[DOWNLOAD] "Lyles v. Commercial Credit Plan Consumer Discount Co." by Fifth Circuit.*Fn* United States Court of Appeals " eBook PDF Kindle ePub Free
eBook details
- Title: Lyles v. Commercial Credit Plan Consumer Discount Co.
- Author : Fifth Circuit.*Fn* United States Court of Appeals
- Release Date : January 26, 1981
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 69 KB
Description
Congress addressed the vexatious problem of borrowers obligating themselves without an adequate understanding of interest, charges, and penalties for default by enacting the Truth in Lending Act (TIL), 15 U.S.C. §Â§ 1601-41. The legislation requires a meaningful disclosure of credit terms, sufficient to enable the average consumer to shop comparatively for credit. Perhaps unavoidably, two provisions of the Act, sections 1640 and 1604, led to often confusing interpretations and results. Section 1640 imposes strict compliance standards on institutional creditors and small lenders alike. Section 1604 delegates to the Federal Reserve Board (FRB) the authority to promulgate regulations which ""may contain such classifications, differentiations, or other provisions ... as in the judgment of the Board are necessary or proper to effectuate the purposes"" of the Act and ""to prevent circumvention or evasion thereof, or facilitate compliance therewith."" This authority to regulate has been used extensively. Congress specified eight disclosures which must be made in consumer credit arrangements other than open end loans, 15 U.S.C. § 1639; FRB Regulation Z specifies an additional seven. 12 C.F.R. § 226.8(b), (d). The statute requires that all disclosures be clearly worded and conspicuous to the eye, 15 U.S.C. § 1631; Regulation Z states that disclosures must be particularly phrased and be placed in meaningful sequence. 12 C.F.R. § 226.6(a). As a consequence of the detailed specificity, TIL litigation has presented questions such as whether a disclosure, in compliance with both statutory and regulatory criteria, is on the correct sheet of paper, or properly positioned on the document, when presented to the consumer. We today confront such a problem.