Page:United States Statutes at Large Volume 82.djvu/194

 152

PUBLIC LAW 90-321-MAY 29, 1968

[82 STAT.

CHAPTER 2—CREDIT TRANSACTIONS Sec.

121. 122. 123. 124. 125. 126. 127. 128. 129. 130. 131.

General requirement of disclosure. Form of disclosure; additional information. Exemption for State-regulated transactions. Effect of subsequent occurrence. Right of rescission as to certain transactions. Content of periodic statements. Open end consumer credit plans. Sales not under open end credit plans. Consumer loans not under open end credit plans. Civilliability. Written acknowledgment as proof of receipt.

§ 121. General requirement of disclosure (a) Each creditor shall disclose clearly and conspicuously, in accordance with the regulations of the Board, to each person to whom consumer credit is extended and upon whom a finance charge is or may be imposed, the information required under this chapter. (b) If there is more than one obligor, a creditor need not furnish a statement of information required under this chapter to more than one of them. §122. Form of disclosure; additional information (a) Regulations of the Board need not require that disclosures pursuant to this chapter be made in the order set forth in this chapter, and may permit the use of terminology different from that employed m this chapter if it conveys substantially the same meaning. (b) Any creditor may supply additional information or explanations with any disclosures required under this chapter. § 123. Exemption for State-regulated transactions The Board shall by regulation exempt from the requirements of this chapter any class oi credit transactions within any State if it determines that under the law of that State that class of transactions is subject to requirements substantially similar to those imposed under this chapter, and that there is adequate provision for enforcement. §124. Effect of subsequent occurrence If information disclosed in accordance with this chapter is subsequently rendered inaccurate as the result of any act, occurrence, or agreement subsequent to the delivery of the required disclosures, the inaccuracy resulting therefrom does not constitute a violation of this chapter. §125. Right of rescission as to certain transactions (a) Except as otherwise provided in this section, in the case of any consumer credit transaction in which a security interest is retained or acquired in any real property which is used or is expected to be used as the residence of the person to whom credit is extended, the obligor shall have the right to rescind the transaction until midnight of the third business day following the consummation of the transaction or the delivery of the disclosures required under this section and all other material disclosures required under this chapter, whichever is later, by notifying the creditor, in accordance with regulations of the Board, of his intention to do so. The creditor shall clearly and conspicuously disclose, in accordance with regulations of the Board, to any obligor in a transaction subject to this section the rights of the obligor under this section. The creditor shall also provide, m accordance with regulations of the Board, an adequate opportunity to the obligor to exercise his right to rescind any transaction subject to this section.

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