US Laws, Codes, Statutes & Cases

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[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 15USC1666j]

 
                      TITLE 15--COMMERCE AND TRADE
 
                 CHAPTER 41--CONSUMER CREDIT PROTECTION
 
              SUBCHAPTER I--CONSUMER CREDIT COST DISCLOSURE
 
                         Part D--Credit Billing
 
Sec. 1666j. Applicability of State laws


(a) Consistency of provisions

    This part does not annul, alter, or affect, or exempt any person 
subject to the provisions of this part from complying with, the laws of 
any State with respect to credit billing practices, except to the extent 
that those laws are inconsistent with any provision of this part, and 
then only to the extent of the inconsistency. The Board is authorized to 
determine whether such inconsistencies exist. The Board may not 
determine that any State law is inconsistent with any provision of this 
part if the Board determines that such law gives greater protection to 
the consumer.

(b) Exemptions by Board from credit billing requirements

    The Board shall by regulation exempt from the requirements of this 
part any class of credit transactions within any State if it determines 
that under the law of that State that class of transactions is subject 
to requirements substantially similar to those imposed under this part 
or that such law gives greater protection to the consumer, and that 
there is adequate provision for enforcement.

(c) Finance charge or other charge for credit for sales transactions 
        involving cash discounts

    Notwithstanding any other provisions of this subchapter, any 
discount offered under section 1666f(b) of this title shall not be 
considered a finance charge or other charge for credit under the usury 
laws of any State or under the laws of any State relating to disclosure 
of information in connection with credit transactions, or relating to 
the types, amounts or rates of charges, or to any element or elements of 
charges permissible under such laws in connection with the extension or 
use of credit.

(Pub. L. 90-321, title I, Sec. 171, as added Pub. L. 93-495, title III, 
Sec. 306, Oct. 28, 1974, 88 Stat. 1516; amended Pub. L. 94-222, 
Sec. 3(d), Feb. 27, 1976, 90 Stat. 198.)


                               Amendments

    1976--Subsec. (c). Pub. L. 94-222 added subsec. (c).