15 U.S.C. § 1645 — Business credit cards; limits on liability of

Page 1529 TITLE 15—COMMERCE AND TRADE § 1646 Editorial Notes AMENDMENTS 1974—Pub. L. 93–495 generally reorganized provisions by designating former unlettered paragraph cls. (a) to (f), and as so designated, expanded prohibitions relating to fraudulent use of credit cards, decreased amount re- quired for fraudulent use from a retail value aggre- gating $5,000, or more, to enumerated amounts for par- ticular activities, and increased the punishment from a sentence of not more than five years to a sentence of not more than ten years. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1974 AMENDMENT Amendment by Pub. L. 93–495 effective Oct. 28, 1974, see section 416 of Pub. L. 93–495, set out as an Effective Date note under section 1665a of this title. EFFECTIVE DATE Pub. L. 91–508, title V, § 503(3), Oct. 26, 1970, 84 Stat. 1127, provided that: ‘‘Section 134 of such Act [this sec- tion] applies to offenses committed on or after such date of enactment [Oct. 26, 1970].’’ § 1645. Business credit cards; limits on liability of employees The exemption provided by section 1603(1) of this title does not apply to the provisions of sec- tions 1642, 1643, and 1644 of this title, except that a card issuer and a business or other organiza- tion which provides credit cards issued by the same card issuer to ten or more of its employees may by contract agree as to liability of the busi- ness or other organization with respect to unau- thorized use of such credit cards without regard to the provisions of section 1643 of this title, but in no case may such business or other organiza- tion or card issuer impose liability upon any employee with respect to unauthorized use of such a credit card except in accordance with and subject to the limitations of section 1643 of this title. (Pub. L. 90–321, title I, § 135, as added Pub. L. 93–495, title IV, § 410(a), Oct. 28, 1974, 88 Stat. 1519.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective Oct. 28, 1974, see section 416 of Pub. L. 93–495, set out as a note under section 1665a of this title. § 1646. Dissemination of annual percentage rates; implementation, etc. (a) Annual percentage rates The Bureau shall collect, publish, and dissemi- nate to the public, on a demonstration basis in a number of standard metropolitan statistical areas to be determined by the Bureau, the an- nual percentage rates charged for representative types of nonsale credit by creditors in such areas. For the purpose of this section, the Bu- reau is authorized to require creditors in such areas to furnish information necessary for the Bureau to collect, publish, and disseminate such information. (b) Credit card price and availability informa- tion (1) Collection required The Bureau shall collect, on a semiannual basis, credit card price and availability infor- mation, including the information required to be disclosed under section 1637(c) of this title, from a broad sample of financial institutions which offer credit card services. (2) Sample requirements The broad sample of financial institutions required under paragraph (1) shall include— (A) the 25 largest issuers of credit cards; and (B) not less than 125 additional financial institutions selected by the Bureau in a manner that ensures— (i) an equitable geographical distribution within the sample; and (ii) the representation of a wide spec- trum of institutions within the sample. (3) Report of information from sample Each financial institution in the broad sam- ple established pursuant to paragraph (2) shall report the information to the Bureau in ac- cordance with such regulations or orders as the Bureau may prescribe. (4) Public availability of collected information; report to Congress The Bureau shall— (A) make the information collected pursu- ant to this subsection available to the public upon request; and (B) report such information semiannually to Congress. (c) Implementation The Bureau is authorized to enter into con- tracts or other arrangements with appropriate persons, organizations, or State agencies to carry out its functions under subsections (a) and (b) and to furnish financial assistance in support thereof. (Pub. L. 90–321, title I, § 136, as added Pub. L. 96–221, title VI, § 618(a), Mar. 31, 1980, 94 Stat. 183; amended Pub. L. 100–583, § 5, Nov. 3, 1988, 102 Stat. 2967; Pub. L. 111–203, title X, § 1100A(2), July 21, 2010, 124 Stat. 2107.) Editorial Notes AMENDMENTS 2010—Pub. L. 111–203 substituted ‘‘Bureau’’ for ‘‘Board’’ wherever appearing. 1988—Subsecs. (b), (c). Pub. L. 100–583 added subsec. (b), redesignated former subsec. (b) as (c), and sub- stituted ‘‘subsections (a) and (b)’’ for ‘‘subsection (a)’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. EFFECTIVE DATE Section effective on expiration of two years and six months after Mar. 31, 1980, with all regulations, forms, and clauses required to be prescribed to be promulgated at least one year prior to such effective date, and al- lowing any creditor to comply with any amendments, in accordance with the regulations, forms, and clauses prescribed by the Board prior to such effective date, see section 625 of Pub. L. 96–221, set out as an Effective Date of 1980 Amendment note under section 1602 of this title.