A person is guilty of a serious misdemeanor, if the person willfully and knowingly does any of the following:
- 1. Gives false or inaccurate information or fails to provide information which the person is required to disclose under the provisions of the Truth in Lending Act.
- 2. Uses any rate table or chart, the use of which is authorized by the provisions of the Truth in Lending Act, in a manner which consistently understates the annual percentage rate determined according to those provisions.
- 3. Otherwise fails to comply with any requirement of the provisions on disclosure of the Truth in Lending Act.
- 4. The criminal liability of a person under this section is in lieu of and not in addition to the person’s criminal liability under the Truth in Lending Act. No prosecution of a person with respect to the same violation may be maintained pursuant to both this section and the Truth in Lending Act.
[C75, 77, 79, 81, §537.5302]
Referred to in §537.1202