Page:United States Statutes at Large Volume 102 Part 3.djvu/1009

 PUBLIC LAW 100-583—NOV. 3, 1988

102 STAT. 2961

"(I) The date by which or the period within which any credit extended under such credit plan for purchases of goods or services must be repaid to avoid incurring a finance charge, and, if no such period is offered, such fact shall be clearly stated. "(11) If the length of such 'grace period' varies, the card issuer may disclose the range of days in the grace period, the minimum number of days in the grace period, or the average number of days in the grace period, if the disclosure is identified as such, "(iv) BALANCE CALCULATION METHOD.—

"(I) The name of the balance calculation method used in determining the balance on which the finance charge is computed if the method used has been defined by the Board, or a detailed explanation of the balance calculation method used if the method has not been so defined. "(II) In prescribing regulations to carry out this clause, the Board shall define and name not more than the 5 balance calculation methods determined by the Board to be the most commonly used methods. "(B) OTHER INFORMATION.—In addition to the information

required to be disclosed under subparagraph (A), each application or solicitation to which such subparagraph applies shall disclose clearly and conspicuously the following information, subject to subsections (e) and (f): "(i) CASH ADVANCE FEE.—Any fee imposed for an

extension of credit in the form of cash, "(ii) LATE FEE.—Any fee imposed for a late payment, "(iii) OVER-THE-LIMIT FEE.—Any fee imposed in connection with an extension of credit in excess of the amount of credit authorized to be extended with respect to such account. "(2) TELEPHONE SOUCITATIONS.—

"(A) IN GENERAL.—In any telephone solicitation to open a credit card account for any person under an open end consumer credit plan, the person making the solicitation shall orally disclose the information described in paragraph (I)(A). "(B) EXCEPTION.—Subparagraph (A) shall not apply to any telephone solicitation if— "(i) the credit card issuer— "(I) does not impose any fee described in paragraph (l)(A)(ii)(I); or "(II) does not impose any fee in connection with telephone solicitations unless the consumer signifies acceptance by using the card; "(ii) the card issuer discloses clearly and conspicuously in writing the information described in paragraph (1) within 30 days after the consumer requests the card, but in no event later than the date of delivery of the card; and "(iii) the card issuer discloses clearly and conspicuously that the consumer is not obligated to accept the card or account and the consumer will not be obligated

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