14 1 § 205. Enforcement by Farm Credit Administration 2 Section 108 (a) of the Truth in Lending Act (15 U.S.C. 3 1607 (a)) is amended by adding at the end thereof a new 4 paragraph as follows: 5 6 "(7) the Farm Credit Act of 1971, by the Farm Credit Administration with respect to any Federal land 7 bank, Federal land bank association, Federal intermedi 8 ate credit bank, or production credit association." 9 $206. Reports on annual percentage rates applicable to 10 11. major types of closed end consumer credit Section 114 of the Truth in Lending Act (15 U.S.C. 12 1613) is amended by inserting "(a)" before "Not" and by 13 adding at the end thereof a new subsection as follows: 14: "(b) The Board shall publish quarterly reports setting 15 forth the average, and the distribution of, annual percentage 16 rates applicable to at least each of the following major types 17 of closed end consumer credit transactions during the period 18 covered by the report: 2 23 "(1) New automobile loans. "(2) Mobile home loans. "(3) Personal loans." 22 § 207. Liability of assignees (a) Chapter 1 of the Truth in Lending Act (15 U.S.C. 24 1601-1613) is amended by adding at the end thereof a new 25 section as follows: 15 1 "§115. Liability of assignees 2 3 "Except as otherwise specifically provided in this title, any criminal or civil action which may be brought against 4 the original creditor in any credit transaction may be main5 tained against any subsequent assignee of the original credi6 tor where the violation from which the alleged liability 7 arose is apparent on the face of the instrument assigned un8 less the assignment is involuntary." 9 (b) The analysis of such chapter is amended by adding 12 Section 121 of the Truth in Lending Act (15 U.S.C. 13 1631) is amended by adding at the end thereof a new sub14 section as follows: 15 "(c) For the purpose of subsection (a), the information 16 required under this chapter shall include a full statement of 17 closing costs to be incurred by the consumer, which shall be 18 presented, in accordance with the regulations of the Board "(1) prior to the time when any downpayment is made, or "(2) in the case of a consumer credit transaction involving real property, at the time the creditor makes a commitment with respect to the transaction." 16 1 §209. Liens arising by operation of State law 2 Section 125 of the Truth in Lending Act (15 U.S.C. 3 1635) is amended— 4 5 6 7 8 9 10 11 (1) by striking out "is" the first time it appears in the first sentence of subsection (a) and inserting in lieu thereof ", including any such interest arising by operation of law, is or will be"; and (2) by inserting after "obligor" the second time it appears in the first sentence of subsection (b) the following: ", including any such interest arising by operation of law,". 12 §210. Time limit for right of rescission 231 14 Section 125 of the Truth in Lending Act (15 U.S.C. 1635) is amended by adding at the end thereof a new sub15 section as follows: 16 17 18 19 "(f) An obligor's right of rescission shall expire three years after the date of consummation of the transaction or upon the sale of the property by the obligor, whichever occurs earlier, notwithstanding the fact that the disclosures 20 required under this section or any other material disclosures 21 required under this chapter have not been delivered to the 22 customer." 2 2 2 2 2 23 211. Good faith compliance 24 Section 130 of the Truth in Lending Act (15 U.S.C. 17 1 1640) is amended by adding at the end thereof a new sub 2 section as follows: 3 "(f) No provision of this section imposing any lia4 bility shall apply to any act done or omitted in good faith 5 in conformity with any rule, regulation, or interpretation 6 thereof by the Board, or in conformity with any interpreta7 tion issued by any other agency designated in section 108 8 unless such interpretation has, prior to the time such act was 9 done or omitted, been determined by the Board to be 10 inconsistent with the Board's rules, regulations, or inter11 pretations, notwithstanding that after such act or omission 12 has occurred, such rule, regulation, or interpretation is 13 amended, rescinded, or determined by judicial or other au14 thority to be invalid for any reason." 15 §212. Liability for multiple disclosures 16 Section 130 of the Truth in Lending Act (15 U.S.C. 17 1640) (as amended by section 214) is amended by adding 18 at the end thereof a new subsection as follows: 19 "(g) The multiple failure to disclose to any person any 20 information required under this chapter to be disclosed in 21 connection with a single account under an open-end con22 sumer credit plan, other single consumer credit sale, con23 sumer loan, or other extension of consumer credit, shall 24 entitle the person to a single recovery under this section but 22 18 1 continued failure to disclose after a recovery has been granted 2 shall give rise to rights to additional recoveries." 4 (a) Section 130 (a) of the Truth in Lending Act (15 5 U.S.C. 1640 (a)) is amended to read as follows: 6 "(a) Except as otherwise provided in this section, any 7 creditor who fails to comply with any requirement imposed 8 under this chapter or chapter 4 of this title (other than 9 section 161) with respect to any person is liable to such 10 person in an amount equal to the sum of— 11 12 13 14 15 16 17 18 19 220 21 "(1) any actual damages sustained by such person. as a result of the failure; "(2) such additional amount as the court may allow, except that the total awarded shall (A) be not less than $100 in the case of an individual action, or (B) in the case of a class action, not more than $100,000; and "(3) in the case of any successful action to enforce the foregoing liability, the costs of the action, together with a reasonable attorney's fee which shall be the reasonable value of the services rendered by the attorney without regard to the amount of any recovery. 22 In determining the amount of award in any class 23 action, the court shall consider, among other relevant factors, the amount of any actual damages awarded, the frequency 25 and persistence of failures of compliance by the creditor, the 24 |