15 U.S.C. § 1601: Congressional findings and declaration of purpose

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. 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. be prescribed in final form before the end of the 18-month period beginning on the designated transfer date; and take effect not later than 12 months after the date of issuance of the regulations in final form. Except as provided in paragraph (3), a section, or provision thereof, of this title shall take effect on the date on which the final regulations implementing such section, or provision, take effect. A section of this title for which regulations have not been issued on the date that is 18 months after the designated transfer date shall take effect on such date.” the ability of consumers to avoid receiving written offers of credit or insurance in connection with transactions not initiated by the consumer; and the potential impact that any further restrictions on providing consumers with such written offers of credit or insurance would have on consumers. The Board shall submit a report summarizing the results of the study required under paragraph (1) to the Congress not later than 12 months after the date of enactment of this Act [ Dec. 4, 2003 ], together with such recommendations for legislative or administrative action as the Board may determine to be appropriate. The current statutory or voluntary mechanisms that are available to a consumer to notify lenders and insurance providers that the consumer does not wish to receive written offers of credit or insurance. The extent to which consumers are currently utilizing existing statutory and voluntary mechanisms to avoid receiving offers of credit or insurance. The benefits provided to consumers as a result of receiving written offers of credit or insurance. Whether consumers incur significant costs or are otherwise adversely affected by the receipt of written offers of credit or insurance. the cost consumers pay to obtain credit or insurance; the availability of credit or insurance; consumers’ knowledge about new or alternative products and services; the ability of lenders or insurers to compete with one another; and the ability to offer credit or insurance products to consumers who have been traditionally underserved.” Not less than once during the 3-year period beginning on the date of enactment of this Act [ Sept. 23, 1994 ], and regularly thereafter, the Bureau, in consultation with the Advisory Board to the Bureau, shall conduct a public hearing to examine the home equity loan market and the adequacy of existing regulatory and legislative provisions and the provisions of this subtitle [see Short Title of 1994 Amendment note above] in protecting the interests of consumers, and low-income consumers in particular. In conducting hearings required by subsection (a), the Bureau shall solicit participation from consumers, representatives of consumers, lenders, and other interested parties.” The word ‘may’ is used to indicate that an action either is authorized or is permitted. The word ‘shall’ is used to indicate that an action is both authorized and required. The phrase ‘may not’ is used to indicate that an action is both unauthorized and forbidden. Rules of law are stated in the indicative mood.”