CONSUMER CREDIT REGULATIONS (Proposed Uniform Consumer Credit Code)

HEARINGS

BEFORE THE

SUBCOMMITTEE ON CONSUMER AFFAIRS

OF THE

COMMITTEE ON BANKING AND CURRENCY HOUSE OF REPRESENTATIVES

NINETY-FIRST CONGRESS

FIRST SESSION

ON

CONSUMER CREDIT REGULATIONS

(Proposed Uniform Consumer Credit Code)

26-924 O

ᏢᎪᎡᎢ 1

FEBRUARY 25 AND 26, 1969

Printed for the use of the Committee on Banking and Currency

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON: 1969

LEONOR K. (Mrs. John B.) SULLIVAN, Missouri, Chairman

J

66.2

H91

B321

C66

CONTENTS

(The same table of contents appears in both parts 1 and 2)

Angevine, Erma, executive director, Consumer Federation of America____

Berlin, Edward, Washington, D.C.

Braucher, Robert, vice president, National Conference of Commissioners

on Uniform State Laws, and professor of law, Harvard Law School_____

Elbrecht, Richard A., staff attorney, Legal Aid Society of Santa Clara

County, San Jose, Calif..

Johnson, Robert W., reporter-economist of the Uniform Consumer Credit

Code and professor, Industrial Administration, Purdue University-

Pierce, William J., president, National Conference of Commissioners on

Uniform State Laws, and professor of law, University of Michigan

School of Law..........

Robertson, Hon. J. L., Vice Chairman, Board of Governors of the Federal

Reserve System, accompanied by Frederic Solomon, Director, Division

of Supervision and Regulation.

Roisman, Anthony Z., Washington, D.C.

Seidl, Capt. John Michael, U.S. Military Academy, West Point, N. Y

Warren, William D., reporter-draftsman of the Uniform Consumer Credit

Code and professor of law, University of California at Los Angeles_____

4

49

187

17

175

101

377

29

181

169

ADDITIONAL INFORMATION SUBMITTED FOR THE RECORD

Advisory Committee on Truth in Lending, list of members -

384

Angevine, Erma:

Letter dated February 27, 1969, in reply to remarks concerning the

attitude of the Consumer Federation of America.

219

Prepared statement_-_

8

Reply to questions of Chairman Sullivan..

93, 94, 95, 96

Berlin, Edward, Study on Uniform Consumer Credit Code...

41

Braucher, Prof. Robert, prepared statement_

189

Brunn, Judge George, speech before Consumer Assembly 1969.

11

Consumers Advisory Council of the Department of Consumer Affairs of

the City of New York, report of...

63

Consumers League of New Jersey, statement of....

57

Douglas, Paul H.:

Statement before the Legislature of the Commonwealth of Massa-

chusetts on the Uniform Consumer Credit Code____

140

Supplementary statement on proposed Uniform Consumer Credit

Code____

148

Elbrecht, Richard A., prepared statement_

20

Furness, Betty, Special Assistant to the President for Consumer Affairs,

letter to Prof. William J. Pierce, dated September 19, 1968_.

Illinois Federation of Consumers, resolution on proposed Uniform Con-

sumer Credit Code_