Mourning v. Family Publications Service, Inc.

We granted the writ of certiorari in this case to resolve whether the Federal Reserve Board exceeded its authority-under § 105 of the Truth in Lending Act1 in promulgating that portion of Regulation Z commonly referred to as the “Four Installment Rule.” 2

Respondent is a Delaware corporation which solicits subscriptions to several well-known periodicals. In 1969, one of respondent's door-to-door salesmen called on the petitioner, a 73-year-old widow residing in Florida, and sold her a five-year subscription to four magazines. Petitioner agreed to pay $3.95 immediately and to remit a similar…