Paperwork Reduction Act

[AI summary unavailable — showing source text] Paperwork Reduction Act - Title I: Amendments to the Truth in Lending Simplification Act - Truth in Lending Simplification Act - Amends the Truth in Lending Act to exempt transactions involving extensions of credit for agricultural purposes. Amends the Truth in Lending Act by requiring from both consumer and creditor statements indicating a security interest is taken and general descriptions of any other property which is the subject of or is connected with extension of credit not under an open end credit plan. Requires the Board of Governors of the Federal Reserve System to provide readily understandable model forms and clauses to facilitate compliance with disclosure requirements. States that no civil or criminal liability applies for failure to make disclosure if the creditor utilized these model forms or clauses in good faith. Requires consumer credit contracts to be written in clear, nontechnical language. Title II: Amendment to the Rules of the House of Representatives - Requires paperwork impact statements to be published for public legislation describing the paperwork which would be required by such legislation. Title III: Amendment to Title 13 of the United States Code - F…