An Act to increase deposit insurance from $20,000 to $40,000, to provide full insurance for public unit deposits of $100,000 per account, to establish a National Commission on Electronic Fund Transfers, and for other purposes.

Depository Institutions Amendments - =Title I: Amendments To and Extensions of Provisions of Law Relating to Federal Regulation of Depository Institutions= - Increases from $20,000 to 25,000 the amount of deposit insurance for the Federal Deposit Insurance Corporation, Federal Savings and Loan Insurance Corporation, and insured credit unions allowed under the Federal Deposit Insurance Act, the National Housing Act, and the Federal Credit Union Act, respectively.

Provides for a test program for conversion of mutual savings and loan associations to stock savings and loan associations. Transfers the responsibility for regulation of securities issued by institutions insured by the Federal Savings and Loan Insurance Corporation from the Securities and Exchange Commission to the Federal Home Loan Bank Board.

Revises the Federal Deposit Insurance Act to provide that until June 30, 1976, Federal regulatory agencies shall not grant approval of any application or proposal from an insured bank which has the practical effect of permitting a conversion from mutual to stock form of organization.

Extends for one year the authority of the financial regulatory agencies to set flexible interest or dividend rate maximums on time or savings deposits of depository institutions.

Increases from $60,000,000 to $140,000,000 the amount of money which may be spent by the Federal Reserve System to construct buildings for branches of the Federal Reserve banks.

Authorizes the Federal Reserve banks, until October 31, 1975, to purchase directly from the Treasury public debt obligations up to a limit of $5,000,000,000 outstanding at any one time.

Increases by $2,000,000,000 the authority of the Secretary of the Treasury to purchase Federal Home Loan Banks obligations.

Provides that no rule, regulation or order issued by the Federal Home Loan Bank Board, the Comptroller of the Currency or the National Credit Union Administration shall prevent or exempt a Federal credit union from complying with any State law or regulation which protects borrowers by limiting the terms and conditions of a mortgage loan or consumer credit contract.

=Title II: National Commission on Electronic Fund Transfers= - Establishes the National Commission on Electronic Fund Transfers to study and recommend administrative action and legislation necessary for establishing public or private electronic fund transfer systems. Requires such study to take into account: (1) preservation of competition among financial institutions; (2) user and consumer privacy; and (3) the impact on monetary and economic policy and on availability of credit.

Authorizes an appropriation of not in excess of $2,000,000 without fiscal year limitation to carry out the purposes of this title.

=Title III: Fair Credit Billing= - Fair Credit Billing Act - Requires a creditor to provide an obligor with a semiannual statement with respect to any account in which there was any activity during the preceding six months.

Establishes requirements and procedures for the correction of billing errors.

States that if an open end consumer credit plan provides a time period within which an obligor may repay any portion of the credit extended without incurring an additional finance charge, such additional finance charge may not be imposed with respect to such portion of the credit extended for the billing cycle of which such period is a part unless a statement which includes the amount upon which the finance charge for that period is based was mailed at least fourteen days prior to the date specified in the statement by which payment must be made in order to avoid imposition of that finance charge.

Provides that payments received from an obligor under an open end consumer credit plan by the creditor shall be posted promptly to the obligor's account.

Declares that with respect to a credit card which may be used for extensions of credit in sales transactions in which the seller is a person other than the card issuer, the card issuer may not, by contract or otherwise, prohibit any such seller from offering a discount to a cardholder to induce the cardholder to pay by cash, check, or similar means rather than use a credit card.

Prohibits the use of tie-in services and offsets. Lists specified rights of credit card customers.

=Title IV: Amendments to the Truth In Lending Act= - Provides that any advertisement to aid, promote, or assist directly or indirectly the extension of consumer credit repayable in more than four installments shall, unless a finance charge is stated in the advertisement, clearly and conspicuously state: "The cost of credit is included in the price quoted for the goods and services".

Exempts from consumer credit cost disclosure those credit transactions primarily for agricultural purposes in which the total amount to be financed exceeds $25,000.

Provides that an obligor's right of recession of a transaction shall expire three years after the date of consummation of the transaction or upon the sale of the property, whichever occurs earlier.

States that the multiple failure to disclose to any person any information required under the Truth in Lending Act to be disclosed in connection with a single account under an open end consumer credit plan, other single consumer credit sale, consumer loan, or other extension of consumer credit, shall entitle the person to a single recovery under such Act but continued failure to disclose after a recovery has been granted shall give rise to rights to additional recoveries.

Revises the civil liabilities for violations of the Truth in Lending Act.

=Title V: Equal Credit Opportunity= - Equal Credit Opportunity Act - States that it is the purposes of this Act to require that financial institutions and other firms engaged in the extension of credit make that credit equally available to all creditworthy customers without regard to sex or marital status. Makes it unlawful for any creditor to discriminate against any applicant on the basis of sex or marital status. Defines the terms used in the Act.

Directs the Board of Governors of the Federal Reserve System to prescribe regulations to carry out the purposes of this Act. Makes changes in specified Acts of Congress in order to make those Acts comply with the purposes of this Act. Directs the Federal Trade Commission to enforce the requirements of this Act to the extent that they will not be enforced by another Government agency after enactment of this Act.

Provides for the assessment by a United States District Court of actual and punitive damages in any action brought against a violator of this Act.

=Title VI: Disposition of Abandoned Money Orders and Traveler's Checks= - States that where any sum is payable on a money order, traveler's check, or similar written instrument on which a banking or financial organization or a business association is directly liable, and where the books and records of such banking or financial organization or business association show the State in which such money order, traveler's check, or similar written instrument was purchased, such State shall be entitled exclusively to escheat or take custody of the sum payable on such instrument, to the extend of that State's power under its own laws to escheat or take custody of such sum.

Provides that where the books and records of such banking or financial organization or business association do not show the State of origin of the transaction in which such money order, travelers check, or similar written instrument was purchased, the State in which the banking or financial organization or business association has its principal place of business shall be entitled to escheat or take custody of the sum payable on such money order, travelers check, or similar written instrument, to the extent of that State's power under its own laws to escheat or take custody of such sum, until another State shall demonstrate by written evidence that it is the State of origin of purchase.

Provides that where the books and records of such banking or financial organization or business association show the State of origin of the transaction wherein such money order, travelers check, or similar written instrument was purchased and the laws of such State do not provide for the escheat or custodial taking of the sum payable on such instrument, the State in which the banking or financial organization or business association has its principal place of business shall be entitled to escheat or take custody of the sum payable on such money order, travelers check, or similar written instrument, to the extent of that State's power under its own laws to escheat or take custody of such sum, subject to the right of the State of purchase to recover such sum from the State of principal place of business if and when the law of the State of purchase makes provision for escheat or custodial taking of such sum.