Page:United States Statutes at Large Volume 119.djvu/225

 PUBLIC LAW 109–8—APR. 20, 2005

119 STAT. 207

‘‘(I) a significant number of different annual percentage rates; ‘‘(II) a significant number of different account balances; ‘‘(III) a significant number of different minimum payment amounts; and ‘‘(IV) that only minimum monthly payments are made and no additional extensions of credit are obtained; and ‘‘(iii) promulgate regulations that provide instructional guidance regarding the manner in which the information contained in the table established under clause (i) should be used in responding to the request of an obligor for any information required to be disclosed under subparagraph (A), (B), or (C). ‘‘(I) The disclosure requirements of this paragraph do not apply to any charge card account, the primary purpose of which is to require payment of charges in full each month. ‘‘(J) A creditor that maintains a toll-free telephone number for the purpose of providing customers with the actual number of months that it will take to repay the customer’s outstanding balance is not subject to the requirements of subparagraph (A) or (B). ‘‘(K) A creditor that maintains a toll-free telephone number for the purpose of providing customers with the actual number of months that it will take to repay an outstanding balance shall include the following statement on each billing statement: ‘Making only the minimum payment will increase the interest you pay and the time it takes to repay your balance. For more information, call this toll-free number: llll.’ (the blank space to be filled in by the creditor).’’. (b) REGULATORY IMPLEMENTATION.— (1) IN GENERAL.—The Board of Governors of the Federal Reserve System (hereafter in this title referred to as the ‘‘Board’’) shall promulgate regulations implementing the requirements of section 127(b)(11) of the Truth in Lending Act, as added by subsection (a) of this section. (2) EFFECTIVE DATE.—Section 127(b)(11) of the Truth in Lending Act, as added by subsection (a) of this section, and the regulations issued under paragraph (1) of this subsection shall not take effect until the later of— (A) 18 months after the date of enactment of this Act; or (B) 12 months after the publication of such final regulations by the Board. (c) STUDY OF FINANCIAL DISCLOSURES.— (1) IN GENERAL.—The Board may conduct a study to determine the types of information available to potential borrowers from consumer credit lending institutions regarding factors qualifying potential borrowers for credit, repayment requirements, and the consequences of default. (2) FACTORS FOR CONSIDERATION.—In conducting a study under paragraph (1), the Board should, in consultation with the other Federal banking agencies (as defined in section 3 of the Federal Deposit Insurance Act), the National Credit Union Administration, and the Federal Trade Commission, consider the extent to which—

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Regulations.

15 USC 1637 note.

15 USC 1637 note.

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