§ 1665a. Use of annual percentage rate in oral disclosures; exceptions
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/usc/title-15/section-1665aA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In responding orally to any inquiry about the cost of credit, a creditor, regardless of the method used to compute finance charges, shall state rates only in terms of the annual percentage rate, except that in the case of an open end credit plan, the periodic rate also may be stated and, in the case of an other than open end credit plan where a major component of the finance charge consists of interest computed at a simple annual rate, the simple annual rate also may be stated.
The Bureau may, by regulation, modify the requirements of this section or provide an exception from this section for a transaction or class of transactions for which the creditor cannot determine in advance the applicable annual percentage rate.
(Pub. L. 90–321, title I, § 146, as added Pub. L. 93–495, title IV, § 401(a), Oct. 28, 1974, 88 Stat. 1517; amended Pub. L. 96–221, title VI, § 623(a), Mar. 31, 1980, 94 Stat. 185; Pub. L. 111–203, title X, § 1100A(2), July 21, 2010, 124 Stat. 2107.)
Connections13 cite this · traces to 5
Cited by 13 sections · top 11
U.S. Code
- § 1640Civil liability
- § 1631Disclosure requirements
- § 1637Open end consumer credit plans
- § 1607Administrative enforcement
- § 1603Exempted transactions
- § 1635Right of rescission as to certain transactions
- § 1645Business credit cards; limits on liability of employees
- § 1644Fraudulent use of credit cards; penalties
statutes-at-large
statute-compilations
13 references not yet in our index
- Pub. L. 90–321, title I, § 146
- Pub. L. 93–495, title IV, § 401(a)
- 88 Stat. 1517
- Pub. L. 96–221, title VI, § 623(a)
- 94 Stat. 185
- Pub. L. 111–203, title X, § 1100A(2)
- 124 Stat. 2107
- Pub. L. 111–203
- Pub. L. 96–221
- section 1100H of Pub. L. 111–203
- section 625 of Pub. L. 96–221
- Pub. L. 93–495, title IV, § 416
- 88 Stat. 1521
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§ 1665a
Use of annual percentage rate in oral disclosures; exceptions
U.S.C.×9
Stat.×3
Stat. Comp.×1
Pub. L.Pub. L. 90–321, title I, § 146
Pub. L.Pub. L. 93–495, title IV, § 401(a)
Stat.88 Stat. 1517
Pub. L.Pub. L. 96–221, title VI, § 623(a)
Stat.94 Stat. 185
Cites 18 · showing 10Cited by 13 across 3 sources