**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.
**(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.
File SHA-256: 123eb41b21d43078bcdac504e3710f1e3ef8b8f5ef3647e6a9cb690c1dee11f8. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. This page displays the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Stable record: federal_law:legal_authorities:record_usc_3becd891338a90b1cbb75227 Source file: Laws/federal/codes/united-states-code/title-15/section-1601-congressional-findings-and-declaration-of-purpose--a7074885ef.md Pages: Not recorded – Not recorded Passage SHA-256: 69dd9f3eb577c19aeb67d9c3ff6aaccec374aac088ac8a55f45e2763ff2c52c0 Retained source evidence SHA-256: 123eb41b21d43078bcdac504e3710f1e3ef8b8f5ef3647e6a9cb690c1dee11f8
Source location: Title 15, Chapter 41, § 1601; chapter-041-consumer-credit-protection.md
Stored source content
**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.
**(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
§ 1601. Congressional findings and declaration of
purpose
(a) Informed use of credit
The Congress finds that economic stabiliza-
tion would be enhanced and the competition
among the various financial institutions and
other firms engaged in the extension of con-
sumer credit would be strengthened by the in-
formed use of credit. The informed use of credit
results from an awareness of the cost thereof by
consumers. It is the purpose of this subchapter
to assure a meaningful disclosure of credit
terms so that the consumer will be able to com-
pare more readily the various credit terms
available to him and avoid the uninformed use
of credit, and to protect the consumer against
inaccurate and unfair credit billing and credit
card practices.
(b) Terms of personal property leases
The Congress also finds that there has been a
recent trend toward leasing automobiles and
other durable goods for consumer use as an al-
ternative to installment credit sales and that
these leases have been offered without adequate
cost disclosures. It is the purpose of this sub-
chapter to assure a meaningful disclosure of the
terms of leases of personal property for per-
sonal, family, or household purposes so as to en-
able the lessee to compare more readily the var-
ious lease terms available to him, limit balloon
payments in consumer leasing, enable compari-
son of lease terms with credit terms where ap-
propriate, and to assure meaningful and accu-
rate disclosures of lease terms in advertise-
ments.
Page 1453
TITLE 15—COMMERCE AND TRADE
§ 1601
(Pub. L. 90–321, title I, § 102, May 29, 1968, 82 Stat.
146; Pub. L. 93–495, title III, § 302, Oct. 28, 1974, 88
Stat. 1511; Pub. L. 94–240, § 2, Mar. 23, 1976, 90
Stat. 257.)
Editorial Notes
AMENDMENTS
1976—Pub. L. 94–240 des