15 U.S.C. § 1631

Disclosure requirements

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(a) Duty of creditor or lessor respecting one or more than one obligor

Subject to subsection (b), a creditor or lessor shall disclose to the person who is obligated on a consumer lease or a consumer credit transaction the information required under this subchapter. In a transaction involving more than one obligor, a creditor or lessor, except in a transaction under section 1635 of this title, need not disclose to more than one of such obligors if the obligor given disclosure is a primary obligor.

(b) Creditor or lessor required to make disclosure

If a transaction involves one creditor as defined in section 1602(f) 11 See References in Text note below. of this title, or one lessor as defined in section 1667(3) of this title, such creditor or lessor shall make the disclosures. If a transaction involves more than one creditor or lessor, only one creditor or lessor shall by required to make the disclosures. The Bureau shall by regulation specify which creditor or lessor shall make the disclosures.

The Bureau may provide by regulation that any portion of the information required to be disclosed by this subchapter may be given in the form of estimates where the provider of such information is not in a position to know exact information. In the case of any consumer credit transaction a portion of the interest on which is determined on a per diem basis and is to be collected upon the consummation of such transaction, any disclosure with respect to such portion of interest shall be deemed to be accurate for purposes of this subchapter if the disclosure is based on information actually known to the creditor at the time that the disclosure documents are being prepared for the consummation of the transaction.

(d) Tolerances for numerical disclosures

The Bureau shall determine whether tolerances for numerical disclosures other than the annual percentage rate are necessary to facilitate compliance with this subchapter, and if it determines that such tolerances are necessary to facilitate compliance, it shall by regulation permit disclosures within such tolerances. The Bureau shall exercise its authority to permit tolerances for numerical disclosures other than the annual percentage rate so that such tolerances are narrow enough to prevent such tolerances from resulting in misleading disclosures or disclosures that circumvent the purposes of this subchapter.

(Pub. L. 90–321, title I, § 121, May 29, 1968, 82 Stat. 152; Pub. L. 93–495, title III, § 307(c), (d), title IV, § 409, Oct. 28, 1974, 88 Stat. 1516, 1519; Pub. L. 94–205, § 11, Jan. 2, 1976, 89 Stat. 1159; Pub. L. 96–221, title VI, § 611, Mar. 31, 1980, 94 Stat. 174; Pub. L. 104–29, § 3(b), Sept. 30, 1995, 109 Stat. 273; Pub. L. 111–203, title X, § 1100A(2), July 21, 2010, 124 Stat. 2107.)Editorial NotesReferences in Text

Section 1602(f) of this title, referred to in subsec. (b), was redesignated section 1602(g) of this title by Pub. L. 111–203, title X, § 1100A(1)(A), July 21, 2010, 124 Stat. 2107.

Amendments

2010—Subsecs. (b) to (d). Pub. L. 111–203 substituted “Bureau” for “Board” wherever appearing.

1995—Subsec. (c). Pub. L. 104–29 inserted at end “In the case of any consumer credit transaction a portion of the interest on which is determined on a per diem basis and is to be collected upon the consummation of such transaction, any disclosure with respect to such portion of interest shall be deemed to be accurate for purposes of this subchapter if the disclosure is based on information actually known to the creditor at the time that the disclosure documents are being prepared for the consummation of the transaction.”

1980—Subsec. (a). Pub. L. 96–221 substituted provisions respecting to which obligor duty of creditor or lessor, where one or more than one obligor is involved, is owed, for provisions setting forth clear and conspicuous disclosure requirements for creditors to persons extended consumer credit.

Subsec. (b). Pub. L. 96–221 substituted provisions relating to disclosure requirements of creditor or lessor, for provisions relating to statement of information where more than one obligor is involved.

Subsecs. (c), (d). Pub. L. 96–221 added subsecs. (c) and (d).

1976—Subsec. (c). Pub. L. 94–205 struck out subsec. (c) which related to disclosure including a full statement of closing costs incurred and permitted estimates of such information where the lender was not in a position to know exact information.

1974—Subsec. (a). Pub. L. 93–495, § 307(c), inserted reference to part D of this subchapter and struck out “and upon whom a finance charge is or may be imposed” after “extended”.

Subsec. (b). Pub. L. 93–495, § 307(d), inserted reference to part D of this subchapter.

Subsec. (c). Pub. L. 93–495, § 409, added subsec (c).

Statutory Notes and Related SubsidiariesEffective Date of 2010 Amendment

Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

Effective Date of 1980 Amendment

Amendment by Pub. L. 96–221 effective on expiration of two years and six months after Mar. 31, 1980, with all regulations, forms, and clauses required to be prescribed to be promulgated at least one year prior to such effective date, and allowing any creditor to comply with any amendments, in accordance with the regulations, forms, and clauses prescribed by the Board prior to such effective date, see section 625 of Pub. L. 96–221, set out as a note under section 1602 of this title.

Effective Date of 1976 Amendment

Amendment by Pub. L. 94–205 effective Jan. 2, 1976, see section 12 of Pub. L. 94–205, set out as a note under section 2602 of Title 12, Banks and Banking.

Effective Date of 1974 Amendment

For effective date of amendment by section 307(c), (d) of Pub. L. 93–495, see section 308 of Pub. L. 93–495, set out as an Effective Date note under section 1666 of this title.

For effective date of amendment by section 409 of Pub. L. 93–495, see section 416 of Pub. L. 93–495, set out as an Effective Date note under section 1665a of this title.

Effective Date

Pub. L. 90–321, title V, § 504(b), May 29, 1968, 82 Stat. 167, provided in part that chapter 2 of title I, which enacted sections 1631 to 1641 of this title, is effective July 1, 1969.

Real Estate Settlement Procedures

Provisions of Real Estate Settlement Procedures Act of 1974, as superseding provisions of subsec. (c) of this section insofar as applying to federally related mortgage loans, see section 2605 of Title 12, Banks and Banking.

Notes of Decisions

Cited in 255 cases (21 in the last 5 years), 1971–2025 · leading case: Mourning v. Fam. Publications Serv., Inc., 411 U.S. 356 (1973).

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Mourning v. Fam. Publications Serv., Inc., 411 U.S. 356 (1973). · cites it 8× “" 15 U. S. C. § 1631 . Thus, in order to assert successfully a claim under the Act for the statutory penalty and reimbursement for the costs of the action, see id.”

William Krieger v. Bank of Am. NA, 890 F.3d 429 (3rd Cir. 2018). · cites it 2× “Section 1640(a) permits recovery of actual damages, statutory damages, costs, and attorneys' fees, and, as relevant here, may be used as a basis for a claim against "any creditor who fails to comply with any requirement imposed under [ 15 U.S.C. §§ 1631 - 1651 ], including any…”

Laskaris v. Fifth Third Bank (In Re Fifth Third Early Access Cash Advance Litig.), 925 F.3d 265 (6th Cir. 2019). · cites it 2× “410, 412 (1998); see 15 U.S.C. § 1631 . A cause of action under TILA arises when a defendant fails to make these disclosures, Beach, 523 U.”

Vincent v. The Money Store, 736 F.3d 88 (2d Cir. 2013). · cites it 3× “But the district court noted that each of the plaintiffs received TILA disclosure statements from lenders other than The Money Store, which are required to be made by the “creditor,” 15 U.S.C. §§ 1631 & 1635, “evidenc[ing] the fact that the original lenders, rather than The…”

Ford Motor Credit Co. v. Milhollin, 444 U.S. 555 (1980). · cites it 2× “See 15 U. S. C. § 1631 ; 12 CFR § 226.6 (a) (1979).”

Anderson Bros. Ford v. Valencia, 452 U.S. 205 (1981). · cites it 2× “" 15 U. S. C. § 1631 (a). However, the applicable Federal Reserve Board regulations provide: "All of the [required] disclosures shall be made together on either: "(1) The note or other instrument evidencing the obligation on the same side of the page and above the place for the…”

Dorothy Allen v. Beneficial Fin. Co. of Gary, Inc., 531 F.2d 797 (7th Cir. 1976). · cites it 3× “This addition harmonizes well with both the aim of Congress in *801 achieving “meaningful disclosure of credit terms” and the Act itself. Certainly, if understandable credit disclosure is to be achieved, disclosure statements must use clear language arranged in an order which…”

Christine Marais v. Chase Home Fin. LLC, 736 F.3d 711 (6th Cir. 2013). · cites it 2× “(citing 15 U.S.C. §§ 1631 , 1632, 1635, 1638). TILA is a remedial statute and should be given “a broad, liberal construction in favor of the consumer.”

Hilda J. Dryden v. Lou Budke's Arrow Fin. Co., 661 F.2d 1186 (8th Cir. 1981). · cites it 4× “8 (a) is limited by 15 U.S.C. § 1631 (b).(i). 3 This section allows the creditor to provide a copy to only one obligor where several customers are involved in a single transaction.”

Danziger v. San Jacinto Sav. Ass'n, 732 S.W.2d 300 (Tex. 1987). · cites it 2× “15 U.S.C. §§ 1631 ; 1639(b) (1976) [recodified at 15 U.”

In Re Currency Conversion Fee Antitrust Litig., 265 F. Supp. 2d 385 (S.D.N.Y. 2003). “See 15 U.S.C. § 1631 (a)-(b) (2003). Creditors, in turn, are bable for violations of that duty only to the individuals or entities to whom they owe that duty.”

In Re Tomasevic, 275 B.R. 86 (Bankr. M.D. Fla. 2001). · cites it 4× “Third, the debtor asserts two set-off claims for damages for alleged violations of Sections 121 and 125(a) of the Truth in Lending Act, 15 U.S.C. §§ 1631 and 1685(a). In his first set-off claim, the debtor contends that Great Western failed to provide a full and meaningful…”

Show all 255 citing cases →

— 15 U.S.C. § 1631(a) — 1 case

Wachtel v. West, 344 F. Supp. 680 (E.D. Tenn. 1972).

— 15 U.S.C. § 1631(b) — 1 case

J. ST. MARIE v. Southland Mobile Homes, Inc., 376 F. Supp. 996 (E.D. La. 1974).

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