1. This Article shall be enforced by the administrator under the provisions of Article VI.
[ 1981, c. 243, §25 (NEW) .]
2. To keep the administrator's regulations in harmony with the Federal Consumer Credit Protection Act and the regulations prescribed from time to time pursuant to that Act by the Board of Governors of the Federal Reserve System and with the regulations of administrators in other jurisdictions, the administrator, so far as is consistent with the purposes, policies and provisions of this Article, shall:
A. Before adopting, amending and repealing regulations, advise and consult with administrators in other jurisdictions which enact truth-in-lending laws; and [1981, c. 243, §25 (NEW).]
B. In adopting, amending and repealing regulations, take into consideration:
(i) The regulations so prescribed by the Board of Governors of the Federal Reserve System; and
(ii) The regulations of administrators in other jurisdictions which enact truth-in-lending laws. [1981, c. 243, §25 (NEW).]
3. Reimbursement. The administrator may adopt, by rule, a reimbursement program such that creditors subject to an administrative order under section 6-108 may be ordered to make whatever adjustments are necessary to insure that any person will not be required to pay a finance charge in excess of the finance charge actually disclosed or the dollar equivalent of the annual percentage rate actually disclosed, whichever is lower. In determining any readjustment, the administrator shall apply, with respect to the annual percentage rate, a tolerance allowed under section 8-106 and, with respect to the finance charge, a corresponding numerical tolerance as generated by the tolerance allowed by section 8-106 for the annual percentage rate.
The administrator may order partial adjustment or partial payments over an extended period if the administrator determines that a partial adjustment or making partial payments over an extended period is necessary to avoid causing the creditor to become undercapitalized pursuant to the Federal Deposit Insurance Act.
[ 1997, c. 155, Pt. C, §3 (AMD) .]
SECTION HISTORY
1981, c. 243, §§25,26 (NEW). 1981, c. 243, §25 (NEW). 1981, c. 551, §3 (AMD). 1997, c. 155, §C3 (AMD).
1. This Article shall be enforced by the administrator under the provisions of Article VI.
[ 1981, c. 243, §25 (NEW) .]
2. To keep the administrator's regulations in harmony with the Federal Consumer Credit Protection Act and the regulations prescribed from time to time pursuant to that Act by the Board of Governors of the Federal Reserve System and with the regulations of administrators in other jurisdictions, the administrator, so far as is consistent with the purposes, policies and provisions of this Article, shall:
A. Before adopting, amending and repealing regulations, advise and consult with administrators in other jurisdictions which enact truth-in-lending laws; and [1981, c. 243, §25 (NEW).]
B. In adopting, amending and repealing regulations, take into consideration:
(i) The regulations so prescribed by the Board of Governors of the Federal Reserve System; and
(ii) The regulations of administrators in other jurisdictions which enact truth-in-lending laws. [1981, c. 243, §25 (NEW).]
3. Reimbursement. The administrator may adopt, by rule, a reimbursement program such that creditors subject to an administrative order under section 6-108 may be ordered to make whatever adjustments are necessary to insure that any person will not be required to pay a finance charge in excess of the finance charge actually disclosed or the dollar equivalent of the annual percentage rate actually disclosed, whichever is lower. In determining any readjustment, the administrator shall apply, with respect to the annual percentage rate, a tolerance allowed under section 8-106 and, with respect to the finance charge, a corresponding numerical tolerance as generated by the tolerance allowed by section 8-106 for the annual percentage rate.
The administrator may order partial adjustment or partial payments over an extended period if the administrator determines that a partial adjustment or making partial payments over an extended period is necessary to avoid causing the creditor to become undercapitalized pursuant to the Federal Deposit Insurance Act.
[ 1997, c. 155, Pt. C, §3 (AMD) .]
SECTION HISTORY
1981, c. 243, §§25,26 (NEW). 1981, c. 243, §25 (NEW). 1981, c. 551, §3 (AMD). 1997, c. 155, §C3 (AMD).
1. This Article shall be enforced by the administrator under the provisions of Article VI.
[ 1981, c. 243, §25 (NEW) .]
2. To keep the administrator's regulations in harmony with the Federal Consumer Credit Protection Act and the regulations prescribed from time to time pursuant to that Act by the Board of Governors of the Federal Reserve System and with the regulations of administrators in other jurisdictions, the administrator, so far as is consistent with the purposes, policies and provisions of this Article, shall:
A. Before adopting, amending and repealing regulations, advise and consult with administrators in other jurisdictions which enact truth-in-lending laws; and [1981, c. 243, §25 (NEW).]
B. In adopting, amending and repealing regulations, take into consideration:
(i) The regulations so prescribed by the Board of Governors of the Federal Reserve System; and
(ii) The regulations of administrators in other jurisdictions which enact truth-in-lending laws. [1981, c. 243, §25 (NEW).]
3. Reimbursement. The administrator may adopt, by rule, a reimbursement program such that creditors subject to an administrative order under section 6-108 may be ordered to make whatever adjustments are necessary to insure that any person will not be required to pay a finance charge in excess of the finance charge actually disclosed or the dollar equivalent of the annual percentage rate actually disclosed, whichever is lower. In determining any readjustment, the administrator shall apply, with respect to the annual percentage rate, a tolerance allowed under section 8-106 and, with respect to the finance charge, a corresponding numerical tolerance as generated by the tolerance allowed by section 8-106 for the annual percentage rate.
The administrator may order partial adjustment or partial payments over an extended period if the administrator determines that a partial adjustment or making partial payments over an extended period is necessary to avoid causing the creditor to become undercapitalized pursuant to the Federal Deposit Insurance Act.
[ 1997, c. 155, Pt. C, §3 (AMD) .]
SECTION HISTORY
1981, c. 243, §§25,26 (NEW). 1981, c. 243, §25 (NEW). 1981, c. 551, §3 (AMD). 1997, c. 155, §C3 (AMD).
