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: 15USC1663]

 
                      TITLE 15--COMMERCE AND TRADE
 
                 CHAPTER 41--CONSUMER CREDIT PROTECTION
 
              SUBCHAPTER I--CONSUMER CREDIT COST DISCLOSURE
 
                       Part C--Credit Advertising
 
Sec. 1663. Advertising of open end credit plans

    No advertisement to aid, promote, or assist directly or indirectly 
the extension of consumer credit under an open end credit plan may set 
forth any of the specific terms of that plan unless it also clearly and 
conspicuously sets forth all of the following items:
        (1) Any minimum or fixed amount which could be imposed.
        (2) In any case in which periodic rates may be used to compute 
    the finance charge, the periodic rates expressed as annual 
    percentage rates.
        (3) Any other term that the Board may by regulation require to 
    be disclosed.

(Pub. L. 90-321, title I, Sec. 143, May 29, 1968, 82 Stat. 158; Pub. L. 
96-221, title VI, Secs. 613(f), 619(a), Mar. 31, 1980, 94 Stat. 177, 
183.)


                               Amendments

    1980--Pub. L. 96-221 in existing introductory text struck out 
applicability of rate determined under section 1637(a)(5) of this title, 
and amended section generally substituting items setting forth minimum 
or fixed amount, etc., set out in pars. (1) to (3), for items time 
period, etc., set out in pars. (1) to (5).


                    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.