Consumer Credit Protection Act


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Consumer Credit Protection Act of 1968

Legislation in the United States requiring lenders to disclose to potential borrowers all terms of loans, including, but not limited to, the interest rates, applicable fees, and the length of loans. The Act also allows consumers to cancel some credit transactions that require a lien to be placed on the consumer's primary residence. For the most part, the Act does not place limits on the fees lenders may charge, but instead requires transparency. It is also called the Truth in Lending Act.

Consumer Credit Protection Act

See Truth-in-Lending Act.
References in periodicals archive ?
(148) National Consumer Credit Protection Act 2009 (Cth) ss 113(2)(g), 136(2)(g), 158(2)(g).
The CROA is a sub-chapter of the Consumer Credit Protection Act. (5) The CROA was enacted because "[c]ertain advertising and business practices of some companies engaged in the business of credit repair services have worked a financial hardship upon consumers, particularly those of limited economic means and who are inexperienced in credit matters." (6)
"The Consumer Credit Protection Act of 1973 prohibits employers from firing workers whose earnings have been subjected to a wage garnishment arising from a single debt," says labor lawyer Sack.
Lowe Finance, leading Melbourne car finance and equipment financing broker, reports that consumers are generally receptive to the National Consumer Credit Protection Act's requirements, despite the slightly increased administrative burden of the rules.
Te council members serve three-year terms, and advise the Fed on its responsibilities under the Consumer Credit Protection Act and on other matters in the area of consumer financial services.
The ECOA prohibits discrimination on the basis of a credit applicant's national origin, marital status, religion, color, sex, race, age, receipt of public assistance benefits, or the exercise of rights under the Consumer Credit Protection Act.
The ECOA prohibits discrimination on the basis of a credit applicant's national origin, marital status, religion, color, sex, race, age, receipt of public assistance benefits, or the exercise of rights under the Consumer Credit Protection Act. Among other things, the final rule addresses the collection of applicants' personal characteristics in connection with nonmortgage credit and record retention for prescreened solicitations.
I am the director of the Federal Reserve Board's Division of Consumer and Community Affairs, which carries out the Board's responsibilities for administering a number of the consumer protection laws that make up the Consumer Credit Protection Act, including the Truth in Lending Act.

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