US Laws, Codes, Statutes & Cases

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[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 15USC1632]

 
                      TITLE 15--COMMERCE AND TRADE
 
                 CHAPTER 41--CONSUMER CREDIT PROTECTION
 
              SUBCHAPTER I--CONSUMER CREDIT COST DISCLOSURE
 
                       Part B--Credit Transactions
 
Sec. 1632. Form of disclosure; additional information


(a) Information clearly and conspicuously disclosed; ``annual percentage 
        rate'' and ``finance charge''; order of disclosures and use of 
        different terminology

    Information required by this subchapter shall be disclosed clearly 
and conspicuously, in accordance with regulations of the Board. 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 information relating 
to the identify of the creditor. Except as provided in subsection (c) of 
this section, regulations of the Board 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 
terminology 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 of this 
subchapter and, except as provided in sections 1637a(b)(3) and 
1638(b)(1) of this title, under this part.

(c) Tabular format required for certain disclosures 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 section 1637(c) of this title shall be--
            (A) disclosed in the form and manner which the Board shall 
        prescribe by regulations; 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 required.

                         (2) Tabular format

        (A) Form of table to be prescribed

            In the regulations prescribed under paragraph (1)(A) of this 
        subsection, the Board shall require that the disclosure of such 
        information shall, to the extent the Board determines 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) Board discretion in prescribing order and wording of table

            In prescribing the form of the table under subparagraph (A), 
        the Board 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''.

(Pub. L. 90-321, title I, Sec. 122, May 29, 1968, 82 Stat. 152; Pub. L. 
93-495, title III, Sec. 307(e), (f), Oct. 28, 1974, 88 Stat. 1516, 1517; 
Pub. L. 96-221, title VI, Sec. 611, Mar. 31, 1980, 94 Stat. 175; Pub. L. 
100-583, Sec. 2(b), Nov. 3, 1988, 102 Stat. 2966; Pub. L. 100-709, 
Sec. 2(d), Nov. 23, 1988, 102 Stat. 4731.)


                               Amendments

    1988--Subsec. (a). Pub. L. 100-583, Sec. 2(b)(1), substituted 
``Except as provided in subsection (c) of this section, 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, Sec. 2(b)(2), added subsec. (c).
    1980--Subsec. (a). Pub. L. 96-221 substituted provisions setting 
forth form of disclosure to meet requirements 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 setting forth 
disclosure requirements for additional information by creditors or 
lessors, for provisions setting forth disclosure requirements for 
additional information by creditors.
    1974--Subsecs. (a), (b). Pub. L. 93-495 inserted references to part 
D of this subchapter.


                    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 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 
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 regulations 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 regulations 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.

                  Section Referred to in Other Sections

    This section is referred to in sections 1610, 1637 of this title.