12 U.S.C. § 4301 | Findings and purpose

(a)

Findings

The Congress hereby finds that economic stability would be enhanced, competition between depository institutions would be improved, and the ability of the consumer to make informed decisions regarding deposit accounts, and to verify accounts, would be strengthened if there was uniformity in the disclosure of terms and conditions on which interest is paid and fees are assessed in connection with such accounts.

(b)

Purpose

It is the purpose of this chapter to require the clear and uniform disclosure of—

(1)

the rates of interest which are payable on deposit accounts by depository institutions; and

(2)

the fees that are assessable against deposit accounts,

so that consumers can make a meaningful comparison between the competing claims of depository institutions with regard to deposit accounts.

Pub. L. 102–242, title II, § 262Dec. 19, 1991105 Stat. 2334(, , .)

Statutory Notes and Related Subsidiaries

Short Title

Pub. L. 102–242, title II, § 261Dec. 19, 1991105 Stat. 2334

Pub. L. 102–242“This subtitle [subtitle F (§§ 261–274) of title II of , enacting this chapter] may be cited as the ‘Truth in Savings Act’.”

, , , provided that:

Separability

Pub. L. 102–242 Pub. L. 102–242 section 481 of Pub. L. 102–242 section 1811 of this titleIf any provision of or any application of any provision thereof to any person or circumstance is held invalid, the remainder of and the application of any remaining provision of such Act to any other person or circumstance not to be affected by such holding, see , set out as a note under .