A bill to amend the Consumer Credit Protection Act to prohibit the use of the "Rule of 78 's'" in credit transactions with terms greater than 61 months.

Amends the Consumer Credit Protection Act to require a creditor to refund promptly any unearned portion of a precomputed finance charge, (except for refunds under $1), if a consumer prepays in full a consumer credit transaction.

Requires, with respect to a transaction having a term of more than 61 months, that such refund be calculated using a method at least as favorable to the consumer as the actuarial method in accordance with regulations of the Federal Reserve Board (thus excluding use of the "rule of 78's).