Boat Loan Info |
The US Truth In Lending Act |
Reprinted From The FTC Website |
§ 1611. Criminal liability for willful and knowing violation Whoever willfully and knowingly (1) gives false or inaccurate information or fails to provide information which he is required to disclose under the provisions of this subchapter or any regulation issued thereunder, (2) uses any chart or table authorized by the Board under section 1606 of this title in such a manner as to consistently understate the annual percentage rate determined under section 1606 (a)(1)(A) of this title, or (3) otherwise fails to comply with any requirement imposed under this subchapter, shall be fined not more than $5,000 or imprisoned not more than one year, or both. |
||||
§ 1612. Effect on government agencies (a) Consultation requirements respecting compliance of credit instruments issued to participating creditor Any department or agency of the United States which administers a credit program in which it extends, insures, or guarantees consumer credit and in which it provides instruments to a creditor which contain any disclosures required by this subchapter shall, prior to the issuance or continued use of such instruments, consult with the Board to assure that such instruments comply with this subchapter. (b) Inapplicability of Federal civil or criminal penalties to Federal, State, and local agencies No civil or criminal penalty provided under this subchapter for any violation thereof may be imposed upon the United States or any department or agency thereof, or upon any State or political subdivision thereof, or any agency of any State of political subdivision. (c) Inapplicability of Federal civil or criminal penalties to participating creditor where violating instrument issued by United States A creditor participating in a credit program administered, insured, or guaranteed by any department or agency or the United States shall not be held liable for a civil or criminal penalty under this subchapter in any case in which the violation results from the use of an instrument required by any such department or agency. (d) Applicability of State penalties to violations by participating creditor A creditor participating in a credit program administered, insured, or guaranteed by any department or agency of the United States shall not be held liable for a civil or criminal penalty under the laws of any State (other than laws determined under section 1610 of this title to be inconsistent with this subchapter) for any technical or procedural failure, such as a failure to use a specific form, to make information available at a specific place on an instrument, or to use a specific typeface, as required by State law, which is caused by the use of an instrument required to be used by such department or agency. |
||||
§ 1613. Annual reports to Congress by Board Each year the Board shall make a report to the Congress concerning the administration of its functions under this subchapter, including such recommendations as the Board deems necessary or appropriate. In addition, each report of the Board shall include its assessment of the extent to which compliance with the requirements imposed under this subchapter is being achieved. |
||||
§ 1615. Prohibition on use of “Rule of 78’s” in connection with mortgage refinancings and other consumer loans (Including Boat Loans and Marine financing) (a) Prompt refund of unearned interest required (1) In general If a consumer prepays in full the financed amount under any consumer credit transaction, the creditor shall promptly refund any unearned portion of the interest charge to the consumer. (2) Exception for refund of de minimus amount No refund shall be required under paragraph (1) with respect to the prepayment of any consumer credit transaction if the total amount of the refund would be less than $1. (3) Applicability to refinanced transactions and acceleration by the creditor This subsection shall apply with respect to any prepayment of a consumer credit transaction described in paragraph (1) without regard to the manner or the reason for the prepayment, including— (A) any prepayment made in connection with the refinancing, consolidation, or restructuring of the transaction; and (B) any prepayment made as a result of the acceleration of the obligation to repay the amount due with respect to the transaction. (b) Use of “Rule of 78’s” prohibited For the purpose of calculating any refund of interest required under subsection (a) of this section for any precomputed consumer credit transaction of a term exceeding 61 months which is consummated after September 30, 1993, the creditor shall compute the refund based on a method which is at least as favorable to the consumer as the actuarial method. (c) Statement of prepayment amount (1) In general Before the end of the 5-day period beginning on the date an oral or written request is received by a creditor from a consumer for the disclosure of the amount due on any precomputed consumer credit account, the creditor or assignee shall provide the consumer with a statement of— (A) the amount necessary to prepay the account in full; and (B) if the amount disclosed pursuant to subparagraph (A) includes an amount which is required to be refunded under this section with respect to such prepayment, the amount of such refund. (2) Written statement required if request is in writing If the customer’s request is in writing, the statement under paragraph (1) shall be in writing. (3) 1 free annual statement A consumer shall be entitled to obtain 1 statement under paragraph (1) each year without charge. (4) Additional statements subject to reasonable fees Any creditor may impose a reasonable fee to cover the cost of providing any statement under paragraph (1) to any consumer in addition to the 1 free annual statement required under paragraph (3) if the amount of the charge for such additional statement is disclosed to the consumer before furnishing such statement. (d) Definitions For the purpose of this section— (1) Actuarial method The term “actuarial method” means the method of allocating payments made on a debt between the amount financed and the finance charge pursuant to which a payment is applied first to the accumulated finance charge and any remainder is subtracted from, or any deficiency is added to, the unpaid balance of the amount financed. (2) Consumer, credit The terms “consumer” and “creditor” have the meanings given to such terms in section 1602 of this title. (3) Creditor The term “creditor”— (A) has the meaning given to such term in section 1602 of this title; and (B) includes any assignee of any creditor with respect to credit extended in connection with any consumer credit transaction and any subsequent assignee with respect to such credit. |
||||
| While not everything stated has to do Directly with Boat Loans we hope this can help you. | ||||