Page:United States Statutes at Large Volume 102 Part 5.djvu/720

 102 STAT. 4726

PUBLIC LAW 100-709—NOV. 23, 1988 "(D) a statement that the consumer should ask about the current index value and interest rate; "(E) a statement of the maximum amount by which the annual percentage rate may change in any 1-year period or a statement that no such limit exists; "(F) a statement of the maximum annual percentage rate that may be imposed at any time under the plan; "(G) subject to subsection (b)(3), a table, based on a $10,000 extension of credit, showing how the annual percentage rate and the minimum periodic pa3niient amount under each repayment option of the plan would have been affected during the preceding 15-year period by changes in any index used to compute such rate; "(H) a statement of— "(i) the maximum annual percentage rate which may be imposed under each repayment option of the plan; "(ii) the minimum amount of any periodic payment which may be required, based on a $10,000 outstanding balance, under each such option when such maximum annual percentage rate is in effect; and "(iii) the earliest date by which such maximum annual interest rate may be imposed; and "(I) a statement that interest rate information will be provided on or with each periodic statement. "(3) OTHER PEES IMPOSED BY THE CREDITOR.—An itemization of any fees imposed by the creditor in connection with the avaUabliity or use of credit under such plan, including annual fees, application fees, transaction fees, and closing costs (including costs commonly described as 'points'), and the time when such fees are payable. "(4) ESTIMATES OF FEES WHICH MAY BE IMPOSED BY THIRD PARTIES.—

"(A) AGGREGATE AMOUNT.—An estimate, based on the

creditor's experience with such plans and stated as a single amount or as a reasonable range, of the aggregate amount of additional fees that may be imposed by third parties (such as governmental authorities, appraisers, and attorneys) in connection with opening an account under the plan. "(B) STATEMENT OF AVAILABILITY.—A statement that the consumer may ask the creditor for a good faith estimate by the creditor of the fees that may be imposed by third parties. "(5) STATEMENT OF RISK OP LOSS OF DWELLING.—A statement

that— "(A) any extension of credit under the plan is secured by the consumer's dwelling; and "(B) in the event of any default, the consumer risks the loss of the dwelling. "(6) CONDmONS TO WHICH DISCLOSED TERMS ARE SUBJECT.— "(A) PERIOD DURING WHICH SUCH TERMS ARE AVAILABLE.—

A clear and conspicuous statement— "(i) of the time by which an application must be submitted to obtain the terms discl(^ed; or "(ii) if applicable, that the terms are subject to change.

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