A bill to amend the Consumer Credit Protection Act to prohibit the use of the "Rule of 78 's'" in credit transactions with terms greater than 61 months.

[AI summary unavailable — showing source text] Amends the Consumer Credit Protection Act to require a creditor to refund promptly any unearned portion of a precomputed finance charge, (except for refunds under $1), if a consumer prepays in full a consumer credit transaction. Requires, with respect to a transaction having a term of more than 61 months, that such refund be calculated using a method at least as favorable to the consumer as the actuarial method in accordance with regulations of the Federal Reserve Board (thus excluding use of the "rule of 78's).…