Truth in Lending Simplification Act

[AI summary unavailable — showing source text] Truth in Lending Simplification Act - Amends the Truth in Lending Act to exempt transactions involving extensions of credit for agricultural purposes. Redefines the term "open end credit plan" for purposes of such Act. Eliminates specified items from the computation of the finance charge with respect to any transaction. Removes the filing dates for specified annual reports. Provides for an annual revision of credit forms when there has been a change in disclosure requirements, by statute or otherwise, except when the Board of Governors of the Federal Reserve System takes interim action necessary to prevent unfair or deceptive disclosure practices. States that no right of rescission exists with respect to any transaction wherein: (1) a first lien is created or retained against any real property which is used as the residence of the person to whom credit is extended to finance the acquisition of that property; or (2) a consumer credit transaction includes an agency of a State as the obligor. Eliminates the requirements of such Act which requires the periodic statement to include the annual percentage rate and the payment date. Removes specified disclosure requirements which were mand…