Section 16-101. TRUTH IN LENDING: FEDERAL LAW AND REGULATIONS

 

101.1Except as otherwise specifically provided in this chapter, the following sections of the federal "Truth in Lending Act" (Pub. L. 90-321, 82 Stat. 146), as amended, are incorporated in this chapter by reference:

 

(a)Section 106 - Determination of finance charge;

 

(b)Section 107 - Determination of annual percentage rate;

 

(c)Section 121 - General requirements of disclosure;

 

(d)Section 122 - Form of disclosure;

 

(e)Section 124 - Effect of subsequent occurrence;

 

(f)Section 127 - Open end consumer credit plans;

 

(g)Section 128 - Sales not under open end credit plans;

 

(h)Section 141 - Catalogs and multiple page advertisements;

 

(i)Section 142 - Advertising of down payments and installments;

 

(j)Section 143 - Advertising of open end credit plans;

 

(k)Section 144 - Advertising of credit other than open end plans; and

 

(l)Section 145 - Non-liability of media.

 

101.2Failure of any person covered by this chapter to comply with the sections of the "Truth in Lending Act" incorporated by reference in this section, as implemented by regulations issued by the Board of Governors of the Federal Reserve System, shall constitute a violation of this chapter.

 

101.3Except to the extent provided in this chapter, compliance with the incorporated sections of the "Truth in Lending Act" shall constitute compliance with this section.