15 U.S.C. § 1601 : US Code - Section 1601: Congressional findings and declaration of purpose

Search 15 U.S.C. § 1601 : US Code - Section 1601: Congressional findings and declaration of purpose

(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.