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 disclo- sures 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 sec- tion 1637(c) of this title shall be— (A) disclosed in the form and manner which the Bureau shall prescribe by regula- tions; 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 re- quired. (2) Tabular format (A) Form of table to be prescribed In the regulations prescribed under para- graph (1)(A) of this subsection, the Bureau shall require that the disclosure of such in- formation shall, to the extent the Bureau de- termines 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; and (ii) subject to subparagraph (C), employ terminology which is different than the terminology which is employed in section 1637(c) of this title 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 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 cred- itor and the consumer for each credit card ac- count 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 agree- ments received from creditors pursuant to this subsection, and such agreements shall be eas- ily accessible and retrievable by the public. (4) Exception This subsection shall not apply to individ- ually negotiated changes to contractual terms, such as individually modified workouts or renegotiations of amounts owed by a con- sumer under an open end consumer credit plan. (5) Regulations The Bureau, in consultation with the other Federal banking agencies (as that term is de- fined in section 1681a of this title) and the Bu- reau,1 may promulgate regulations to imple- ment this subsection, including specifying the format for posting the agreements on the Internet sites of creditors and establishing ex- ceptions 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. (Pub. L. 90–321, title I, § 122, May 29, 1968, 82 Stat. 152; Pub. L. 93–495, title III, § 307(e), (f), Oct. 28, 1974, 88 Stat. 1516, 1517; Pub. L. 96–221, title VI, § 611, Mar. 31, 1980, 94 Stat. 175; Pub. L. 100–583, § 2(b), Nov. 3, 1988, 102 Stat. 2966; Pub. L. 100–709, § 2(d), Nov. 23, 1988, 102 Stat. 4731; Pub. L. 111–24, Page 1478 TITLE 15—COMMERCE AND TRADE § 1633 title II, § 204, May 22, 2009, 123 Stat. 1746; Pub. L. 111–203, title X, § 1100A(2), (3), July 21, 2010, 124 Stat. 2107.) Editorial Notes AMENDMENTS 2010—Subsecs. (a), (c). Pub. L. 111–203, § 1100A(2), sub- stituted ‘‘Bureau’’ for ‘‘Board’’ wherever appearing. Subsec. (d)(2), (3). Pub. L. 111–203, § 1100A(2), sub- stituted ‘‘Bureau’’ for ‘‘Board’’ wherever appearing. Subsec. (d)(5). Pub. L. 111–203 substituted ‘‘The Bu- reau, in’’ for ‘‘The Board, in’’ and ‘‘and the Bureau, may’’ for ‘‘and the Federal Trade Commission, may’’. 2009—Subsec. (d). Pub. L. 111–24 added subsec. (d). 1988—Subsec. (a). Pub. L. 100–583, § 2(b)(1), substituted ‘‘Except as provided in subsection (c), regulations’’ for ‘‘Regulations’’. Subsec. (b). Pub. L. 100–709 substituted ‘‘sections 1637a(b)(3) and 1638(b)(1)’’ for ‘‘section 1638(b)(1)’’. Subsec. (c). Pub. L. 100–583, § 2(b)(2), added subsec. (c). 1980—Subsec. (a). Pub. L. 96–221 substituted provi- sions setting forth form of disclosure to meet require- ments of this subchapter, for provisions setting forth form of disclosure authorized under this part or part D of this subchapter. Subsec. (b). Pub. L. 96–221 substituted provisions set- ting forth disclosure requirements for additional infor- mation by creditors or lessors, for provisions setting forth disclosure requirements for additional informa- tion by creditors. 1974—Subsecs. (a), (b). Pub. L. 93–495 inserted ref- erences to part D of this subchapter. 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 OF 2009 AMENDMENT Amendment by Pub. L. 111–24 effective 9 months after May 22, 2009, except as otherwise specifically provided, see section 3 of Pub. L. 111–24, set out as a note under section 1602 of this title. EFFECTIVE DATE OF 1988 AMENDMENT For effective date of amendments by Pub. L. 100–709, see Regulations; Effective Date note below. EFFECTIVE DATE OF 1980 AMENDMENT Amendment by Pub. L. 96–221 effective on expiration of two years and six months after Mar. 31, 1980, with all regulations, forms, and clauses required to be pre- scribed to be promulgated at least one year prior to such effective date, and allowing any creditor to com- ply with any amendments, in accordance with the regu- lations, forms, and clauses prescribed by the Board prior to such effective date, see section 625 of Pub. L. 96–221, set out as a note under section 1602 of this title. EFFECTIVE DATE OF 1974 AMENDMENT For effective date of amendment by Pub. L. 93–495, see section 308 of Pub. L. 93–495, set out as an Effective Date note under section 1666 of this title. REGULATIONS; EFFECTIVE DATE For provisions relating to promulgation of regula- tions to implement amendment by Pub. L. 100–709, and effective date of such amendment in connection with those regulations, see section 7 of Pub. L. 100–709, set out as a note under section 1637a of this title. For provisions relating to promulgation of regula- tions to implement amendment by Pub. L. 100–583, and effective date of such amendment in connection with those regulations, see section 7 of Pub. L. 100–583, set out as a note under section 1637 of this title. § 1633. Exemption for State-regulated trans- actions The Bureau shall by regulation exempt from the requirements of this part any class of credit transactions within any State if it determines that under the law of that State that class of transactions is subject to requirements substan- tially similar to those imposed under this part, and that there is adequate provision for enforce- ment. (Pub. L. 90–321, title I, § 123, May 29, 1968, 82 Stat. 152; 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’’. 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. § 1634. Effect of subsequent occurrence If information disclosed in accordance with this part is subsequently rendered inaccurate as the result of any act, occurrence, or agreement subsequent to the delivery of the required dis- closures, the inaccuracy resulting therefrom does not constitute a violation of this part. (Pub. L. 90–321, title I, § 124, May 29, 1968, 82 Stat. 152.) § 1635. Right of rescission as to certain trans- actions (a) Disclosure of obligor’s right to rescind Except as otherwise provided in this section, in the case of any consumer credit transaction (including opening or increasing the credit limit for an open end credit plan) in which a security interest, including any such interest arising by operation of law, is or will be retained or ac- quired in any property which is used as the prin- cipal dwelling of the person to whom credit is extended, the obligor shall have the right to re- scind the transaction until midnight of the third business day following the consummation of the transaction or the delivery of the information and rescission forms required under this section together with a statement containing the mate- rial disclosures required under this subchapter, whichever is later, by notifying the creditor, in accordance with regulations of the Bureau, of his intention to do so. The creditor shall clearly and conspicuously disclose, in accordance with regulations of the Bureau, to any obligor in a transaction subject to this section the rights of the obligor under this section. The creditor shall also provide, in accordance with regulations of the Bureau, appropriate forms for the obligor to exercise his right to rescind any transaction subject to this section.