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Essay / Research Paper Abstract
A 17 page paper that begins with the background and purpose of the Truth in Lending Act adopted in 1969 as Title I of the Consumer Credit Protection Act, including the subsequent amendments to the Act. The writer explains that the Federal Reserve Board adopted Regulation Z to implement this Act. The FRB subsequently adopted the Home Ownership and Equity Protection Act to address predatory lending issues. The next section provides a comprehensive explanation of the major provisions of TILA and Regulation Z, including the categories of transactions and the disclosures that must be made and how they must be made. Consequences of violating this Act and Regulation are explained. The writer also comments on the impact of TILA and Regulation Z on the consumer finance industry. Bibliography lists 6 sources.
Page Count:
17 pages (~225 words per page)
File: MM12_PGtila.rtf
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Unformatted sample text from the term paper:
Currency, 1996; Farm Credit Administration, 1994). The Federal Reserve Board (FRB) Regulation Z, adopted on July 1, 1969, implemented the Truth in Lending Act (Farm Credit Administration, 1994). The first
amendment to this act became effective in 1970 to prevent consumers from receiving unsolicited credit cards (Office of the Comptroller of the Currency, 1996). Other major amendments to TILA and
Regulation Z followed: the Fair Credit Billing Act of 1974 (Office of the Comptroller of the Currency, 1996); the Consumer Leasing Act of 1976 (Office of the Comptroller of the
Currency, 1996); the Truth in Lending Simplification and Reform Act of 1980 was enacted as Title VI of the Depository Institutions Deregulation and Monetary Control Act of 1980 and became
effective in 1982 (Farm Credit Administration, 1994); the Fair Credit and Charge Card Disclosure Act of 1988 (Office of the Comptroller of the Currency, 1996); the Home Equity Loan Consumer
Protection Act of 1988, which became effective in 1989 (Office of the Comptroller of the Currency, 1996); the Home Ownership and Equity Protection Act of 1994, which became effective
in 1995 (Office of the Comptroller of the Currency, 1996); and the Truth in Lending Act Amendments of 1995 (Office of the Comptroller of the Currency, 1996). In 1987, the
FRB amended Regulation Z to implement section 1204 of the Competitive Equality Banking Act of 1987 (Farm Credit Administration, 1994); it was again amended in 1988 to include adjustable rate
mortgage loan disclosure requirements (Office of the Comptroller of the Currency, 1996). In 1981, all of the consumer leasing provisions were removed from Regulation Z and transferred to Regulation M
(Office of the Comptroller of the Currency, 1996). Regulation M addresses consumer leasing transactions "where the use of personal property by a person primarily for personal, family or household purposes"
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