Page:United States Statutes at Large Volume 102 Part 5.djvu/728

 102 STAT. 4734

PUBLIC LAW 100-709—NOV. 23, 1988

of credit under all forms of consumer credit plans may unduly mislead consumers with respect to the comparability of the various forms of such extensions of credit. db) REPORT REQUIRED.—At the conclusion of the study required under subsection (a), the Board of Governors of the Federal Reserve System shall submit a report to the Congress containing the Board's findings and conclusions in connection with such study and, if applicable, such recommendations for legislation or administrative action as the Board may determine to be appropriate, including, if appropriate, a new term to replace "annual percentage rate" or "corresponding nominal percentage rate". 15 USC 1637a

SEC. 7. REGULATIONS AND EFFECTIVE DATE.

(a) REGULATIONS.—Before the end of the 60-day period beginning on the date of the enactment of this Act, the Board of Governors of the Federal Reserve System shall prescribe such regulations as may be necessary to carry out the proposes of the amendments made by this Act. (b) EFFECTIVE DATE.—The amendments made by this Act, and the regulations prescribed pursuant to subsection (a) with respect to such amendments, shall apply to— (1) any agreement to open an account under an open end consumer credit plan under which extensions of credit are secured by a consumer's principal dwelling which is entered into after the end of the 5-month period beginning on the date on which the regulations prescribed under subsection (a) become final; and (2) any application to open such an account which is distributed by, or received by a creditor, after the end of such 5-month period. (c) VOLUNTARY COMPUANCE.—Notwithstanding subsection 0)), any creditor may comply with the amendments made by this Act, in accordance with the regulations prescribed by the Board, before the effective date established under such subsection. Approved November 23, 1988.

LEGISLATIVE HISTORY—H.R. 3011: CONGRESSIONAL RECORD, Vol. 134 (1988): June 20, considered and passed House. Oct. 21, considered and passed Senate.

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