Truth in Lending Act Amendments of 1995
Public Law 104-29 · H.R. 2399 · 104th Congress · began in the House
Signed by Bill Clinton (D) on Sep 30, 1995 · Finance and Financial Sector
Sponsor: Rep. Bill McCollum (R-FL-8)
Cosponsors (12): Rep. Jim Leach, Rep. Marge Roukema,
Passage votes
- HouseUnanimous consent
- SenateVoice vote
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
Truth in Lending Act Amendments of 1995 - Amends the Truth in Lending Act (TILA) to exclude from the determination of finance charge for any consumer credit transaction fees imposed by third party closing agents, including settlement agents, attorneys, escrow and title companies, that are neither required nor retained by the creditor (thereby exempting such fees from TILA disclosure requirements).
Modifies the determination of finance charge to include borrower-paid mortgage broker fees.
Exempts from the required computation of finance charge: (1) certain taxes on security instruments or evidences of indebtedness if they are a prerequisite for recordation; (2) fees for loan document preparation; and (3) appraisal fees related to pest infestations and flood hazard inspections.
Instructs the Board of Governors of the Federal Reserve System to report to the Congress on statutory or regulatory changes necessary to: (1) ensure that finance charges more accurately reflect the cost of credit; and (2) address abusive refinancing practices intended to avoid rescission.
(Sec.3) Permits finance charge disclosures to vary within specified accuracy tolerance limits for certain consumer credit transactions secured by real property or a dwelling.
Sets disclosure accuracy guidelines for per diem interest rate disclosures on consumer credit transactions.
(Sec. 4) Shields a creditor or assignee, except in certain kinds of actions, from liability in connection with disclosures of: (1) certain fees, taxes, and charges; and (2) finance charges that fall within certain statutory tolerance limits.
(Sec. 5) Restricts rescission liability arising from the form of written notice used by the creditor.
(Sec. 6) Provides for damages ranging from $200 to $2,000 for an individual consumer credit transaction not under an open end credit plan that is secured by real property or a dwelling.
(Sec. 7) Modifies assignee liability guidelines to: (1) apply them to consumer credit transactions secured by real property; and (2) provide that a violation is apparent on the face of the disclosure statement if the disclosure does not use the format required by law.
States that the servicer of a consumer obligation arising from a consumer credit transaction shall not be treated as an assignee of an obligation unless the servicer owns it.
(Sec. 8) Identifies circumstances under which a consumer has a right to rescind a consumer credit transaction after the initiation of any judicial or nonjudicial foreclosure process on the consumer's primary dwelling securing the debt.
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 12 actions.
- Sep 30, 1995Became lawBecame law · Became Public Law No: 104-29.
- Became lawBecame law · Signed by President.
- Sep 29, 1995PresidentPresident · Presented to President.
- Sep 28, 1995FloorFloor · Passed Senate without amendment by Voice Vote.
- Sep 27, 1995FloorFloor · Motion to reconsider laid on the table Agreed to without objection.
- FloorFloor · On passage Passed without objection.
- FloorFloor · The previous question was ordered without objection.
- FloorFloor · Considered by unanimous consent.
- FloorFloor · Mr. Leach asked unanimous consent to discharge from committee and consider.
- CommitteeCommittee · Discharged from House Financial Services Committee
- CommitteeCommittee · Referred to House Financial Services Committee
- IntroducedIntroduced · Introduced in the House
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.