Negotiators Approve Compromise Truth-In-Lending Bill
Washington UPI reports House and Senate negotiators approve a compromise truth in lending bill. It requires clear disclosure of total cost for financed purchases and introduces a federal crime for loan sharking. The bill also creates federal wage garnishment rules with exemptions and sets disclosure rules for mortgages and other loans effective in 1969 70.
MENTIONED IN THIS ARTICLE
HOUSE
Senate
Washington
UPI
Mouse
Hooded witness testifies to 14 000 in usurious loans
A hooded former New York food business owner testified before the Senate Small Business Committee that loan sharks charged him more than 14 000 in interest on 1 900 borrowed. He said he was pressured to assign potential lawsuit payments and recounted paying weekly sums while debt swelled.
MENTIONED IN THIS ARTICLE
Washington
New York City
John Doe
Doe
Senate
Small Business Committee
George A. Smathers
D-Fla
No. 1
New York
Jamaica Bay
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