Full text of District Notices (Federal Reserve Bank of Dallas) : Amendment to Regulation Z -- Truth-in-Lending, Circular No. 79-61

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

federal reserve

Bank

DALLAS. TE X A S

of

Dallas

75222

C irc u la r No. 79-61
M arch 27, 1979

AMENDMENT TO REGULATION Z— TR U TH IN LENDING
Prohibition A gainst S urcharges fo r Payment
by C re d it Card

TO ALL BANKS, OTHER CREDITO RS,
AND OTHERS CONCERNED IN THE
ELEVENTH FEDERAL RESERVE D IS T R IC T:
U nder au th o rity g ranted in the Financial Institutions Regulatory
and In terest Rate Control Act of 1978, the Board of G overnors of the Federal
Reserve System has extended the p ro h ibition against surcharges alre a d y
contained in Regulation Z to F eb ru ary 27, 1981.
T h e am endment, w hich was effective M arch 5, 1979, makes it
illeg al fo r a c re d ito r to impose a surch arge ( i . e . , add an amount to the
re g u la r p ric e at the point of sale) because payment fo r goods or services
is made by c re d it c a r d .
P rinted on the reve rs e of this c irc u la r is a copy of the amendment.
Member banks and others that m aintain Regulations B inders should file the
amendment in th e ir b in d e rs . A ny questions concerning this amendment
should be directed to the Consumer A ffa irs Section of our Bank S upervision
and Regulations Departm ent, E x t. 6171.
A dditional copies of this amendment w ill be fu rn is h ed upon re ­
quest to the S e c re ta ry 's O ffice of this B ank, E x t. 6267.
S in c e re ly y o u rs ,
Robert H . Boykin
F irs t V ice President

Banks and others are encouraged to use the following incoming W A T S numbers in contacting this Bank:
1 -8 00 -492 -44 03 (intrastate) and 1-8 00 -527 -49 70 (interstate). For calls placed locally, please use 651 plus
the extension referred to above.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

TRUTH IN LENDING

AMENDMENT TO REGULATION Zf

Effective M arch 5, 1979, § 226.4(i)(4) o f R egu­
lation Z is amended as follows:
S E C T I O N 226.4— D E T E R M I N A T I O N O F
F IN A N C E C H A R G E

(,, * * *
(4)
N o creditor in any sales transaction may
impose a surcharge. This paragraph shall cease to
be effective on February 27, 1981.

t F o r this R egu lation to b e com plete e ffec tiv e M a rch 5, 1979, retain the fo llo w in g :
1 ) Printed pam p h let as am ended effec tiv e M a rc h 23, 1977;
2)

Am en dm en ts effec tiv e A p r il 11, 1977, S ection 226.6 and O c to b e r 10,

3 ) Am en dm en ts effective July

4 ) A m en d m en t effec tiv e M a rc h 28, 1978, S ection 2 2 6 .7 (k )(3 )(ii);
5)

A m en d m en t effec tiv e A p r il 21, 1978, S ection 226 1 ( d ) :

6)

A m en d m en t effec tiv e M a y 30, 1978, S ection 2 2 6 .6 (i);

7 ) A m en d m en t effective Au gu st 3, 1978, S ection 2 2 6 . 9 ( g ) ( 6 ) ;
8 ) A m en d m en t effective Au gu st 31, 1978, S ection 2 2 6 .8 (a ); and
9 ) T h is slip sheet.

3-5-79

1977,Section 226.8;

20, 1977, S ection 226.2, Section 226.4,S ection 226.5, and

Section 226.13;