View original document

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

F ederal

reserve

Ba n k

DA LLA S, TEX A S

of

Dallas

75222

Circular Wo. 70-144
June 22, 1970

TRUTH IN LENDING EXEMPTION FOR
CERTAIN TRANSACTIONS IN MASSACHUSETTS

To All Banks, Other Creditors, and Others Concerned
in the Eleventh Federal Reserve District:
The following is a press release of the Board of Governors of
the Federal Reserve System issued on June 18, 1970:
"The Board of Governors of the Federal Reserve System
announced today it has granted the State of Massachusetts an
exemption under the Federal Truth in Lending Act, effective
July 1, 1970. Massachusetts law, which is substantially simi­
lar to the Federal statute, will apply to all classes of credit
transactions within that State, except those in which a federally
chartered institution— such as a federal credit union, federal
savings and loan association, or national bank--is a creditor.
"Section 123 of the Truth in Lending Act provides that
the Board shall exempt from the disclosure and rescission re­
quirements of the Act any class of transactions within a State
if the State law provides requirements substantially similar
to those imposed by the Federal law, and there is adequate pro­
vision for enforcement.
"in making its determination, the Board noted that the
Massachusetts law is at least as strict--and in some respects
more strict--than the Federal Truth in Lending Statute, and
that there is adequate provision for enforcement."
The Massachusetts exemption is embodied in an amendment of
Supplement III to Regulation Z. Copies of Supplement HI, which contains
the earlier Maine exemption, several procedural matters dealing with
state law exemptions, and the amendments granting the Oklahoma and Massa­
chusetts exemptions, are available on request to the Regulations Depart­
ment of this Bank.
Yours very truly,
P. E. Coldwell
President

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