjust their accounts in order to reflect the lowest finance charge actually disclosed to the consumer. States that clerical, calculation, computer, and printing errors are examples of bona fide errors in establishing an unintentional violation defense. Stipulates that an error of judgment concerning a persons's legal obligations is not a bona fide error.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on January 15, 1979. 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 January 15, 1979: Referred to House Committee on Banking, Finance and Urban Affairs.
- 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 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 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?
CHALMERS WYLIE (R-OH) introduced it on January 15, 1979. 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 January 15, 1979, 17452 days ago. The most recent recorded action was 17452 days ago, on January 15, 1979.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 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