ure to disclose or otherwise comply with the requirements of this chapter shall be brought within one year of the termination of the lease agreement. § 186. [15 U.S.C. 1667e] Relation to State laws (a) This chapter does not annul, alter, or affect, or exempt any person subject to the provisions of this chapter from complying with, the laws of any State with respect to consumer leases, except to the extent that those laws are inconsistent with any provision of this chapter, and then only to the extent of the inconsistency. The Board is authorized to determine whether such inconsistencies exist. The Board may not determine that any State law is inconsistent with any provision of this chapter if the Board determines that such law gives greater protection and benefit to the consumer. (b) The Board shall by regulation exempt from the requirements of this chapter any class of lease transactions within any State if it determines that under the law of that State that class of transactions is subject to requirements substantially similar to those imposed under this chapter or that such law gives greater protection and benefit to the consumer, and that there is adequate provision for enforcement. TITLE II-EXTORTIONATE CREDIT TRANSACTIONS [See 82 Stat. 159, 82 Stat. 162, and Chapter 42 of title 18, United States Code.] Sec. TITLE III-RESTRICTION ON GARNISHMENT 301. Findings and purpose. 302. Definitions. 303. Restriction on garnishment. 304. Restriction on discharge from employment by reason of garnishment. 305. Exemption for State-regulated garnishments. 306. Enforcement by Secretary of Labor. 307. Effect on State laws. § 301. [15 U.S.C. 1671] Findings and purpose (a) The Congress finds: (1) The unrestricted garnishment of compensation due for personal services encourages the making of predatory extensions of credit. Such extensions of credit divert money into excessive credit payments and thereby hinder the production and flow of goods in interstate commerce. (2) The application of garnishment as a creditors' remedy frequently results in loss of employment by the debtor, and the resulting disruption of employment, production, and consumption constitutes a substantial burden on interstate commerce. (3) The great disparities among the laws of the several States relating to garnishment have, in effect, destroyed the uniformity of the bankruptcy laws and frustrated the purposes thereof in many areas of the country. (b) On the basis of the findings stated in subsection (a) of this section, the Congress determines that the provisions of this title are necessary and proper for the purpose of carrying into execution the powers of the Congress to regulate commerce and to establish uniform bankruptcy laws. §302. [15 U.S.C. 1672] Definitions For the purposes of this title: (a) The term "earnings" means compensation paid or payable for personal services, whether denominated as wages, salary, commission, bonus, or otherwise, and includes periodic payments pursuant to a pension or retirement program. (b) The term "disposable earnings" means that part of the earnings of any individual remaining after the deduction from those earnings of any amounts required by law to be withheld. (c) The term "garnishment" means any legal or equitable procedure through which the earnings of any individual are required to be withheld for payment of any debt. §303. [15 U.S.C. 1673] Restriction on garnishment (a) Except as provided in subsection (b) and in section 305, the maximum part of the aggregate disposable earnings of an indivioual for any workweek which is subjected to garnishment may not exceed 1 or (1) 25 per centum of his disposable earnings for that weer (2) the amount by which his disposable earnings for tor week exceed thirty times the Federal minimum hour was prescribed by section 6(a)(1) of the Fair Labor Standar t of 1938 in effect at the time the earnings are payable whichever is less. In the case of earnings for any pay per than a week, the Secretary of Labor shall by regulation ser a multiple of the Federal minimum hourly wage equivalen fect to that set forth in paragraph (2). of (b)(1) The restrictions of subsection (a) do not appr (A) any order for the support of any perant court of competent jurisdiction or in accordans istrative procedure, which is established S affords substantial due process, and whuer & review. 2 (B) any order of any court of banaruDE XIII of the Bankruptcy Act. 3 (C) any debt due for any State or (2) The maximum part of the aggrega an individual for any workweek which enforce any order for the support of an (A) where such individual pendent child (other than a spu whose support such order is use: vidual's disposable earnings iv 1So in original. Probably should be “excee 2So in original. The period probably shour a 'So in original. The period probably abuse. (B) where such individual is not supporting such a spouse or dependent child described in clause (A), 60 per centum of such individual's disposable earnings for that week; except that, with respect to the disposable earnings of any individual for any workweek, the 50 per centum specified in clause (A) shall be deemed to be 55 per centum and the 60 per centum specified in clause (B) shall be deemed to be 65 per centum, if and to the extent that such earnings are subject to garnishment to enforce a support order with respect to a period which is prior to the twelve-week period which ends with the beginning of such workweek. (c) No court of the United States or any State, and no State (or officer or agency thereof), may make, execute, or enforce any order or process in violation of this section. § 304. [15 U.S.C. 1674] Restriction on discharge from employment by reason of garnishment (a) No employer may discharge any employee by reason of the fact that his earnings have been subjected to garnishment for any one indebtedness. (b) Whoever willfully violates subsection (a) of this section shall be fined not more than $1,000, or imprisoned not more than one year, or both. §305. [15 U.S.C. 1675] Exemption for State-regulated garnishments The Secretary of Labor may by regulation exempt from the provisions of section 303(a) and (b)(2) garnishments issued under the laws of any State if he determines that the laws of that State provide restrictions on garnishment which are substantially similar to those provided in section 303(a) and (b)(2). § 306. [15 U.S.C. 1676] Enforcement by Secretary of Labor The Secretary of Labor, acting through the Wage and Hour Division of the Department of Labor, shall enforce the provisions of this title. § 307. [15 U.S.C. 1677] Effect on State laws This title does not annul, alter, or affect, or exempt any person from complying with, the laws of any State 1 (1) prohibiting garnishments or providing for more limited garnishments than are allowed under this title, or (2) prohibiting the discharge of any employee by reason of the fact that his earnings have been subjected to garnishment for more than one indebtedness. TITLE IV-NATIONAL COMMISSION ON [The National Commission on Consumer Finance was to submit a final report by December 31, 1972, and was to cease to exist after submission of such report. See 82 Stat. 164.] 1 Sec. TITLE V-GENERAL PROVISIONS 501. Severability. 502. Captions and catchlines for reference only. 503. Grammatical usages. 504. Effective dates. $501. [15 U.S.C. 1602 note] Severability If a provision enacted by this Act is held invalid, all valid provisions that are severable from the invalid provision remain in effect. If a provision enacted by this Act is held invalid in one or more of its applications, the provision remains in effect in all valid applications that are severable from the invalid application or applications. § 502. [15 U.S.C. 1602 note] Captions and catchlines for reference only Captions and catchlines are intended solely as aids to convenient reference, and no inference as to the legislative intent with respect to any provision enacted by this Act may be drawn from them. § 503. [15 U.S.C. 1602 note] Grammatical usages In this Act: (1) The word "may" is used to indicate that an action either is authorized or is permitted. (2) The word "shall" is used to indicate that an action is both authorized and required. (3) The phrase "may not" is used to indicate that an action is both unauthorized and forbidden. (4) Rules of law are stated in the indicative mood. § 504. [15 U.S.C. 1602 note1] Effective dates (a) Except as otherwise specified, the provisions of this Act take effect upon enactment. (b) Chapters 2 and 3 of title I take effect on July 1, 1969. (d) Title VI takes effect upon the expiration of one hundred and eighty days following the date of its enactment. Sec. TITLE VI-CONSUMER CREDIT REPORTING 601. Short title. 602. Findings and purpose. 603. Definitions and rules of construction. 604. Permissible purposes of reports. 605. Obsolete information. 606. Disclosure of investigative consumer reports. 607. Compliance procedures. 608. Disclosures to governmental agencies. 609. Disclosure to consumers. 610. Conditions of disclosure to consumers. 611. Procedure in case of disputed accuracy. 612. Charges for certain disclosures. 613. Public record information for employment purposes. 89-335 95-7 614. Restrictions on investigative consumer reports. 622. Information on overdue child support obligations. § 601. [15 U.S.C. 1601 note] Short title This title may be cited as the Fair Credit Reporting Act.1 § 602. [15 U.S.C. 1681] Findings and purpose (a) The Congress makes the following findings: (1) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system. (2) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers. (3) Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers. (4) There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer's right to privacy. (b) It is the purpose of this title to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in accordance with the requirements of this title. § 603. [15 U.S.C. 1681a] Definitions and rules of construction (a) Definitions and rules of construction set forth in this section are applicable for the purposes of this title. (b) The term "person" means any individual, partnership, corporation, trust, estate, cooperative, association, government or governmental subdivision or agency, or other entity. (c) The term "consumer" means an individual. (d) The term "consumer report" means any written, oral, or other communication of any information by a consumer reporting agency bearing on a consumer's credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living which is used or expected to be used or collected in whole or in part for the purpose of serving as a factor in establishing the consumer's eligibility for (1) credit or insurance to be used primarily for personal, family, or household purposes, or 1 So in law. The short title probably should be within quotation marks. |