PUBLIC LAW 96-221—MAR. 31, 1980
94 STAT. 185
department or agency thereof, or upon any State or political subdivision thereof, or any agency of any State or political subdivision. "(c) A creditor participating in a credit program administered, insured, or guaranteed by any department or agency of the United States shall not be held liable for a civil or criminal penalty under this title in any case in which the violation results from the use of an instrument required by any such department or agency. "(d) A creditor participating in a credit program administered, insured, or guaranteed by any department or agency of the United States shall not be held liable for a civil or criminal penalty under the laws of any State (other than laws determined under section 111 to be 15 USC 1610. inconsistent with this title) for any technical or procedural failure, such as a failure to use a specific form, to make information available at a specific place on an instrument, or to use a specific typeface, as required by State law, which is caused by the use of an instrument required to be used by such department or agency.". (b) The table of sections at the beginning of chapter 1 of the Truth in Lending Act is amended by striking out the item relating to section 113 and inserting in lieu thereof the following: "113. Effect on governmental agencies.". ORAL DISCLOSURES
SEC. 623. (a) Section 146 of the Truth in Lending Act (15 U.S.C. 1665a) is amended to read as follows: "§ 146. Use of annual percentage rate in oral disclosures "In responding orally to any inquiry about the cost of credit, a creditor, regardless of the method used to compute finance charges, shall state rates only in terms of the annual percentage rate, except that in the case of an open end credit plan, the periodic rate also may be stated and, in the case of an other than open end credit plan where a major component of the finance charge consists of interest computed at a simple annual rate, the simple annual rate also may be stated. The Board may, by regulation, modify the requirements of this section or provide an exception from this section for a transaction or class of transactions for which the creditor cannot determine in advance the applicable annual percentage rate.". (b) The table of sections at the beginning of chapter 3 of the Truth in Lending Act is amended by striking out the item relating to section 146 and inserting in lieu thereof the following: "146. Use of annual percentage rate in oral disclosures.". CONSUMER LEASING
SEC. 624. Section 185(b) of the Truth in Lending Act (15 U.S.C. 1667d(b)) is amended by striking out "sections 115,130, and 131" and inserting in lieu thereof "sections 130 and 131". 15 USC 1640; Ante, p. 182.
EFFECTIVE DATE
SEC. 625. (a) Except as provided in section 608(b), the amendments 15 USC 1602 made by this title shall take effect upon the expiration of two years ^P^after the date of enactment of this title. ^"^^' ^ ^^^ (b) All regulations, forms, and clauses required to be prescribed under the amendments made by this title shall be promulgated at least one year prior to such effective date.
�
