Truth in Lending Simplification Act
Latest action. Referred to Senate Committee on Banking, Housing and Urban Affairs.
Truth in Lending Simplification Act - Amends the Truth in Lending Act to exempt transactions involving extensions of credit for agricultural purposes. Redefines the term "open end credit plan" for purposes of such Act. Eliminates specified items from the computation of the finance charge with respect to any transaction. Removes the filing dates for specified annual reports. Provides for an annual revision of credit forms when there has been a change in disclosure requirements, by statute or otherwise, except when the Board of Governors of the Federal Reserve System takes interim action necessary to prevent unfair or deceptive disclosure practices. States that no right of rescission exists with respect to any transaction wherein: (1) a first lien is created or retained against any real property which is used as the residence of the person to whom credit is extended to finance the acquisition of that property; or (2) a consumer credit transaction includes an agency of a State as the obligor. Eliminates the requirements of such Act which requires the periodic statement to include the annual percentage rate and the payment date. Removes specified disclosure requirements which were mandatory before the opening of any account under an open end consumer credit plan. Requires annual, instead of semi-annual, transmission of statements pertaining (1) to procedures for correction of error in billing and (2) to the rights of credit card customers. Excuses creditors who fail to identify each extension of credit in such statements if the creditor responds to any inquiry for clarification pertaining to errors in billing. Eliminates such items as cash price, downpayments, and default from the disclosure statement required in connection with each consumer credit sale not under an open end credit plan. Requires more complete disclosure of the types of security held by the creditor at the time of such statement or at a future date in the property which is subject to the extension of credit and in property which is acquired with the proceeds of the extension of credit. Provides that no civil liability shall be incurred under the Truth in Lending Act where the creditor is in substantial compliance with its provisions. Eliminates specified items from disclosure requirements with respect to the advertising of credit. Redefines the term "billing errors" to include failures to transmit the statements required in connection with open end credit plans to the last known address of the obligor.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on October 1, 1976. 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 October 1, 1976: Referred to Senate Committee on Banking, Housing and Urban Affairs.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- 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 94th Congress (1975-76), 588 of the 21,097 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?
EDWIN GARN (R-UT) introduced it on October 1, 1976, and 1 member has since signed on as a cosponsor.
They are 1 Republican.
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 October 1, 1976, 18241 days ago. The most recent recorded action was 18241 days ago, on October 1, 1976.
Measures do not carry over. Anything the 94th Congress has not finished by January 3, 1977 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
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers