Truth in Lending Act Amendments of 1979

[AI summary unavailable — showing source text] Truth in Lending Act Amendments of 1979 - Title I: Amendments to the Truth in Lending Act - Amends the Truth in Lending Act to include within its coverage specified bailment and lease contracts which transfer ownership of the property involved to the bailee or lessee through the exercise of options to renew the contract. Requires credit disclosure calculated on the assumption that the bailee or lessee will exercise all such options. Exempts credit transactions for agricultural purposes from the requirements of the Act. Directs the Board of Governors of the Federal Reserve System to issue model forms and clauses, for use in common transactions, describing the transaction in understandable language. Exempts creditors who use such forms from liability under the Act. Revises the disclosure requirements for open-end credit plans, consumer credit sales, and consumer loans. Stipulates that a creditor need not disclose collection costs, default, or acceleration charges in connection with consumer credit sales or consumer loans. Limits the liability of a creditor in any class action or series of class actions arising out of the same violation. Extends the period of time in which a creditor …