
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC1637]

 
                      TITLE 15--COMMERCE AND TRADE
 
                 CHAPTER 41--CONSUMER CREDIT PROTECTION
 
              SUBCHAPTER I--CONSUMER CREDIT COST DISCLOSURE
 
                       Part B--Credit Transactions
 
Sec. 1637. Open end consumer credit plans


(a) Required disclosures by creditor

    Before opening any account under an open end consumer credit plan, 
the creditor shall disclose to the person to whom credit is to be 
extended each of the following items, to the extent applicable:
        (1) The conditions under which a finance charge may be imposed, 
    including the time period (if any) within which any credit extended 
    may be repaid without incurring a finance charge, except that the 
    creditor may, at his election and without disclosure, impose no such 
    finance charge if payment is received after the termination of such 
    time period. If no such time period is provided, the creditor shall 
    disclose such fact.
        (2) The method of determining the balance upon which a finance 
    charge will be imposed.
        (3) The method of determining the amount of the finance charge, 
    including any minimum or fixed amount imposed as a finance charge.
        (4) Where one or more periodic rates may be used to compute the 
    finance charge, each such rate, the range of balances to which it is 
    applicable, and the corresponding nominal annual percentage rate 
    determined by multiplying the periodic rate by the number of periods 
    in a year.
        (5) Identification of other charges which may be imposed as part 
    of the plan, and their method of computation, in accordance with 
    regulations of the Board.
        (6) In cases where the credit is or will be secured, a statement 
    that a security interest has been or will be taken in (A) the 
    property purchased as part of the credit transaction, or (B) 
    property not purchased as part of the credit transaction identified 
    by item or type.
        (7) A statement, in a form prescribed by regulations of the 
    Board of the protection provided by sections 1666 and 1666i of this 
    title to an obligor and the creditor's responsibilities under 
    sections 1666a and 1666i of this title. With respect to one billing 
    cycle per calendar year, at intervals of not less than six months or 
    more than eighteen months, the creditor shall transmit such 
    statement to each obligor to whom the creditor is required to 
    transmit a statement pursuant to subsection (b) of this section for 
    such billing cycle.
        (8) In the case of any account under an open end consumer credit 
    plan which provides for any extension of credit which is secured by 
    the consumer's principal dwelling, any information which--
            (A) is required to be disclosed under section 1637a(a) of 
        this title; and
            (B) the Board determines is not described in any other 
        paragraph of this subsection.

(b) Statement required with each billing cycle

    The creditor of any account under an open end consumer credit plan 
shall transmit to the obligor, for each billing cycle at the end of 
which there is an outstanding balance in that account or with respect to 
which a finance charge is imposed, a statement setting forth each of the 
following items to the extent applicable:
        (1) The outstanding balance in the account at the beginning of 
    the statement period.
        (2) The amount and date of each extension of credit during the 
    period, and a brief identification, on or accompanying the statement 
    of each extension of credit in a form prescribed by the Board 
    sufficient to enable the obligor either to identify the transaction 
    or to relate it to copies of sales vouchers or similar instruments 
    previously furnished, except that a creditor's failure to disclose 
    such information in accordance with this paragraph shall not be 
    deemed a failure to comply with this part or this subchapter if (A) 
    the creditor maintains procedures reasonably adapted to procure and 
    provide such information, and (B) the creditor responds to and 
    treats any inquiry for clarification or documentation as a billing 
    error and an erroneously billed amount under section 1666 of this 
    title. In lieu of complying with the requirements of the previous 
    sentence, in the case of any transaction in which the creditor and 
    seller are the same person, as defined by the Board, and such 
    person's open end credit plan has fewer than 15,000 accounts, the 
    creditor may elect to provide only the amount and date of each 
    extension of credit during the period and the seller's name and 
    location where the transaction took place if (A) a brief 
    identification of the transaction has been previously furnished, and 
    (B) the creditor responds to and treats any inquiry for 
    clarification or documentation as a billing error and an erroneously 
    billed amount under section 1666 of this title.
        (3) The total amount credited to the account during the period.
        (4) The amount of any finance charge added to the account during 
    the period, itemized to show the amounts, if any, due to the 
    application of percentage rates and the amount, if any, imposed as a 
    minimum or fixed charge.
        (5) Where one or more periodic rates may be used to compute the 
    finance charge, each such rate, the range of balances to which it is 
    applicable, and, unless the annual percentage rate (determined under 
    section 1606(a)(2) of this title) is required to be disclosed 
    pursuant to paragraph (6), the corresponding nominal annual 
    percentage rate determined by multiplying the periodic rate by the 
    number of periods in a year.
        (6) Where the total finance charge exceeds 50 cents for a 
    monthly or longer billing cycle, or the pro rata part of 50 cents 
    for a billing cycle shorter than monthly, the total finance charge 
    expressed as an annual percentage rate (determined under section 
    1606(a)(2) of this title), except that if the finance charge is the 
    sum of two or more products of a rate times a portion of the 
    balance, the creditor may, in lieu of disclosing a single rate for 
    the total charge, disclose each such rate expressed as an annual 
    percentage rate, and the part of the balance to which it is 
    applicable.
        (7) The balance on which the finance charge was computed and a 
    statement of how the balance was determined. If the balance is 
    determined without first deducting all credits during the period, 
    that fact and the amount of such payments shall also be disclosed.
        (8) The outstanding balance in the account at the end of the 
    period.
        (9) The date by which or the period (if any) within which, 
    payment must be made to avoid additional finance charges, except 
    that the creditor may, at his election and without disclosure, 
    impose no such additional finance charge if payment is received 
    after such date or the termination of such period.
        (10) The address to be used by the creditor for the purpose of 
    receiving billing inquiries from the obligor.

(c) Disclosure in credit and charge card applications and solicitations

           (1) Direct mail applications and solicitations

        (A) Information in tabular format

            Any application to open a credit card account for any person 
        under an open end consumer credit plan, or a solicitation to 
        open such an account without requiring an application, that is 
        mailed to consumers shall disclose the following information, 
        subject to subsection (e) of this section and section 1632(c) of 
        this title:
            (i) Annual percentage rates

                (I) Each annual percentage rate applicable to extensions 
            of credit under such credit plan.
                (II) Where an extension of credit is subject to a 
            variable rate, the fact that the rate is variable, the 
            annual percentage rate in effect at the time of the mailing, 
            and how the rate is determined.
                (III) Where more than one rate applies, the range of 
            balances to which each rate applies.
            (ii) Annual and other fees

                (I) Any annual fee, other periodic fee, or membership 
            fee imposed for the issuance or availability of a credit 
            card, including any account maintenance fee or other charge 
            imposed based on activity or inactivity for the account 
            during the billing cycle.
                (II) Any minimum finance charge imposed for each period 
            during which any extension of credit which is subject to a 
            finance charge is outstanding.
                (III) Any transaction charge imposed in connection with 
            use of the card to purchase goods or services.
            (iii) Grace period

                (I) The date by which or the period within which any 
            credit extended under such credit plan for purchases of 
            goods or services must be repaid to avoid incurring a 
            finance charge, and, if no such period is offered, such fact 
            shall be clearly stated.
                (II) If the length of such ``grace period'' varies, the 
            card issuer may disclose the range of days in the grace 
            period, the minimum number of days in the grace period, or 
            the average number of days in the grace period, if the 
            disclosure is identified as such.
            (iv) Balance calculation method

                (I) The name of the balance calculation method used in 
            determining the balance on which the finance charge is 
            computed if the method used has been defined by the Board, 
            or a detailed explanation of the balance calculation method 
            used if the method has not been so defined.
                (II) In prescribing regulations to carry out this 
            clause, the Board shall define and name not more than the 5 
            balance calculation methods determined by the Board to be 
            the most commonly used methods.

        (B) Other information

            In addition to the information required to be disclosed 
        under subparagraph (A), each application or solicitation to 
        which such subparagraph applies shall disclose clearly and 
        conspicuously the following information, subject to subsections 
        (e) and (f) of this section:
            (i) Cash advance fee

                Any fee imposed for an extension of credit in the form 
            of cash.
            (ii) Late fee

                Any fee imposed for a late payment.
            (iii) Over-the-limit fee

                Any fee imposed in connection with an extension of 
            credit in excess of the amount of credit authorized to be 
            extended with respect to such account.

                     (2) Telephone solicitations

        (A) In general

            In any telephone solicitation to open a credit card account 
        for any person under an open end consumer credit plan, the 
        person making the solicitation shall orally disclose the 
        information described in paragraph (1)(A).

        (B) Exception

            Subparagraph (A) shall not apply to any telephone 
        solicitation if--
                (i) the credit card issuer--
                    (I) does not impose any fee described in paragraph 
                (1)(A)(ii)(I); or
                    (II) does not impose any fee in connection with 
                telephone solicitations unless the consumer signifies 
                acceptance by using the card;

                (ii) the card issuer discloses clearly and conspicuously 
            in writing the information described in paragraph (1) within 
            30 days after the consumer requests the card, but in no 
            event later than the date of delivery of the card; and
                (iii) the card issuer discloses clearly and 
            conspicuously that the consumer is not obligated to accept 
            the card or account and the consumer will not be obligated 
            to pay any of the fees or charges disclosed unless the 
            consumer elects to accept the card or account by using the 
            card.

          (3) Applications and solicitations by other means

        (A) In general

            Any application to open a credit card account for any person 
        under an open end consumer credit plan, and any solicitation to 
        open such an account without requiring an application, that is 
        made available to the public or contained in catalogs, 
        magazines, or other publications shall meet the disclosure 
        requirements of subparagraph (B), (C), or (D).

        (B) Specific information

            An application or solicitation described in subparagraph (A) 
        meets the requirement of this subparagraph if such application 
        or solicitation contains--
                (i) the information--
                    (I) described in paragraph (1)(A) in the form 
                required under section 1632(c) of this title, subject to 
                subsection (e) of this section, and
                    (II) described in paragraph (1)(B) in a clear and 
                conspicuous form, subject to subsections (e) and (f) of 
                this section;

                (ii) a statement, in a conspicuous and prominent 
            location on the application or solicitation, that--
                    (I) the information is accurate as of the date the 
                application or solicitation was printed;
                    (II) the information contained in the application or 
                solicitation is subject to change after such date; and
                    (III) the applicant should contact the creditor for 
                information on any change in the information contained 
                in the application or solicitation since it was printed;

                (iii) a clear and conspicuous disclosure of the date the 
            application or solicitation was printed; and
                (iv) a disclosure, in a conspicuous and prominent 
            location on the application or solicitation, of a toll free 
            telephone number or a mailing address at which the applicant 
            may contact the creditor to obtain any change in the 
            information provided in the application or solicitation 
            since it was printed.

        (C) General information without any specific term

            An application or solicitation described in subparagraph (A) 
        meets the requirement of this subparagraph if such application 
        or solicitation--
                (i) contains a statement, in a conspicuous and prominent 
            location on the application or solicitation, that--
                    (I) there are costs associated with the use of 
                credit cards; and
                    (II) the applicant may contact the creditor to 
                request disclosure of specific information of such costs 
                by calling a toll free telephone number or by writing to 
                an address, specified in the application;

                (ii) contains a disclosure, in a conspicuous and 
            prominent location on the application or solicitation, of a 
            toll free telephone number and a mailing address at which 
            the applicant may contact the creditor to obtain such 
            information; and
                (iii) does not contain any of the items described in 
            paragraph (1).

        (D) Applications or solicitations containing subsection (a) 
                disclosures

            An application or solicitation meets the requirement of this 
        subparagraph if it contains, or is accompanied by--
                (i) the disclosures required by paragraphs (1) through 
            (6) of subsection (a) of this section;
                (ii) the disclosures required by subparagraphs (A) and 
            (B) of paragraph (1) of this subsection included clearly and 
            conspiciously \1\ (except that the provisions of section 
            1632(c) of this title shall not apply); and
---------------------------------------------------------------------------
    \1\ So in original. Probably should be ``conspicuously''.
---------------------------------------------------------------------------
                (iii) a toll free telephone number or a mailing address 
            at which the applicant may contact the creditor to obtain 
            any change in the information provided.

        (E) Prompt response to information requests

            Upon receipt of a request for any of the information 
        referred to in subparagraph (B), (C), or (D), the card issuer or 
        the agent of such issuer shall promptly disclose all of the 
        information described in paragraph (1).

           (4) Charge card applications and solicitations

        (A) In general

            Any application or solicitation to open a charge card 
        account shall disclose clearly and conspicuously the following 
        information in the form required by section 1632(c) of this 
        title, subject to subsection (e) of this section:
                (i) Any annual fee, other periodic fee, or membership 
            fee imposed for the issuance or availability of the charge 
            card, including any account maintenance fee or other charge 
            imposed based on activity or inactivity for the account 
            during the billing cycle.
                (ii) Any transaction charge imposed in connection with 
            use of the card to purchase goods or services.
                (iii) A statement that charges incurred by use of the 
            charge card are due and payable upon receipt of a periodic 
            statement rendered for such charge card account.

        (B) Other information

            In addition to the information required to be disclosed 
        under subparagraph (A), each written application or solicitation 
        to which such subparagraph applies shall disclose clearly and 
        conspicuously the following information, subject to subsections 
        (e) and (f) of this section:
            (i) Cash advance fee

                Any fee imposed for an extension of credit in the form 
            of cash.
            (ii) Late fee

                Any fee imposed for a late payment.
            (iii) Over-the-limit fee

                Any fee imposed in connection with an extension of 
            credit in excess of the amount of credit authorized to be 
            extended with respect to such account.

        (C) Applications and solicitations by other means

            Any application to open a charge card account, and any 
        solicitation to open such an account without requiring an 
        application, that is made available to the public or contained 
        in catalogs, magazines, or other publications shall contain--
                (i) the information--
                    (I) described in subparagraph (A) in the form 
                required under section 1632(c) of this title, subject to 
                subsection (e) of this section, and
                    (II) described in subparagraph (B) in a clear and 
                conspicuous form, subject to subsections (e) and (f) of 
                this section;

                (ii) a statement, in a conspicuous and prominent 
            location on the application or solicitation, that--
                    (I) the information is accurate as of the date the 
                application or solicitation was printed;
                    (II) the information contained in the application or 
                solicitation is subject to change after such date; and
                    (III) the applicant should contact the creditor for 
                information on any change in the information contained 
                in the application or solicitation since it was printed;

                (iii) a clear and conspicuous disclosure of the date the 
            application or solicitation was printed; and
                (iv) a disclosure, in a conspicuous and prominent 
            location on the application or solicitation, of a toll free 
            telephone number or a mailing address at which the applicant 
            may contact the creditor to obtain any change in the 
            information provided in the application or solicitation 
            since it was printed.

        (D) Issuers of charge cards which provide access to open end 
                consumer credit plans

            If a charge card permits the card holder to receive an 
        extension of credit under an open end consumer credit plan, 
        which is not maintained by the charge card issuer, the charge 
        card issuer may provide the information described in 
        subparagraphs (A) and (B) in the form required by such 
        subparagraphs in lieu of the information required to be provided 
        under paragraph (1), (2), or (3) with respect to any credit 
        extended under such plan, if the charge card issuer discloses 
        clearly and conspicuously to the consumer in the application or 
        solicitation that--
                (i) the charge card issuer will make an independent 
            decision as to whether to issue the card;
                (ii) the charge card may arrive before the decision is 
            made with respect to an extension of credit under an open 
            end consumer credit plan; and
                (iii) approval by the charge card issuer does not 
            constitute approval by the issuer of the extension of 
            credit.

        The information required to be disclosed under paragraph (1) 
        shall be provided to the charge card holder by the creditor 
        which maintains such open end consumer credit plan before the 
        first extension of credit under such plan.

        (E) Charge card defined

            For the purposes of this subsection, the term ``charge 
        card'' means a card, plate, or other single credit device that 
        may be used from time to time to obtain credit which is not 
        subject to a finance charge.

                (5) Regulatory authority of the Board

        The Board may, by regulation, require the disclosure of 
    information in addition to that otherwise required by this 
    subsection or subsection (d) of this section, and modify any 
    disclosure of information required by this subsection or subsection 
    (d) of this section, in any application to open a credit card 
    account for any person under an open end consumer credit plan or any 
    application to open a charge card account for any person, or a 
    solicitation to open any such account without requiring an 
    application, if the Board determines that such action is necessary 
    to carry out the purposes of, or prevent evasions of, any paragraph 
    of this subsection.

(d) Disclosure prior to renewal

                           (1) In general

        Except as provided in paragraph (2), a card issuer that imposes 
    any fee described in subsection (c)(1)(A)(ii)(I) or (c)(4)(A)(i) of 
    this section shall transmit to a consumer at least 30 days prior to 
    the scheduled renewal date of the consumer's credit or charge card 
    account a clear and conspicuous disclosure of--
            (A) the date by which, the month by which, or the billing 
        period at the close of which, the account will expire if not 
        renewed;
            (B) the information described in subsection (c)(1)(A) or 
        (c)(4)(A) of this section that would apply if the account were 
        renewed, subject to subsection (e) of this section; and
            (C) the method by which the consumer may terminate continued 
        credit availability under the account.

              (2) Special rule for certain disclosures

        (A) In general

            The disclosures required by this subsection may be 
        provided--
                (i) prior to posting a fee described in subsection 
            (c)(1)(A)(ii)(I) or (c)(4)(A)(i) of this section to the 
            account, or
                (ii) with the periodic billing statement first 
            disclosing that the fee has been posted to the account.

        (B) Limitation on use of special rule

            Disclosures may be provided under subparagraph (A) only if--
                (i) the consumer is given a 30-day period to avoid 
            payment of the fee or to have the fee recredited to the 
            account in any case where the consumer does not wish to 
            continue the availability of the credit; and
                (ii) the consumer is permitted to use the card during 
            such period without incurring an obligation to pay such fee.

                       (3) Short-term renewals

        The Board may by regulation provide for fewer disclosures than 
    are required by paragraph (1) in the case of an account which is 
    renewable for a period of less than 6 months.

(e) Other rules for disclosures under subsections (c) and (d)

          (1) Fees determined on the basis of a percentage

        If the amount of any fee required to be disclosed under 
    subsection (c) or (d) of this section is determined on the basis of 
    a percentage of another amount, the percentage used in making such 
    determination and the identification of the amount against which 
    such percentage is applied shall be disclosed in lieu of the amount 
    of such fee.

            (2) Disclosure only of fees actually imposed

        If a credit or charge card issuer does not impose any fee 
    required to be disclosed under any provision of subsection (c) or 
    (d) of this section, such provision shall not apply with respect to 
    such issuer.

(f) Disclosure of range of certain fees which vary by State allowed

    If the amount of any fee required to be disclosed by a credit or 
charge card issuer under paragraph (1)(B), (3)(B)(i)(II), (4)(B), or 
(4)(C)(i)(II) of subsection (c) of this section varies from State to 
State, the card issuer may disclose the range of such fees for purposes 
of subsection (c) of this section in lieu of the amount for each 
applicable State, if such disclosure includes a statement that the 
amount of such fee varies from State to State.

(g) Insurance in connection with certain open end credit card plans

                   (1) Change in insurance carrier

        Whenever a card issuer that offers any guarantee or insurance 
    for repayment of all or part of the outstanding balance of an open 
    end credit card plan proposes to change the person providing that 
    guarantee or insurance, the card issuer shall send each insured 
    consumer written notice of the proposed change not less than 30 days 
    prior to the change, including notice of any increase in the rate or 
    substantial decrease in coverage or service which will result from 
    such change. Such notice may be included on or with the monthly 
    statement provided to the consumer prior to the month in which the 
    proposed change would take effect.

                (2) Notice of new insurance coverage

        In any case in which a proposed change described in paragraph 
    (1) occurs, the insured consumer shall be given the name and address 
    of the new guarantor or insurer and a copy of the policy or group 
    certificate containing the basic terms and conditions, including the 
    premium rate to be charged.

           (3) Right to discontinue guarantee or insurance

        The notices required under paragraphs (1) and (2) shall each 
    include a statement that the consumer has the option to discontinue 
    the insurance or guarantee.

                   (4) No preemption of State law

        No provision of this subsection shall be construed as 
    superseding any provision of State law which is applicable to the 
    regulation of insurance.

    (5) Board definition of substantial decrease in coverage or 
                                   service

        The Board shall define, in regulations, what constitutes a 
    ``substantial decrease in coverage or service'' for purposes of 
    paragraph (1).

(Pub. L. 90-321, title I, Sec. 127, May 29, 1968, 82 Stat. 153; Pub. L. 
93-495, title III, Secs. 304, 305, title IV, Secs. 411, 415, Oct. 28, 
1974, 88 Stat. 1511, 1519, 1521; Pub. L. 96-221, title VI, Sec. 613(a)-
(e), Mar. 31, 1980, 94 Stat. 176, 177; Pub. L. 100-583, Secs. 2(a), 6, 
Nov. 3, 1988, 102 Stat. 2960, 2968; Pub. L. 100-709, Sec. 2(b), Nov. 23, 
1988, 102 Stat. 4729.)


                               Amendments

    1988--Subsec. (a)(8). Pub. L. 100-709 added par. (8).
    Subsecs. (c) to (f). Pub. L. 100-583, Sec. 2(a), added subsecs. (c) 
to (f).
    Subsec. (g). Pub. L. 100-583, Sec. 6, added subsec. (g).
    1980--Subsec. (a)(1). Pub. L. 96-221, Sec. 613(a)(1), inserted 
provisions requiring the creditor to disclose that no time period is 
provided.
    Subsec. (a)(5). Pub. L. 96-221, Sec. 613(a)(2), (3), redesignated 
par. (6) as (5) and inserted provisions relating to identification of 
other charges, and regulations by the Board. Former par. (5), relating 
to elective rights of the creditor, was struck out.
    Subsec. (a)(6). Pub. L. 96-221, Sec. 613(a)(2), (3), redesignated 
par. (7) as (6) and revised nomenclature and expanded statement 
requirements. Former par. (6) redesignated (5).
    Subsec. (a)(7), (8). Pub. L. 96-221, Sec. 613(a)(2), (d), 
redesignated par. (8) as (7) and substituted provisions relating to one 
billing cycle per calendar year, for provisions relating to each of two 
billing cycles per year. Former par. (7) redesignated (6).
    Subsec. (b)(2). Pub. L. 96-221, Sec. 613(b), inserted provisions 
relating to failure of the creditor to disclose information in 
accordance with this paragraph, and made minor changes in phraseology.
    Subsec. (b)(7) to (11). Pub. L. 96-221, Sec. 613(c), struck out par. 
(7) which related to elective rights of the creditor, and redesignated 
pars. (8) to (11) as (7) to (10), respectively.
    Subsec. (c). Pub. L. 96-221, Sec. 613(e), struck out subsec. (c) 
which related to the time for making disclosures with respect to open 
end consumer credit plans having an outstanding balance of more than $1 
at or after the close of the first full billing cycle.
    1974--Subsec. (a)(1). Pub. L. 93-495, Sec. 415(1), inserted 
exception relating to nonimposition of a finance charge at the election 
of the creditor and without disclosure.
    Subsec. (a)(8). Pub. L. 93-495, Sec. 304(a), added par. (8).
    Subsec. (b)(2). Pub. L. 93-495, Sec. 411, substituted provisions 
requiring a brief identification on or accompanying the statement of 
credit extension sufficient to enable the obligor to identify the 
transaction or relate it to copies of sales vouchers or similar 
instruments previously furnished, for provisions requiring for purchases 
a brief identification, unless previously furnished, of the goods or 
services purchased.
    Subsec. (b)(10). Pub. L. 93-495, Sec. 415(2), inserted exception 
relating to nonimposition of additional finance charge at the election 
of the creditor and without disclosure.
    Subsec. (b)(11). Pub. L. 93-495, Sec. 305, added par. (11).
    Subsec. (c). Pub. L. 93-495, Sec. 304(b), substituted provisions 
relating to disclosure requirements in a notice mailed or delivered to 
the obligor not later than the time of mailing the next statement 
required by subsec. (b) of this section, for provisions relating to 
disclosure requirements in a notice mailed or delivered to the obligor 
not later than thirty days after July 1, 1969.


                    Effective Date of 1988 Amendment

    For effective date of amendments by Pub. L. 100-709, see 
Regulations; Effective Date note below.


                    Effective Date of 1980 Amendment

    Amendment by Pub. L. 96-221 effective on expiration of two years and 
six months after Mar. 31, 1980, with all regulations, forms, and clauses 
required to be prescribed to be promulgated at least one year prior to 
such effective date, and allowing any creditor to comply with any 
amendments, in accordance with the regulations, forms, and clauses 
prescribed by the Board prior to such effective date, see section 625 of 
Pub. L. 96-221, set out as a note under section 1602 of this title.


                    Effective Date of 1974 Amendment

    For effective date of amendment by sections 304 and 305 of Pub. L. 
93-495, see section 308 of Pub. L. 93-495, set out as an Effective Date 
note under section 1666 of this title.
    For effective date of amendment by section 411 of Pub. L. 93-495, 
see section 416 of Pub. L. 93-495, set out as an Effective Date note 
under section 1665a of this title.
    Amendment by section 415 of Pub. L. 93-495 effective Oct. 28, 1974, 
see section 416 of Pub. L. 93-495, set out as an Effective Date note 
under section 1665a of this title.


                       Regulations; Effective Date

    For provisions relating to promulgation of regulations to implement 
amendment by Pub. L. 100-709, and effective date of such amendment in 
connection with those regulations, see section 7 of Pub. L. 100-709, set 
out as a note under section 1637a of this title.
    Section 7 of Pub. L. 100-583 provided that: ``Any regulation 
required to be prescribed by the Board under the amendments made by 
section 2 [amending this section and section 1632 of this title] shall--
        ``(1) take effect not later than the end of the 150-day period 
    beginning on the date of the enactment of this Act [Nov. 3, 1988]; 
    and
        ``(2) apply only with respect to applications, solicitations, 
    and other material distributed after the end of the 150-day period 
    beginning after the end of the period referred to in paragraph (1), 
    except that--
            ``(A) in the case of applications and solicitations subject 
        to paragraph (3) or (4)(C) of section 127(c) of the Truth in 
        Lending Act [15 U.S.C. 1637(c)(3), (4)(C)] (as added by section 
        2), such period shall be 240 days; and
            ``(B) any card issuer may, at its option, comply with the 
        requirements of the amendments made by this Act [see Short Title 
        of 1988 Amendment note under section 1601 of this title] prior 
        to the applicable effective date, in which case the amendments 
        made by this Act shall be fully applicable to such card 
        issuer.''


                           Reports to Congress

    Section 8 of Pub. L. 100-583 provided that: ``Not later than 1 year 
after the regulations prescribed under section 7 of this Act [set out as 
a note above] become effective and annually thereafter, the Board of 
Governors of the Federal Reserve System shall transmit to the Congress a 
report containing an assessment by the Board of the profitability of 
credit card operations of depository institutions, including an analysis 
of any impact of the amendments made by this Act [see Short Title of 
1988 Amendment note under section 1601 of this title] on such 
profitability.''

                  Section Referred to in Other Sections

    This section is referred to in sections 1602, 1610, 1632, 1640, 
1643, 1646, 1666 of this title.
