§ 5-3-101 — Applicability - information required

(1) For purposes of this
section, a consumer credit transaction includes a transaction secured primarily by
an interest in land without regard to the rate of the finance charge if the consumer
credit transaction is otherwise a consumer credit transaction.

(2) The creditor shall disclose to the consumer to whom credit is extended
with respect to a consumer credit transaction the information, disclosures, and
notices required by the federal Truth in Lending Act, the federal Consumer
Leasing Act, and any regulation thereunder.

(3) The information, disclosures, and notices required by subsection (2) of
this section must be provided if the transaction is a consumer credit transaction
under this code even though the transaction is one of a class of credit transactions
exempted from the federal Truth in Lending Act, the federal Consumer Leasing
Act, and any regulation thereunder.

Legislative History

Source: L. 2000: Entire article R&RE, p. 1214, � 1, effective July 1. L. 2001: (1) amended, p. 28, � 4, effective March 9.