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: 15USC1662]

 
                      TITLE 15--COMMERCE AND TRADE
 
                 CHAPTER 41--CONSUMER CREDIT PROTECTION
 
              SUBCHAPTER I--CONSUMER CREDIT COST DISCLOSURE
 
                       Part C--Credit Advertising
 
Sec. 1662. Advertising of downpayments and installments

    No advertisement to aid, promote, or assist directly or indirectly 
any extension of consumer credit may state
        (1) that a specific periodic consumer credit amount or 
    installment amount can be arranged, unless the creditor usually and 
    customarily arranges credit payments or installments for that period 
    and in that amount.
        (2) that a specified downpayment is required in connection with 
    any extension of consumer credit, unless the creditor usually and 
    customarily arranges downpayments in that amount.

(Pub. L. 90-321, title I, Sec. 142, May 29, 1968, 82 Stat. 158.)