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: 15USC1664]

 
                      TITLE 15--COMMERCE AND TRADE
 
                 CHAPTER 41--CONSUMER CREDIT PROTECTION
 
              SUBCHAPTER I--CONSUMER CREDIT COST DISCLOSURE
 
                       Part C--Credit Advertising
 
Sec. 1664. Advertising of credit other than open end plans


(a) Exclusion of open end credit plans

    Except as provided in subsection (b) of this section, this section 
applies to any advertisement to aid, promote, or assist directly or 
indirectly any consumer credit sale, loan, or other extension of credit 
subject to the provisions of this subchapter, other than an open end 
credit plan.

(b) Advertisements of residential real estate

    The provisions of this section do not apply to advertisements of 
residential real estate except to the extent that the Board may by 
regulation require.

(c) Rate of finance charge expressed as annual percentage rate

    If any advertisement to which this section applies states the rate 
of a finance charge, the advertisement shall state the rate of that 
charge expressed as an annual percentage rate.

(d) Requisite disclosures in advertisement

    If any advertisement to which this section applies states the amount 
of the downpayment, if any, the amount of any installment payment, the 
dollar amount of any finance charge, or the number of installments or 
the period of repayment, then the advertisement shall state all of the 
following items:
        (1) The downpayment, if any.
        (2) The terms of repayment.
        (3) The rate of the finance charge expressed as an annual 
    percentage rate.

(Pub. L. 90-321, title I, Sec. 144, May 29, 1968, 82 Stat. 158; Pub. L. 
96-221, title VI, Sec. 619(b), Mar. 31, 1980, 94 Stat. 183.)


                               Amendments

    1980--Subsec. (d). Pub. L. 97-221 substituted items setting forth 
downpayment, etc., set out in pars. (1) to (3), for items setting forth 
cash price or amount of loan, etc., set out in pars. (1) to (4).


                    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.