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HR 1054 107th Congress House

Truth in Lending Modernization Act of 2001

Official title: To amend the Truth in Lending Act to expand protections for consumers by adjusting statutory exemptions and civil penalties to reflect inflation, to eliminate … Show full official titleShow less

Official title: To amend the Truth in Lending Act to expand protections for consumers by adjusting statutory exemptions and civil penalties to reflect inflation, to eliminate the Rule of 78s accounting for interest rebates in consumer credit transactions, and for other purposes.

Introduced: March 15, 2001 See on congress.gov
Finance and Financial Sector AccountingAdministrative procedureAlternative dispute resolutionCivil actions and liability
More subjectsShow fewer subjects
Class actions (Civil procedure)CommerceCommercial arbitrationConsumer creditConsumer educationConsumer protectionContractsDamagesDebtor and creditorFederal Reserve SystemFines (Penalties)ForeclosureGovernment Operations and PoliticsHousing and Community DevelopmentInterest
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Latest action April 10, 2001

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

 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).

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Democratic 2
D
Davis, Danny K.
Illinois · Apr 3, 2001
 D
Schakowsky, Janice D.
Illinois · Mar 15, 2001
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1054: Truth in Lending Modernization Act of 2001. 107th Congress. Open America. https://openamerica.io/bill/107-HR-1054/
MLA
"H.R. 1054: Truth in Lending Modernization Act of 2001." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-HR-1054/.
Bluebook (legal)
H.R. 1054, 107th Cong. (2026), https://openamerica.io/bill/107-HR-1054/.
Markdown link
[H.R. 1054: Truth in Lending Modernization Act of 2001](https://openamerica.io/bill/107-HR-1054/)
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