1974) (defendant realtor who had three credit transactions in more than one year is creditor transaction in suit involved £4,200) Pugh v. But a recent addition to Regulation Z states that governmental creditors that are “agenc[iesj of the State” are not subject to the consumer's right of rescission. 784 supra There is some indication that the right of rescission for real property transactions is not a civil or criminal penalty and that, therefore, governmental creditors are subject to it. 113 of the act does exempt governmental creditors from civil or criminal penalties, however. 19, 1974) FRB Letter, CCH-CCG 1969–74 TIL Special Releases Transfer Binder, para. The term organization includes “govern-mental subdivision or agency.” Thus, governmental creditors must disclose. “Person” includes an “organization.” Reg. Z/226.2(s) defines creditor in terms of “persons” who regularly extend credit. Thus, creditors might wisely have preferred to take their chances on later interpretations of the scope of coverage by administrators and courts rather than risking a specific congressional resolution. Moreover, as this paper will show, a number of “fringe” transactions bear at least superficial resemblance to transactions that were clearly to be covered. Second, legislators were preoccupied with debating a number of the substantive provisions that creditors found so objectionable and consumerists thought so necessary that little attention was focused on defining the perimeter of coverage. Thus the undisputed coverage of the TIL Act was very broad. First, as Justice Frankfurter observed, every statute has a “core of indisputable application” about which there is little question, and there was general agreement that certain types of transactions constituting the majority of consumer credit transactions would clearly be covered. Although the Truth in Lending Act (TIL) was actively considered by Congress for the better part of a decade questions of coverage rarely arose, and debate on the scope of the coverage provisions was almost nonexistent.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |