The Truth in Lending Act, which became effective on July 1, 1969, regulates credit transactions which are to some extent the subject of existing state and local regulations. This local legislation is anything but uniform, and the hodgepodge of existing state law varies greatly in scope and intensity. The federal law provides that a creditor shall not be required to comply with any state law requirements which are inconsistent with the demands of the federal statute. The proposition has been asserted, however, that to the extent state laws are consistent with the federal rules (i.e. contain substantive provisions which are different from, but do not contradict, the federal law), a creditor must comply not only with the appropriate federal laws and administrative regulations, but also with the applicable state statutory requirements." It is the interaction of these two statutory schemes and the consequences of their simultaneous application that motivates this discussion.

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