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HR 1054 107th Congress House Finance and Financial Sector Accounting Administrative procedure Alternative dispute resolution Civil actions and liability Class actions (Civil procedure) Commerce Commercial arbitration Consumer credit Consumer education Consumer protection Contracts Damages Debtor and creditor Federal Reserve System Fines (Penalties) Foreclosure Government Operations and Politics Housing and Community Development Interest

Truth in Lending Modernization Act of 2001

Introduced: March 15, 2001 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 10, 2001
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Mar 15, 2001
Referred to the House Committee on Financial Services.
Mar 15, 2001
Introduced in House
 Plain-English summary Congressional Research Service
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.

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).

What's happening now April 10, 2001

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Democratic 2