15 U.S.C. § 1636 — Untitled legal text

Page 1480 TITLE 15—COMMERCE AND TRADE § 1636 rescission rights after the initiation of any ju- dicial or nonjudicial foreclosure process on the principal dwelling of the obligor securing an extension of credit, the disclosure of the fi- nance charge and other disclosures affected by any finance charge shall be treated as being accurate for purposes of this section if the amount disclosed as the finance charge does not vary from the actual finance charge by more than $35 or is greater than the amount required to be disclosed under this subchapter. (3) Right of recoupment under State law Nothing in this subsection affects a con- sumer’s right of rescission in recoupment under State law. (4) Applicability This subsection shall apply to all consumer credit transactions in existence or con- summated on or after September 30, 1995. (Pub. L. 90–321, title I, § 125, May 29, 1968, 82 Stat. 153; Pub. L. 93–495, title IV, §§ 404, 405, 412, Oct. 28, 1974, 88 Stat. 1517, 1519; Pub. L. 96–221, title VI, § 612(a)(1), (3)–(6), Mar. 31, 1980, 94 Stat. 175, 176; Pub. L. 98–479, title II, § 205, Oct. 17, 1984, 98 Stat. 2234; Pub. L. 104–29, §§ 5, 8, Sept. 30, 1995, 109 Stat. 274, 275; Pub. L. 111–203, title X, § 1100A(2), July 21, 2010, 124 Stat. 2107.) Editorial Notes REFERENCES IN TEXT Section 1602(w) of this title, referred to in subsec. (e)(1), was redesignated section 1602(x) of this title by Pub. L. 111–203, title X, § 1100A(1)(A), July 21, 2010, 124 Stat. 2107. AMENDMENTS 2010—Subsecs. (a), (d), (h), (i)(1)(B). Pub. L. 111–203 substituted ‘‘Bureau’’ for ‘‘Board’’ wherever appearing. 1995—Subsec. (h). Pub. L. 104–29, § 5, added subsec. (h). Subsec. (i). Pub. L. 104–29, § 8, added subsec. (i). 1984—Subsec. (e). Pub. L. 98–479 redesignated par. (1) as subsec. (e), redesignated subpars. (A), (B), (C), and (D) of par. (1) as pars. (1), (2), (3), and (4), respectively, and struck out par. (2) which read as follows: ‘‘The pro- visions of paragraph (1)(D) shall cease to be effective 3 years after the effective date of the Truth in Lending Simplification Reform Act.’’ 1980—Subsec. (a). Pub. L. 96–221, § 612(a)(1), sub- stituted provisions relating to the right of rescission until midnight of the third business day following the consummation of the transaction or the delivery of the information and rescission forms required together with the statement containing the material disclosures required under this subchapter, whichever is later, for provisions relating to right of rescission until midnight of the third business day following the consummation of the transaction or the delivery of the required dis- closures and all other material disclosures required under this part, whichever is later. Subsec. (b). Pub. L. 96–221, § 612(a)(3), (4), inserted pro- visions setting forth applicability of procedures pre- scribed by this subsection, and substituted ‘‘20’’ for ‘‘ten’’ in two places. Subsec. (c). Pub. L. 96–221, § 612(a)(5), inserted ‘‘infor- mation, forms, and’’ after ‘‘whom’’. Subsec. (e). Pub. L. 96–221, § 612(a)(6), substituted pro- visions relating to nonapplicability to residential mortgage transactions, refinancing or consolidation transactions, etc., for provisions relating to non- applicability to creation or retention of first liens. Subsec. (f). Pub. L. 96–221, § 612(a)(6), substituted pro- visions setting forth duration of right of rescission where the required information and forms or other dis- closures required under this part have not been deliv- ered to the obligor, and exceptions to such term, for provisions setting forth duration of right of rescission where the required disclosures or any other material disclosures required under this part have not been de- livered to the obligor. Subsec. (g). Pub. L. 96–221, § 612(a)(6), added subsec. (g). 1974—Subsecs. (a), (b). Pub. L. 93–495, § 404, inserted provisions relating to security interest arising by oper- ation of law. Subsec. (e). Pub. L. 93–495, § 412, inserted exemption for consumer credit transactions where a State agency is the creditor. Subsec. (f). Pub. L. 93–495, § 405, added subsec. (f). 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 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 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. § 1636. Repealed. Pub. L. 96–221, title VI, § 614(e)(1), Mar. 31, 1980, 94 Stat. 180 Section, Pub. L. 90–321, title I, § 126, May 29, 1968, 82 Stat. 153, related to contents of periodic statements. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal 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. § 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 appli- cable: (1) The conditions under which a finance charge may be imposed, including the time pe- riod (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.