Page:United States Statutes at Large Volume 102 Part 3.djvu/1013

 PUBLIC LAW 100-583—NOV. 3, 1988

102 STAT. 2965

subsection or subsection (d), in any application to open a credit card account for any person under an open end consumer credit plan or any application to open a charge card account for any person, or a solicitation to open any such account without requiring an application, if the Board determines that such action is necessary to carry out the purposes of, or prevent evasions of, any paragraph of this subsection. "(d) DISCLOSURE PRIOR TO RENEWAL.—

"(1) IN GENERAL.—Except as provided in paragraph (2), a card issuer that imposes any fee described in subsection (c)(l)(A)(iiXD or (c)(4)(A)(i) shall transmit to a consumer at least 30 days prior to the scheduled renewal date of the consumer's credit or charge card account a clear and conspicuous disclosure of— "(A) the date by which, the month by which, or the billing period at the close of which, the account will expire if not renewed; "(B) the information described in subsection (c)(l)(A) or (c)(4)(A) that would apply if the account were renewed, subject to subsection (e); and "(C) the method by which the consumer may terminate continued credit availability under the account. "(2) SPECIAL RULE FOR CERTAIN DISCLOSURES.—

"(A) IN GENERAL.—The disclosures required by this subsection may be provided— "(i) prior to posting a fee described in subsection (c)(l)(A)(iiXI) or (c)(4)(A)(i) to the account, or "(ii) with the periodic billing statement first disclosing that the fee has been posted to the account. "(B) LIMITATION ON USE OF SPECIAL RULE.—Disclosures

may be provided under subparagraph (A) only if— "(i) the consumer is given a 30-day period to avoid pa3anent of the fee or to have the fee recredited to the account in any case where the consumer does not wish to continue the availability of the credit; and "(ii) the consumer is permitted to use the card during such period without incurring an obligation to pay such fee. "(3) SHORT-TERM RENEWALS.—The Board may by regulation provide for fewer disclosures than are required by paragraph (1) in the case of an account which is renewable for a period of less than 6 months. "(e) OTHER RULES FOR DISCLOSURES UNDER SUBSECTIONS (C) AND

(d)."(1) FEES DETERMINED ON THE BASIS OF A PERCENTAGE.—If the

amount of any fee required to be disclosed under subsection (c) or (d) is determined on the basis of a percentage of another amount, the percentage used in making such determination and the identification of the amount against which such percentage is applied shall be disclosed in lieu of the amount of such fee. "(2) DISCLOSURE ONLY OF FEES ACTUALLY IMPOSED.—If a credit or charge card issuer does not impose any fee required to be disclosed under any provision of subsection (c) or (d), such provision shall not apply with respect to such issuer. "(f) DISCLOSURE OF RANGE OF CERTAIN FEES WHICH VARY BY STATE

ALLOWED.—If the amount of any fee required to be disclosed by a credit or charge card issuer under paragraph (1)(B), (3)(B)(i)(II), (4)(B), or (4)(C)(i)(II) of subsection (c) varies from State to State, the

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