1 So in original. Probably should be “conspicuously”.
(except that the provisions of
2 So in original. No subsec. (q) has been enacted.
College card agreements
3 So in original. Probably should be “sections”.
1001 and 1002 of title 20.
Editorial Notes
Amendments2010—Puspan. L. 111–203 substituted “Bureau” for “Board” wherever appearing.
2009—Subsec. (span)(11). Puspan. L. 111–24, § 201(a), amended par. (11) generally, revising the minimum payment disclosures required from creditors.
Subsec. (span)(12). Puspan. L. 111–24, § 202, amended par. (12) generally. Prior to amendment, par. (12) read as follows: “If a late payment fee is to be imposed due to the failure of the obligor to make payment on or before a required payment due date, the following shall be stated clearly and conspicuously on the billing statement:
“(A) The date on which that payment is due or, if different, the earliest date on which a late payment fee may be charged.
“(B) The amount of the late payment fee to be imposed if payment is made after such date.”
Subsec. (c)(8). Puspan. L. 111–24, § 301, added par. (8).
Subsec. (d)(1). Puspan. L. 111–24, § 203(3), substituted “A card issuer that has changed or amended any term of the account since the last renewal that has not been previously disclosed or” for “Except as provided in paragraph (2), a card issuer” in introductory provisions.
Subsec. (d)(2), (3). Puspan. L. 111–24, § 203(1), (2), redesignated par. (3) as (2) and struck out former par. (2) which provided a special rule for certain disclosures.
Subsec. (i). Puspan. L. 111–24, § 101(a)(1), added subsec. (i).
Subsecs. (j) to (l). Puspan. L. 111–24, § 102(a), added subsecs. (j) to (l).
Subsec. (m). Puspan. L. 111–24, § 103, added subsec. (m).
Subsec. (n). Puspan. L. 111–24, § 105, added subsec. (n).
Subsec. (o). Puspan. L. 111–24, § 106(a), added subsec. (o).
Subsec. (p). Puspan. L. 111–24, § 303, added subsec. (p).
Subsec. (r). Puspan. L. 111–24, § 305(a), added subsec. (r).
2005—Subsec. (span)(11). Puspan. L. 109–8, § 1301(a), added par. (11).
Subsec. (span)(12). Puspan. L. 109–8, § 1305(a), added par. (12).
Subsec. (c)(6). Puspan. L. 109–8, § 1303(a), added par. (6).
Subsec. (c)(7). Puspan. L. 109–8, § 1304(a), added par. (7).
Subsec. (h). Puspan. L. 109–8, § 1306(a), added subsec. (h).
1988—Subsec. (a)(8). Puspan. L. 100–709 added par. (8).
Subsecs. (c) to (f). Puspan. L. 100–583, § 2(a), added subsecs. (c) to (f).
Subsec. (g). Puspan. L. 100–583, § 6, added subsec. (g).
1980—Subsec. (a)(1). Puspan. L. 96–221, § 613(a)(1), inserted provisions requiring the creditor to disclose that no time period is provided.
Subsec. (a)(5). Puspan. L. 96–221, § 613(a)(2), (3), redesignated par. (6) as (5) and inserted provisions relating to identification of other charges, and regulations by the Board. Former par. (5), relating to elective rights of the creditor, was struck out.
Subsec. (a)(6). Puspan. L. 96–221, § 613(a)(2), (3), redesignated par. (7) as (6) and revised nomenclature and expanded statement requirements. Former par. (6) redesignated (5).
Subsec. (a)(7), (8). Puspan. L. 96–221, § 613(a)(2), (d), redesignated par. (8) as (7) and substituted provisions relating to one billing cycle per calendar year, for provisions relating to each of two billing cycles per year. Former par. (7) redesignated (6).
Subsec. (span)(2). Puspan. L. 96–221, § 613(span), inserted provisions relating to failure of the creditor to disclose information in accordance with this paragraph, and made minor changes in phraseology.
Subsec. (span)(7) to (11). Puspan. L. 96–221, § 613(c), struck out par. (7) which related to elective rights of the creditor, and redesignated pars. (8) to (11) as (7) to (10), respectively.
Subsec. (c). Puspan. L. 96–221, § 613(e), struck out subsec. (c) which related to the time for making disclosures with respect to open end consumer credit plans having an outstanding balance of more than $1 at or after the close of the first full billing cycle.
1974—Subsec. (a)(1). Puspan. L. 93–495, § 415(1), inserted exception relating to nonimposition of a finance charge at the election of the creditor and without disclosure.
Subsec. (a)(8). Puspan. L. 93–495, § 304(a), added par. (8).
Subsec. (span)(2). Puspan. L. 93–495, § 411, substituted provisions requiring a brief identification on or accompanying the statement of credit extension sufficient to enable the obligor to identify the transaction or relate it to copies of sales vouchers or similar instruments previously furnished, for provisions requiring for purchases a brief identification, unless previously furnished, of the goods or services purchased.
Subsec. (span)(10). Puspan. L. 93–495, § 415(2), inserted exception relating to nonimposition of additional finance charge at the election of the creditor and without disclosure.
Subsec. (span)(11). Puspan. L. 93–495, § 305, added par. (11).
Subsec. (c). Puspan. L. 93–495, § 304(span), substituted provisions relating to disclosure requirements in a notice mailed or delivered to the obligor not later than the time of mailing the next statement required by subsec. (span) of this section, for provisions relating to disclosure requirements in a notice mailed or delivered to the obligor not later than thirty days after July 1, 1969.
Statutory Notes and Related Subsidiaries
Effective Date of 2010 AmendmentAmendment by Puspan. L. 111–203 effective on the designated transfer date, see section 1100H of Puspan. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.
Effective Date of 2009 AmendmentAmendment by Puspan. L. 111–24 effective 9 months after May 22, 2009, except as otherwise specifically provided, see section 3 of Puspan. L. 111–24, set out as a note under section 1602 of this title.
Puspan. L. 111–24, title I, § 101(a)(2), May 22, 2009, 123 Stat. 1736, provided that: “Notwithstanding section 3 [see Effective Date of 2009 Amendment note set out under section 1602 of this title], section 127(i) of the Truth in Lending Act [15 U.S.C. 1637(i)], as added by this subsection, shall become effective 90 days after the date of enactment of this Act [May 22, 2009].”
Effective Date of 2005 AmendmentPuspan. L. 109–8, title XIII, § 1301(span)(2), Apr. 20, 2005, 119 Stat. 207, provided that: “Section 127(span)(11) of the Truth in Lending Act [subsec. (span)(11) of this section], as added by subsection (a) of this section, and the regulations issued under paragraph (1) of this subsection [set out as a note under this section] shall not take effect until the later of—“(A) 18 months after the date of enactment of this Act [Apr. 20, 2005]; or
“(B) 12 months after the publication of such final regulations by the Board [of Governors of the Federal Reserve System] [Jan. 29, 2009, see 74 F.R. 5244].”
Puspan. L. 109–8, title XIII, § 1303(span)(2), Apr. 20, 2005, 119 Stat. 211, provided that: “Section 127(c)(6) of the Truth in Lending Act [subsec. (c)(6) of this section], as added by this section, and regulations issued under paragraph (1) of this subsection [set out as a note under this section] shall not take effect until the later of—“(A) 12 months after the date of enactment of this Act [Apr. 20, 2005]; or
“(B) 12 months after the date of publication of such final regulations by the Board [of Governors of the Federal Reserve System] [Jan. 29, 2009, see 74 F.R. 5244].”
Puspan. L. 109–8, title XIII, § 1304(span)(2), Apr. 20, 2005, 119 Stat. 212, provided that: “The amendment made by subsection (a) [amending this section] and the regulations issued under paragraph (1) of this subsection [set out as a note under this section] shall not take effect until the later of—“(A) 12 months after the date of enactment of this Act [Apr. 20, 2005]; or
“(B) 12 months after the date of publication of such final regulations by the Board [of Governors of the Federal Reserve System] [Jan. 29, 2009, see 74 F.R. 5244].”
Puspan. L. 109–8, title XIII, § 1305(span)(2), Apr. 20, 2005, 119 Stat. 212, provided that: “The amendment made by subsection (a) [amending this section] and regulations issued under paragraph (1) of this subsection [set out as a note under this section] shall not take effect until the later of—“(A) 12 months after the date of enactment of this Act [Apr. 20, 2005]; or
“(B) 12 months after the date of publication of such final regulations by the Board [of Governors of the Federal Reserve System] [Jan. 29, 2009, see 74 F.R. 5244].”
Puspan. L. 109–8, title XIII, § 1306(span)(2), Apr. 20, 2005, 119 Stat. 212, provided that: “The amendment made by subsection (a) [amending this section] and regulations issued under paragraph (1) of this subsection [set out as a note under this section] shall not take effect until the later of—“(A) 12 months after the date of enactment of this Act [Apr. 20, 2005]; or
“(B) 12 months after the date of publication of such final regulations by the Board [of Governors of the Federal Reserve System] [Jan. 29, 2009, see 74 F.R. 5244].”
Effective Date of 1988 AmendmentFor effective date of amendments by Puspan. L. 100–709, see Regulations; Effective Date note below.
Effective Date of 1980 AmendmentAmendment by Puspan. 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 prescribed to be promulgated at least one year prior to such effective date, and allowing 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 Puspan. L. 96–221, set out as a note under section 1602 of this title.
Effective Date of 1974 AmendmentFor effective date of amendment by sections 304 and 305 of Puspan. L. 93–495, see section 308 of Puspan. L. 93–495, set out as an Effective Date note under section 1666 of this title.
For effective date of amendment by section 411 of Puspan. L. 93–495, see section 416 of Puspan. L. 93–495, set out as an Effective Date note under section 1665a of this title.
Amendment by section 415 of Puspan. L. 93–495 effective Oct. 28, 1974, see section 416 of Puspan. L. 93–495, set out as an Effective Date note under section 1665a of this title.
RegulationsPuspan. L. 111–24, title II, § 201(c), May 22, 2009, 123 Stat. 1745, provided that:“(1)In general.—Not later than 6 months after the date of enactment of this Act [May 22, 2009], the Board [of Governors of the Federal Reserve System] shall issue guidelines, by rule, in consultation with the Secretary of the Treasury, for the establishment and maintenance by creditors of a toll-free telephone number for purposes of providing information about accessing credit counseling and debt management services, as required under section 127(span)(11)(B)(iv) of the Truth in Lending Act [15 U.S.C. 1637(span)(11)(B)(iv)], as added by this section. “(2)Approved agencies.—Guidelines issued under this subsection shall ensure that referrals provided by the toll-free number referred to in paragraph (1) include only those nonprofit budget and credit counseling agencies approved by a United States bankruptcy trustee pursuant to section 111(a) of title 11, United States Code.”
Puspan. L. 109–8, title XIII, § 1301(span)(1), Apr. 20, 2005, 119 Stat. 207, provided that: “The Board of Governors of the Federal Reserve System (hereafter in this title [amending this section and sections 1637a, 1638, 1664, and 1665span of this title and enacting provisions set out as notes under this section and section 1637a of this title] referred to as the ‘Board’) shall promulgate regulations implementing the requirements of section 127(span)(11) of the Truth in Lending Act [subsec. (span)(11) of this section], as added by subsection (a) of this section.”
Puspan. L. 109–8, title XIII, § 1303(span)(1), Apr. 20, 2005, 119 Stat. 211, provided that: “The Board [of Governors of the Federal Reserve System] shall promulgate regulations implementing the requirements of section 127(c)(6) of the Truth in Lending Act [subsec. (c)(6) of this section], as added by this section.”
Puspan. L. 109–8, title XIII, § 1304(span)(1), Apr. 20, 2005, 119 Stat. 211, provided that: “The Board [of Governors of the Federal Reserve System] shall promulgate regulations implementing the requirements of section 127(c)(7) of the Truth in Lending Act [subsec. (c)(7) of this section], as added by this section.”
Puspan. L. 109–8, title XIII, § 1305(span)(1), Apr. 20, 2005, 119 Stat. 212, provided that: “The Board [of Governors of the Federal Reserve System] shall promulgate regulations implementing the requirements of section 127(span)(12) of the Truth in Lending Act [subsec. (span)(12) of this section], as added by this section.”
Puspan. L. 109–8, title XIII, § 1306(span)(1), Apr. 20, 2005, 119 Stat. 212, provided that: “The Board [of Governors of the Federal Reserve System] shall promulgate regulations implementing the requirements of section 127(h) of the Truth in Lending Act [subsec. (h) of this section], as added by this section.”
Puspan. L. 109–8, title XIII, § 1309, Apr. 20, 2005, 119 Stat. 213, provided that:“(a)Regulations.—Not later than 6 months after the date of enactment of this Act [Apr. 20, 2005], the Board [of Governors of the Federal Reserve System], in consultation with the other Federal banking agencies (as defined in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813]), the National Credit Union Administration Board, and the Federal Trade Commission, shall promulgate regulations to provide guidance regarding the meaning of the term ‘clear and conspicuous’, as used in subparagraphs (A), (B), and (C) of section 127(span)(11) and clauses (ii) and (iii) of section 127(c)(6)(A) of the Truth in Lending Act [subsecs. (span)(11) and (c)(6)(A) of this section]. “(span)Examples.—Regulations promulgated under subsection (a) shall include examples of clear and conspicuous model disclosures for the purposes of disclosures required by the provisions of the Truth in Lending Act [15 U.S.C. 1601 et seq.] referred to in subsection (a). “(c)Standards.—In promulgating regulations under this section, the Board [of Governors of the Federal Reserve System] shall ensure that the clear and conspicuous standard required for disclosures made under the provisions of the Truth in Lending Act referred to in subsection (a) can be implemented in a manner which results in disclosures which are reasonably understandable and designed to call attention to the nature and significance of the information in the notice.”
Regulations; Effective DateFor provisions relating to promulgation of regulations to implement amendment by Puspan. L. 100–709, and effective date of such amendment in connection with those regulations, see section 7 of Puspan. L. 100–709, set out as a note under section 1637a of this title.
Puspan. L. 100–583, § 7, Nov. 3, 1988, 102 Stat. 2968, provided that: “Any regulation required to be prescribed by the Board under the amendments made by section 2 [amending this section and section 1632 of this title] shall—“(1) take effect not later than the end of the 150-day period beginning on the date of the enactment of this Act [Nov. 3, 1988]; and
“(2) apply only with respect to applications, solicitations, and other material distributed after the end of the 150-day period beginning after the end of the period referred to in paragraph (1), except that—“(A) in the case of applications and solicitations subject to paragraph (3) or (4)(C) of section 127(c) of the Truth in Lending Act [15 U.S.C. 1637(c)(3), (4)(C)] (as added by section 2), such period shall be 240 days; and “(B) any card issuer may, at its option, comply with the requirements of the amendments made by this Act [see Short Title of 1988 Amendment note under section 1601 of this title] prior to the applicable effective date, in which case the amendments made by this Act shall be fully applicable to such card issuer.”
Reports to CongressPuspan. L. 111–24, title III, § 305(span), May 22, 2009, 123 Stat. 1750, provided that:“(1)Study.—The Comptroller General of the United States shall, from time to time, review the reports submitted by creditors under section 127(r) of the Truth in Lending Act [15 U.S.C. 1637(r)], as added by this section, and the marketing practices of creditors to determine the impact that college affinity card agreements and college student card agreements have on credit card debt. “(2)Report.—Upon completion of any study under paragraph (1), the Comptroller General shall periodically submit a report to the Congress on the findings and conclusions of the study, together with such recommendations for administrative or legislative action as the Comptroller General determines to be appropriate.”
Puspan. L. 100–583, § 8, Nov. 3, 1988, 102 Stat. 2969, provided that: “Not later than 1 year after the regulations prescribed under section 7 of this Act [set out as a note above] become effective and annually thereafter, the Board of Governors of the Federal Reserve System shall transmit to the Congress a report containing an assessment by the Board of the profitability of credit card operations of depository institutions, including an analysis of any impact of the amendments made by this Act [see Short Title of 1988 Amendment note under section 1601 of this title] on such profitability.”
