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15 U.S.C. § 1632 — Form of disclosure; additional information

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1632 — Form of disclosure; additional information

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Source file: Laws/federal/codes/united-states-code/title-15/section-1632-form-of-disclosure-additional-information--f716d0f43a.md
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Source location: Title 15, Chapter 41, § 1632; chapter-041-consumer-credit-protection.md

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**(a) Information clearly and conspicuously disclosed; “annual percentage rate” and “finance charge”; order of disclosures and use of different terminology** Information required by this subchapter shall be disclosed clearly and conspicuously, in accordance with regulations of the Bureau. The terms “annual percentage rate” and “finance charge” shall be disclosed more conspicuously than other terms, data, or information provided in connection with a transaction, except information relating to the identify of the creditor. Except as provided in subsection (c), regulations of the Bureau need not require that disclosures pursuant to this subchapter be made in the order set forth in this subchapter and, except as otherwise provided, may permit the use of terminology different from that employed in this subchapter if it conveys substantially the same meaning. **(b) Optional information by creditor or lessor** Any creditor or lessor may supply additional information or explanation with any disclosures required under parts D and E and, except as provided in sections 1637a(b)(3) and 1638(b)(1) of this title, under this part. **(c) Tabular format required for certain disclosures under section 1637(c)** (1) **In general** — The information described in paragraphs (1)(A), (3)(B)(i)(I), (4)(A), and (4)(C)(i)(I) of [section 1637(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1637/c&num=0&edition=prelim) shall be— (A) disclosed in the form and manner which the Bureau shall prescribe by regulations; and (B) placed in a conspicuous and prominent location on or with any written application, solicitation, or other document or paper with respect to which such disclosure is required. (2) **Tabular format** (A) *Form of table to be prescribed* — In the regulations prescribed under paragraph (1)(A) of this subsection, the Bureau shall require that the disclosure of such information shall, to the extent the Bureau determines to be practicable and appropriate, be in the form of a table which— (i) contains clear and concise headings for each item of such information; and (ii) provides a clear and concise form for stating each item of information required to be disclosed under each such heading. (B) *Bureau discretion in prescribing order and wording of table* — In prescribing the form of the table under subparagraph (A), the Bureau may— (i) list the items required to be included in the table in a different order than the order in which such items are set forth in paragraph (1)(A) or (4)(A) of [section 1637(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1637/c&num=0&edition=prelim); and (ii) subject to subparagraph (C), employ terminology which is different than the terminology which is employed in [section 1637(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1637/c&num=0&edition=prelim) if such terminology conveys substantially the same meaning. (C) *Grace period* — Either the heading or the statement under the heading which relates to the time period referred to in [section 1637(c)(1)(A)(iii) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1637/c/1/A/iii&num=0&edition=prelim) shall contain the term “grace period”. **(d) Additional electronic disclosures** (1) **Posting agreements** — Each creditor shall establish and maintain an Internet site on which the creditor shall post the written agreement between the creditor and the consumer for each credit card account under an open-end consumer credit plan. (2) **Creditor to provide contracts to the Bureau** — Each creditor shall provide to the Bureau, in electronic format, the consumer credit card agreements that it publishes on its Internet site. (3) **Record repository** — The Bureau shall establish and maintain on its publicly available Internet site a central repository of the consumer credit card agreements received from creditors pursuant to this subsection, and such agreements shall be easily accessible and retrievable by the public. (4) **Exception** — This subsection shall not apply to individually negotiated changes to contractual terms, such as individually modified workouts or renegotiations of amounts owed by a consumer under an open end consumer credit plan. (5) **Regulations** — The Bureau, in consultation with the other Federal banking agencies (as that term is defined in [section 1681a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681a&num=0&edition=prelim)) and the Bureau,11 So in original. may promulgate regulations to implement this subsection, including specifying the format for posting the agreements on the Internet sites of creditors and establishing exceptions to paragraphs (1) and (2), in any case in which the administrative burden outweighs the benefit of increased transparency, such as where a credit card plan has a de minimis number of consumer account holders.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1637 — Open end consumer credit plans

**(a) Required disclosures by creditor** Before opening any account under an open end consumer credit plan, the creditor shall disclose to the person to whom credit is to be extended each of the following items, to the extent applicable: (1) The conditions under which a finance charge may be imposed, including the time period (if any) within which any credit extended may be repaid without incurring a finance charge, except that the creditor may, at his election and without disclosure, impose no such finance charge if payment is received after the termination of such time period. If no such time period is provided, the creditor shall disclose such fact. (2) The method of determining the balance upon which a finance charge will be imposed. (3) The method of determining the amount of the finance charge, including any minimum or fixed amount imposed as a finance charge. (4) Where one or more periodic rates may be used to compute the finance charge, each such rate, the range of balances to which it is applicable, and the corresponding nominal annual percentage rate determined by multiplying the periodic rate by the number of periods in a year. (5) Identification of other charges which may be imposed as part of the plan, and their method of computation, in accordance with regulations of the Bureau. (6) In cases where the credit is or will be secured, a statement that a security interest has been or will be taken in (A) the property purchased as part of the credit transaction, or (B) property not purchased as part of the credit transaction identified by item or type. (7) A statement, in a form prescribed by regulations of the Bureau of the protection provided by sections 1666 and 1666i of this title to an obligor and the creditor’s responsibilities under sections 1666a

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1681a — Definitions; rules of construction

**(a)** Definitions and rules of construction set forth in this section are applicable for the purposes of this subchapter. **(b)** The term “person” means any individual, partnership, corporation, trust, estate, cooperative, association, government or governmental subdivision or agency, or other entity. **(c)** The term “consumer” means an individual. **(d) Consumer Report.—** (1) **In general.—** — The term “consumer report” means any written, oral, or other communication of any information by a consumer reporting agency bearing on a consumer’s credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living which is used or expected to be used or collected in whole or in part for the purpose of serving as a factor in establishing the consumer’s eligibility for— (A) credit or insurance to be used primarily for personal, family, or household purposes; (B) employment purposes; or (C) any other purpose authorized under [section 1681b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681b&num=0&edition=prelim). (2) **Exclusions.—** — Except as provided in paragraph (3), the term “consumer report” does not include— (A) subject to [section 1681s–3 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681s-3&num=0&edition=prelim), any— (i) report containing information solely as to transactions or experiences between the consumer and the person making the report; (ii) communication of that information among persons related by common ownership or affiliated by corporate control; or (iii) communication of other information among persons related by common ownership or affiliated by corporate control, if it

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1602 — Definitions and rules of construction

**(a)** The definitions and rules of construction set forth in this section are applicable for the purposes of this subchapter. **(b) Bureau.—** The term “Bureau” means the Bureau of Consumer Financial Protection. **(c)** The term “Board” refers to the Board of Governors of the Federal Reserve System. **(d)** The term “organization” means a corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, or association. **(e)** The term “person” means a natural person or an organization. **(f)** The term “credit” means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment. **(g)** The term “creditor” refers only to a person who both (1) regularly extends, whether in connection with loans, sales of property or services, or otherwise, consumer credit which is payable by agreement in more than four installments or for which the payment of a finance charge is or may be required, and (2) is the person to whom the debt arising from the consumer credit transaction is initially payable on the face of the evidence of indebtedness or, if there is no such evidence of indebtedness, by agreement. Notwithstanding the preceding sentence, in the case of an open-end credit plan involving a credit card, the card issuer and any person who honors the credit card and offers a discount which is a finance charge are creditors. For the purpose of the requirements imposed under part D of this subchapter and sections 1637(a)(5), 1637(a)(6), 1637(a)(7), 1637(b)(1), 1637(b)(2), 1637(b)(3), 1637(b)(8), and 1637(b)(10) of this title, the term “creditor” shall also include card issuers whether or not the amount due is payable by agreement in more than four installments or the payment of a finance charge

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 552a — Records maintained on individuals

**(a) Definitions.—** For purposes of this section— (1) the term “agency” means agency as defined in section 552(e) 11 See References in Text note below. of this title; (2) the term “individual” means a citizen of the United States or an alien lawfully admitted for permanent residence; (3) the term “maintain” includes maintain, collect, use, or disseminate; (4) the term “record” means any item, collection, or grouping of information about an individual that is maintained by an agency, including, but not limited to, his education, financial transactions, medical history, and criminal or employment history and that contains his name, or the identifying number, symbol, or other identifying particular assigned to the individual, such as a finger or voice print or a photograph; (5) the term “system of records” means a group of any records under the control of any agency from which information is retrieved by the name of the individual or by some identifying number, symbol, or other identifying particular assigned to the individual; (6) the term “statistical record” means a record in a system of records maintained for statistical research or reporting purposes only and not used in whole or in part in making any determination about an identifiable individual, except as provided by [section 8 of title 13](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title13-section8&num=0&edition=prelim); (7) the term “routine use” means, with respect to the disclosure of a record, the use of such record for a purpose which is compatible with the purpose for which it was collected; (8) the term “matching program”— (A) means any computerized comparison of— (i) two or more automated systems of records or a system of records with non-Federal records for the purpose

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1666 — Correction of billing errors

**(a) Written notice by obligor to creditor; time for and contents of notice; procedure upon receipt of notice by creditor** If a creditor, within sixty days after having transmitted to an obligor a statement of the obligor’s account in connection with an extension of consumer credit, receives at the address disclosed under [section 1637(b)(10) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1637/b/10&num=0&edition=prelim) a written notice (other than notice on a payment stub or other payment medium supplied by the creditor if the creditor so stipulates with the disclosure required under [section 1637(a)(7) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1637/a/7&num=0&edition=prelim)) from the obligor in which the obligor— (1) sets forth or otherwise enables the creditor to identify the name and account number (if any) of the obligor, (2) indicates the obligor’s belief that the statement contains a billing error and the amount of such billing error, and (3) sets forth the reasons for the obligor’s belief (to the extent applicable) that the statement contains a billing error, the creditor shall, unless the obligor has, after giving such written notice and before the expiration of the time limits herein specified, agreed that the statement was correct— (A) not later than thirty days after the receipt of the notice, send a written acknowledgment thereof to the obligor, unless the action required in subparagraph (B) is taken within such thirty-day period, and (B) not later than two complete billing cycles of the creditor (in no event later than ninety days) after the receipt of the notice and prior to taking any action to collect the amount, or any part thereof, indicated by the obli

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1637a — Disclosure requirements for open end consumer credit plans secured by consumer’s principal dwelling

**(a) Application disclosures** In the case of any open end consumer credit plan which provides for any extension of credit which is secured by the consumer’s principal dwelling, the creditor shall make the following disclosures in accordance with subsection (b): (1) **Fixed annual percentage rate** — Each annual percentage rate imposed in connection with extensions of credit under the plan and a statement that such rate does not include costs other than interest. (2) **Variable percentage rate** — In the case of a plan which provides for variable rates of interest on credit extended under the plan— (A) a description of the manner in which such rate will be computed and a statement that such rate does not include costs other than interest; (B) a description of the manner in which any changes in the annual percentage rate will be made, including— (i) any negative amortization and interest rate carryover; (ii) the timing of any such changes; (iii) any index or margin to which such changes in the rate are related; and (iv) a source of information about any such index; (C) if an initial annual percentage rate is offered which is not based on an index— (i) a statement of such rate and the period of time such initial rate will be in effect; and (ii) a statement that such rate does not include costs other than interest; (D) a statement that the consumer should ask about the current index value and interest rate; (E) a statement of the maximum amount by which the annual percentage rate may change in any 1-year period or a statement that no such limit exists; (F) a statement of the maximum annual percentage rate that may be imposed at any time under the plan; (G) subject to subsection (b)(3), a table, based on a $10,000 extens

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1610 — Effect on other laws

**(a) Inconsistent provisions; procedures applicable for determination** (1) Except as provided in subsection (e), this part and parts B and C, do not annul, alter, or affect the laws of any State relating to the disclosure of information in connection with credit transactions, except to the extent that those laws are inconsistent with the provisions of this subchapter, and then only to the extent of the inconsistency. Upon its own motion or upon the request of any creditor, State, or other interested party which is submitted in accordance with procedures prescribed in regulations of the Bureau, the Bureau shall determine whether any such inconsistency exists. If the Bureau determines that a State-required disclosure is inconsistent, creditors located in that State may not make disclosures using the inconsistent term or form, and shall incur no liability under the law of that State for failure to use such term or form, notwithstanding that such determination is subsequently amended, rescinded, or determined by judicial or other authority to be invalid for any reason. (2) Upon its own motion or upon the request of any creditor, State, or other interested party which is submitted in accordance with procedures prescribed in regulations of the Bureau, the Bureau shall determine whether any disclosure required under the law of any State is substantially the same in meaning as a disclosure required under this subchapter. If the Bureau determines that a State-required disclosure is substantially the same in meaning as a disclosure required by this subchapter, then creditors located in that State may make such disclosure in compliance with such State law in lieu of the disclosure required by this subchapter, except that the annual percentage rate and finance charge shall be d

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1632 — Form of disclosure; additional informa-

Page 1477 TITLE 15—COMMERCE AND TRADE § 1632 1 So in original. EFFECTIVE DATE Pub. L. 90–321, title V, § 504(b), May 29, 1968, 82 Stat. 167, provided in part that chapter 2 of title I, which en- acted sections 1631 to 1641 of this title, is effective July 1, 1969. REAL ESTATE SETTLEMENT PROCEDURES Provisions of Real Estate Settlement Procedures Act of 1974, as superseding provisions of subsec. (c) of this section insofar as applying to federally related mort- gage loans, see section 2605 of Title 12, Banks and Banking. § 1632. Form of disclosure; additional informa- tion (a) Information clearly and conspicuously dis- closed; ‘‘annual percentage rate’’ and ‘‘fi- nance charge’’; order of disclosures and use of different terminology Information required by this subchapter shall be disclosed clearly and conspicuously, in ac- cordance with regulations of the Bureau. The terms ‘‘annual percentage rate’’ and ‘‘finance charge’’ shall be disclosed more conspicuously than other terms, data, or information provided in connection with a transaction, except infor- mation relating to the identify of the creditor. Except as provided in subsection (c), regulations of the Bureau need not require that disclosures pursuant to this subchapter be made in the order set forth in this subchapter and, except as otherwise provided, may permit the use of ter- minology different from that employed in this subchapter if it conveys substantially the same meaning. (b) Optional information by creditor or lessor Any creditor or lessor may supply additional information or explanation with any disclosures required under parts D and E and, except as pro- vided in sections 1637a(b)(3) and 1638(b)(1) of this title, under this part. (c) Tabular format required for certain discl

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