§ 1664. Advertising of credit other than open end plans
619 words·~3 min read·
/usc/title-15/section-1664A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Exclusion of open end credit plans Except as provided in subsection (b), this section applies to any advertisement to aid, promote, or assist directly or indirectly any consumer credit sale, loan, or other extension of credit subject to the provisions of this subchapter, other than an open end credit plan.
(b)Advertisements of residential real estate The provisions of this section do not apply to advertisements of residential real estate except to the extent that the Bureau may by regulation require.
(c)Rate of finance charge expressed as annual percentage rate If any advertisement to which this section applies states the rate of a finance charge, the advertisement shall state the rate of that charge expressed as an annual percentage rate.
(d)Requisite disclosures in advertisement If any advertisement to which this section applies states the amount of the downpayment, if any, the amount of any installment payment, the dollar amount of any finance charge, or the number of installments or the period of repayment, then the advertisement shall state all of the following items:
(1)The downpayment, if any.
(2)The terms of repayment.
(3)The rate of the finance charge expressed as an annual percentage rate.
(e)Credit transaction secured by principal dwelling of consumer Each advertisement to which this section applies that relates to a consumer credit transaction that is secured by the principal dwelling of a consumer in which the extension of credit may exceed the fair market value of the dwelling, and which advertisement is disseminated in paper form to the public or through the Internet, as opposed to by radio or television, shall clearly and conspicuously state that—
(1)the interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes; and
(2)the consumer should consult a tax adviser for further information regarding the deductibility of interest and charges.
(Pub. L. 90–321, title I, § 144, May 29, 1968, 82 Stat. 158; Pub. L. 96–221, title VI, § 619(b), Mar. 31, 1980, 94 Stat. 183; Pub. L. 109–8, title XIII, § 1302(b)(2), Apr. 20, 2005, 119 Stat. 209; Pub. L. 111–203, title X, § 1100A(2), July 21, 2010, 124 Stat. 2107.)
Connections17 cite this · traces to 3
Cited by 17 sections · top 10
register
statutes-at-large
- Public Law 109–8To amend title 11 of the United States Code, and for other purposes
- Public Law 96–221To facilitate the implementation of monetary policy, to provide for the gradual elimination of all limitations on the rates of interest which are payable on deposits and accounts, and to authorize interest-bearing transaction accounts, and for other purposes
statute-compilations
Traces to 3 documents
15 references not yet in our index
- Pub. L. 90–321, title I, § 144
- 82 Stat. 158
- Pub. L. 96–221, title VI, § 619(b)
- 94 Stat. 183
- Pub. L. 109–8, title XIII, § 1302(b)(2)
- 119 Stat. 209
- Pub. L. 111–203, title X, § 1100A(2)
- 124 Stat. 2107
- Pub. L. 111–203
- Pub. L. 109–8
- Pub. L. 97–221
- section 1100H of Pub. L. 111–203
- section 1501 of Pub. L. 109–8
- Pub. L. 96–221
- section 625 of Pub. L. 96–221
Citation graph
cites case law
§ 1664
Advertising of credit other than open end plans
Fed. Reg.×13
Stat.×2
Bills×1
Stat. Comp.×1
Pub. L.Pub. L. 90–321, title I, § 144
Stat.82 Stat. 158
Pub. L.Pub. L. 96–221, title VI, § 619(b)
Stat.94 Stat. 183
Pub. L.Pub. L. 109–8, title XIII, § 1302(b)(2)
Cites 18 · showing 8Cited by 17 across 4 sources