Ask Reggi Your Question Now
Can you summarize 15 USC 1666j?
Credit Billing > Applicability of State laws
Short Summary
This legal document, 1666j of the United States Code, addresses the applicability of State laws to credit billing practices. It states that 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 Bureau is authorized to determine whether such inconsistencies exist. The Bureau may not determine that any State law is inconsistent with any provision of this part if the Bureau determines that such law gives greater protection to the consumer. The Bureau is also empowered to 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. Additionally, it clarifies that 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.
Whom does it apply to?
Any person subject to the provisions of this part
What does it govern?
Applicability of State laws
What are exemptions?
The Bureau may 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.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
U.S. Federal Government