Page:United States Statutes at Large Volume 106 Part 5.djvu/254

 106 STAT. 3892 PUBLIC LAW 102-550—OCT. 28, 1992 (b) USE OF *TITLE OF 78'S" PROHIBITED.— For the purpose of calculating any refund of interest required under subsection (a) for any precomputed consumer credit transaction of a term exceeding 61 months which is consummated after September 30, 1993, the creditor shall compute the refund based on a method which is at least as favorable to the consumer as the actuarial method. (c) STATEMENT OF PREPAYMENT AMOUNT.— (1) IN GENERAL.—Before the end of the 5-day period beginning on the date an oral or written request is received by a creditor from a consumer for the disclosure of the amount due on any precomputed consumer credit account, the creditor or assignee shall provide the consumer with a statement of— (A) the £unount necessary to prepay the account in full; and (B) if the amount disclosed pursuant to subparagraph (A) includes an amount which is required to be refmided under this section with respect to such prepayment, the amount of such refund. (2) WRITTEN STATEMENT REQUIRED IF REQUEST IS IN WRIT- ING. —If the customer's request is in writing, the statement under paragraph (1) shall be in writing. (3) 1 FREE ANNUAL STATEMENT. —A consumer shall be entitled to obtain 1 statement under paragraph (1) each year without charge. (4) ADDITIONAL STATEMENTS SUBJECT TO REASONABLE FEES. —Any creditor may impose a reasonable fee to cover the cost of providing any statement under paragraph (1) to any consumer in addition to the 1 free annual statement required under paragraph (3) if the amount of the charge for such additional statement is disclosed to the consumer before furnishing such statement. (d) DEFiNrnONS.—For the purpose of this section— (1) ACTUARIAL METHOD. — The term "actuarial method" means the method of allocating payments made on a debt between the amount financed and uie finance charge pursuant to which a pa3anent is applied first to the accumulated finance charge and any remainder is subtractedfirom,or any deficient^ is added to, the unpaid balance of the amount financed. (2) CONSUMER, CREDIT.— The terms "consumer" and "creditor" have the meanings given to such terms in section 103 of the Consumer Credit Protection Act. (3) CREDITOR.— The term "creditor"— (A) has the meaning given to such term in section 103 of the Consumer Cremt Protection Act; and (B) includes any assignee of any creditor with respect to credit extended in connection witii any consumer ci^dit transaction and any subsequent assignee with respect to such credit. Subtitle B—Bank Regulatory Clarification Provisions SEC. 951. AMENDMENT RELATING TO ESTIMATES OF REAL ESTATE SETTLEMENT COSTS. Section 5(d) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2604(d)) is amended by striking the last sentence

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