Truth in Lending Reform Act

[AI summary unavailable — showing source text] Truth in Lending Reform Act - Amends the Truth in Lending Act to make State law determinitive in applying the terms of such Act and regulations adopted by the Board of Governors of the Federal Reserve System. Eliminates: (1) credit transactions for agricultural purposes; and (2) mobile home purchases costing less than $25,000 from coverage under such 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 such Act. Establishes guidelines for restitution by enforcement agencies which discover understatements by creditors of annual percentage rates or finance charges. Enumerates adjustments which must be made by a creditor if disclosures are not made. States that compliance with such requirements shall relieve a creditor from civil liability. Prohibits any Federal agency from issuing regulations applying or implementing the administrative enforcement provisions of the Truth in Lending Act. Specifies areas of regulation by the States and their political subdivisions which are superseded by such Act,…