US Laws, Codes, Statutes & Cases

From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 15USC1610]

 
                      TITLE 15--COMMERCE AND TRADE
 
                 CHAPTER 41--CONSUMER CREDIT PROTECTION
 
              SUBCHAPTER I--CONSUMER CREDIT COST DISCLOSURE
 
                       Part A--General Provisions
 
Sec. 1610. Effect on other laws


(a) Inconsistent provisions; procedures applicable for determination

    (1) Except as provided in subsection (e) of this section, this part 
and parts B and C of this subchapter, do not annul, alter, or affect the 
laws of any State relating to the disclosure of information in 
connection with credit transactions, except to the extent that those 
laws are inconsistent with the provisions of this subchapter and then 
only to the extent of the inconsistency. Upon its own motion or upon the 
request of any creditor, State or other interested party which is 
submitted in accordance with procedures prescribed in regulations of the 
Board, the Board shall determine whether any such inconsistency exists. 
If the Board determines that a State-required disclosure is 
inconsistent, creditors located in that State may not make disclosures 
using the inconsistent term or form, and shall incur no liability under 
the law of that State for failure to use such term or form, 
notwithstanding that such determination is subsequently amended, 
rescinded, or determined by judicial or other authority to be invalid 
for any reason.
    (2) Upon its own motion or upon the request of any creditor, State, 
or other interested party which is submitted in accordance with 
procedures prescribed in regulations of the Board, the Board shall 
determine whether any disclosure required under the law of any State is 
substantially the same in meaning as a disclosure required under this 
subchapter. If the Board determines that a State-required disclosure is 
substantially the same in meaning as a disclosure required by this 
subchapter, then creditors located in that State may make such 
disclosure in compliance with such State law in lieu of the disclosure 
required by this subchapter, except that the annual percentage rate and 
finance charge shall be disclosed as required by section 1632 of this 
title, and such State-required disclosure may not be made in lieu of the 
disclosures applicable to certain mortgages under section 1639 of this 
title.

(b) State credit charge statutes

    Except as provided in section 1639 of this title, this subchapter 
does not otherwise annul, alter or affect in any manner the meaning, 
scope or applicability of the laws of any State, including, but not 
limited to, laws relating to the types, amounts or rates of charges, or 
any element or elements of charges, permissible under such laws in 
connection with the extension or use of credit, nor does this subchapter 
extend the applicability of those laws to any class of persons or 
transactions to which they would not otherwise apply. The provisions of 
section 1639 of this title do not annul, alter, or affect the 
applicability of the laws of any State or exempt any person subject to 
the provisions of section 1639 of this title from complying with the 
laws of any State, with respect to the requirements for mortgages 
referred to in section 1602(aa) of this title, except to the extent that 
those State laws are inconsistent with any provisions of section 1639 of 
this title, and then only to the extent of the inconsistency.

(c) Disclosure as evidence

    In any action or proceeding in any court involving a consumer credit 
sale, the disclosure of the annual percentage rate as required under 
this subchapter in connection with that sale may not be received as 
evidence that the sale was a loan or any type of transaction other than 
a credit sale.

(d) Contract or other obligations under State or Federal law

    Except as specified in sections 1635, 1640, and 1666e of this title, 
this subchapter and the regulations issued thereunder do not affect the 
validity or enforceability of any contract or obligation under State or 
Federal law.

(e) Certain credit and charge card application and solicitation 
        disclosure provisions

    The provisions of subsection (c) of section 1632 of this title and 
subsections (c), (d), (e), and (f) of section 1637 of this title shall 
supersede any provision of the law of any State relating to the 
disclosure of information in any credit or charge card application or 
solicitation which is subject to the requirements of section 1637(c) of 
this title or any renewal notice which is subject to the requirements of 
section 1637(d) of this title, except that any State may employ or 
establish State laws for the purpose of enforcing the requirements of 
such sections.

(Pub. L. 90-321, title I, Sec. 111, May 29, 1968, 82 Stat. 151; Pub. L. 
93-495, title III, Sec. 307(b), Oct. 28, 1974, 88 Stat. 1516; Pub. L. 
96-221, title VI, Sec. 609, Mar. 31, 1980, 94 Stat. 173; Pub. L. 100-
583, Sec. 4, Nov. 3, 1988, 102 Stat. 2967; Pub. L. 103-325, title I, 
Sec. 152(e)(2)(B), (C), Sept. 23, 1994, 108 Stat. 2194.)


                               Amendments

    1994--Subsec. (a)(2). Pub. L. 103-325, Sec. 152(e)(2)(B), which 
directed the amendment of par. (2) by inserting ``, and such State-
required disclosure may not be made in lieu of the disclosures 
applicable to certain mortgages under section 1639 of this title'' 
before period, was executed by making the insertion before period at end 
of par. (2), to reflect the probable intent of Congress.
    Subsec. (b). Pub. L. 103-325, Sec. 152(e)(2)(C), substituted 
``Except as provided in section 1639 of this title, this subchapter'' 
for ``This subchapter'' and inserted at end ``The provisions of section 
1639 of this title do not annul, alter, or affect the applicability of 
the laws of any State or exempt any person subject to the provisions of 
section 1639 of this title from complying with the laws of any State, 
with respect to the requirements for mortgages referred to in section 
1602(aa) of this title, except to the extent that those State laws are 
inconsistent with any provisions of section 1639 of this title, and then 
only to the extent of the inconsistency.''
    1988--Subsec. (a)(1). Pub. L. 100-583, Sec. 4(1), substituted 
``Except as provided in subsection (e) of this section, this part'' for 
``This part''.
    Subsec. (e). Pub. L. 100-583, Sec. 4(2), added subsec. (e).
    1980--Subsec. (a). Pub. L. 96-221 designated existing provisions as 
par. (1), substituted provisions respecting the effect of this part and 
parts B and C of this subchapter, and procedures applicable for 
determination, for provisions respecting the effect of this subchapter, 
and added par. (2).
    1974--Subsec. (d). Pub. L. 93-495 inserted reference to section 
1666e of this title.


                    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 1974 Amendment

    For effective date of amendment by 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.

                  Section Referred to in Other Sections

    This section is referred to in sections 1612, 1640 of this title.