Truth in Lending Act Amendments

[AI summary unavailable — showing source text] Truth in Lending Act Amendments - Title I: Fair Credit Billing - Requires a creditor to provide an obligor with a semiannual statement with respect to any account in which there was any activity during the preceding six months. Establishes requirements and procedures for the correction of billing errors. States that if an open end consumer credit plan provides a time period within which an obligor may repay any portion of the credit extended without incurring an additional finance charge, such additional finance charge may not be imposed with respect to such portion of the credit extended for the billing cycle of which such period is a part unless a statement which includes the amount upon which the finance charge for that period is based was mailed at least fourteen days prior to the date specified in the statement by which payment must be made in order to avoid imposition of that finance charge. Provides that payments received from an obligor under an open end consumer credit plan by the creditor shall be posted promptly to the obligor's account. Declares that with respect to a credit card which may be used for extensions of credit in sales transactions in which the seller is a p…