88 STAT. ]
PUBLIC LAW 93-495-OCT. 28, 1974
15:L9
(a)(2) against any amount owing to such creditor by such person, unless the amount of the creditor's liability to such person has been determined by judgment of a court of competent jurisdiction in an action to which such person was a party." (e) The amendments made by sections 406, 407, and 408 shall apply ^J^^ use i64o in determining the liability of any person under chapter 2 or 4 of the Truth in Lending Act, unless prior to the date of enactment of this Act such liability has been determined by final judgment of a court of competent jurisdiction and no further review of such judgment may be had by appeal or otherwise. § 409. Full statement of closing costs Section 121 of the Truth in Lending Act (15 U.S.C. 1631) is , amended by adding at the end thereof a new subsection as follows: "(c) For the purpose of subsection (a), the information required under this chapter shall include a full statement of closing costs to be incurred by the consumer, which shall be presented, in accordance with the regulations of the Board— "(1) prior to the time when any downpayment is made, or "(2) m the case of a consumer credit transaction involving real property, at the time the creditor makes a commitment with respect to the transaction. The Board may provide by regulation that any portion of the information required to be disclosed by this section may be given in the form of estimates where the provider of such information is not in a position to know exact information." § 410. Business use of credit cards ] (a) Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631-1644) is amended by adding the following new section at the end thereof:
- § 135. Business credit cards
"The exemption provided by section 104(1) does not apply to the 15 USC 1645. provisions of sections 132, 133, and 134, except that a card issuer and ^^ use i642, a busmess or other organization which provides credit cards issued 1643, 1644. by the same card issuer to ten or more of its employees may by contract agree as to liability of the business or other organization with respect to unauthorized use of such credit cards without regard to the provisions of section 133, but in no case may such business or other organization or card issuer impose liability upon any employee with respect to unauthorized use of such a credit card except in accordance with and subject to the limitations of section 133." (b) The table of sections of such chapter is amended by adding at the end thereof a new item as follows: "135. Business credit cards.".
§ 411. Identification of transaction Section 127(b)(2) of the Truth in Lending Act (15 U.S.C. 1637 (b)(2)) is amended to read as follows: "(2) The amount and date of each extension of credit during the period and a brief identification on or accompanying the statement of each extension of credit in a form prescribed by regulations of the Board sufficient to enable the obligor to identify the transaction, or relate it to copies of sales vouchers or similar instruments previously furnished." §412. Exemption for State lending agencies Section 125(e) of the Truth in Lending Act (15 U.S.C. 1635(e)) is amended by striking the period at the end thereof and adding the following: "or to a consumer credit transaction in which an agency of a State is the creditor."
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