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15 U.S.C. § 1665b — Advertising of open end consumer credit plans secured by consumer’s principal dwelling

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

15 U.S.C. § 1665b — Advertising of open end consumer credit plans secured by consumer’s principal dwelling

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Source file: Laws/federal/codes/united-states-code/title-15/section-1665b-advertising-of-open-end-consumer-credit-plans-secured-by-consumers-princ--abb2e7a936.md
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Source location: Title 15, Chapter 41, § 1665b; chapter-041-consumer-credit-protection.md

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**(a) In general** If any advertisement to aid, promote, or assist, directly or indirectly, the extension of consumer credit through an open end consumer credit plan under which extensions of credit are secured by the consumer’s principal dwelling states, affirmatively or negatively, any of the specific terms of the plan, including any periodic payment amount required under such plan, such advertisement shall also clearly and conspicuously set forth the following information, in such form and manner as the Bureau may require: (1) **Loan fees and opening cost estimates** — Any loan fee the amount of which is determined as a percentage of the credit limit applicable to an account under the plan and an estimate of the aggregate amount of other fees for opening the account, based on the creditor’s experience with the plan and stated as a single amount or as a reasonable range. (2) **Periodic rates** — In any case in which periodic rates may be used to compute the finance charge, the periodic rates expressed as an annual percentage rate. (3) **Highest annual percentage rate** — The highest annual percentage rate which may be imposed under the plan. (4) **Other information** — Any other information the Bureau may by regulation require. **(b) Tax deductibility** (1) **In general** — If any advertisement described in subsection (a) contains a statement that any interest expense incurred with respect to the plan is or may be tax deductible, the advertisement shall not be misleading with respect to such deductibility. (2) **Credit in excess of fair market value** — Each advertisement described in subsection (a) that relates to an extension of credit that may exceed the fair market value of the dwelling, and which advertisement is disseminated in paper form to the public or through the Internet, as opposed to by radio or television, shall include a clear and conspicuous statement that— (A) the interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes; and (B) the consumer should consult a tax adviser for further information regarding the deductibility of interest and charges. **(c) Certain terms prohibited** No advertisement described in subsection (a) with respect to any home equity account may refer to such loan as “free money” or use other terms determined by the Bureau by regulation to be misleading. **(d) Discounted initial rate** (1) **In general** — If any advertisement described in subsection (a) includes an initial annual percentage rate that is not determined by the index or formula used to make later interest rate adjustments, the advertisement shall also state with equal prominence the current annual percentage rate that would have been applied using the index or formula if such initial rate had not been offered. (2) **Quoted rate must be reasonably current** — The annual percentage rate required to be disclosed under the paragraph (1) rate must be current as of a reasonable time given the media involved. (3) **Period during which initial rate is in effect** — Any advertisement to which paragraph (1) applies shall also state the period of time during which the initial annual percentage rate referred to in such paragraph will be in effect. **(e) Balloon payment** If any advertisement described in subsection (a) contains a statement regarding the minimum monthly payment under the plan, the advertisement shall also disclose, if applicable, the fact that the plan includes a balloon payment. **(f) “Balloon payment” defined** For purposes of this section and [section 1637a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1637a&num=0&edition=prelim), the term “balloon payment” means, with respect to any open end consumer credit plan under which extensions of credit are secured by the consumer’s principal dwelling, any repayment option under which— (1) the account holder is required to repay the entire amount of any outstanding balance as of a specified date or at the end of a specified period of time, as determined in accordance with the terms of the agreement pursuant to which such credit is extended; and (2) the aggregate amount of the minimum periodic payments required would not fully amortize such outstanding balance by such date or at the end of such period.

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

11 U.S.C. § 101 — Definitions

In this title the following definitions shall apply: (1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized. (2) The term “affiliate” means— (A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or (D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement. (3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.11 See Adjustment of Dollar Amounts not

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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. § 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. § 1665b — Advertising of open end consumer credit

Page 1537 TITLE 15—COMMERCE AND TRADE § 1665b § 1665b. Advertising of open end consumer credit plans secured by consumer’s principal dwell- ing (a) In general If any advertisement to aid, promote, or as- sist, directly or indirectly, the extension of con- sumer credit through an open end consumer credit plan under which extensions of credit are secured by the consumer’s principal dwelling states, affirmatively or negatively, any of the specific terms of the plan, including any peri- odic payment amount required under such plan, such advertisement shall also clearly and con- spicuously set forth the following information, in such form and manner as the Bureau may re- quire: (1) Loan fees and opening cost estimates Any loan fee the amount of which is deter- mined as a percentage of the credit limit ap- plicable to an account under the plan and an estimate of the aggregate amount of other fees for opening the account, based on the credi- tor’s experience with the plan and stated as a single amount or as a reasonable range. (2) Periodic rates In any case in which periodic rates may be used to compute the finance charge, the peri- odic rates expressed as an annual percentage rate. (3) Highest annual percentage rate The highest annual percentage rate which may be imposed under the plan. (4) Other information Any other information the Bureau may by regulation require. (b) Tax deductibility (1) In general If any advertisement described in subsection (a) contains a statement that any interest ex- pense incurred with respect to the plan is or may be tax deductible, the advertisement shall not be misleading with respect to such deductibility. (2) Credit in excess of fair market value Each advertisement described in subsection (a) that relates to

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