Consumer Loan Contracts Act - Prohibits consumers from asserting a claim or defense on a consumer loan contract against a creditor who purchased such contract from the seller of the consumer goods if such creditor is a holder in due course.

Directs the Board of Governors of the Federal Reserve system to exempt from the requirements of this Act any class of consumer loans within any State if it determines that under the law of that State that class of loans is subject to requirements which afford the individual greater protection than is afforded under this Act, and that there is adequate provision for enforcement.