Consumer Credit Protection Act Law and Legal Definition

Consumer Credit Protection Act is enacted to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him/her. The purpose of the Act is also to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him/her. [15 USCS § 1601].