78950 Federal Register / Vol. 79, No. 250 / Wednesday, December 31, 2014 / Notices 

The disclosure informs the customer of 

the bank’s refund policy, as applicable, 

i.e., that the DCC or DSA may be: (i) 

Canceled at any time for a refund; (ii) 

cancelled within a specified number of 

days for a full refund; or (iii) cancelled 

at any time with no refund (short and 

long form). 

• Whether use of credit line is 

restricted—A bank must inform a 

customer if the customer’s activation of 

the contract would prohibit the 

customer from incurring additional 

charges or using the credit line (long 

form). 

• Termination of a DCC or DSA— If 

termination is permitted during the life 

of the loan, a bank must explain the 

circumstances under which a customer 

or the bank may terminate the contract 

(long form). 

• Additional disclosures—A bank 

must inform consumers that it will 

provide additional information before 

the customer is required to pay for the 

product (short form). 

• Eligibility requirements, conditions, 

and exclusions—A bank must describe 

any material limitations relating to the 

DCC or DSA (short and long form). 

Section 37.7 

Section 37.7 requires a bank to obtain 

a customer’s written affirmative election 

to purchase a contract and written 

acknowledgment of receipt of the 

disclosures required by § 37.6. The 

section further provides that the 

election and acknowledgment must be 

conspicuous, simple, direct, readily 

understandable, and designed to call 

attention to their significance. Pursuant 

to § 37.7(b), if the sale of the contract 

occurs by telephone, the customer’s 

affirmative election to purchase and 

acknowledgment of receipt of the 

required short form may be made orally, 

provided the bank: (i) Maintains 

sufficient documentation to show that 

the customer received the short form 

disclosures and then affirmatively 

elected to purchase the contract; (ii) 

mails the affirmative written election 

and written acknowledgment, together 

with the long form disclosures required 

by § 37.6, to the customer within 3 

business days after the telephone 

solicitation and maintains sufficient 

documentation to show it made 

reasonable efforts to obtain the 

documents from the customer; and (iii) 

permits the customer to cancel the 

purchase of the contract without penalty 

within 30 days after the bank has mailed 

the long form disclosures to the 

customer. 

Pursuant to § 37.7(c), if the DCC or 

DSA is solicited through written 

materials such as mail inserts or ‘‘take 

one’’ applications and the bank provides 

only the short form disclosures in the 

written materials, then the bank shall 

mail the acknowledgment, together with 

the long form disclosures, to the 

customer. The bank may not obligate the 

customer to pay for the contract until 

after the bank has received the 

customer’s written acknowledgment of 

receipt of disclosures, unless the bank 

takes certain steps, maintains certain 

documentation, and permits the 

customer to cancel the purchase within 

30 days after mailing the long form 

disclosures to the customer. Section 

37.6(d) permits the affirmative election 

and acknowledgment to be made 

electronically. 

Type of Review: Regular. 

Affected Public: Businesses or other 

for-profit. 

Number of Respondents: 1,219. 

Total Annual Responses: 1,219. 

Frequency of Response: On occasion. 

Total Annual Burden Hours: 29,256 

hours. 

On October 20, 2014, the OCC issued 

a notice for 60 days of comment 

regarding this collection. 79 FR 62710. 

No comments were received. Comments 

continue to be invited on: 

(a) Whether the collection of 

information is necessary for the proper 

performance of the functions of the 

OCC, including whether the information 

shall have practical utility; 

(b) The accuracy of the OCC’s 

estimate of the burden of the collection 

of information; 

(c) Ways to enhance the quality, 

utility, and clarity of the information to 

be collected; 

(d) Ways to minimize the burden of 

the collection on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology; and 

(e) Estimates of capital or start-up 

costs and costs of operation, 

maintenance, and purchase of services 

to provide information. 

Dated: December 22, 2014. 

Stuart E. Feldstein, 

Director, Legislative & Regulatory Activities 

Division. 

[FR Doc. 2014–30397 Filed 12–30–14; 8:45 am] 

BILLING CODE 4810–33–P 

DEPARTMENT OF THE TREASURY 

Fiscal Service 

Prompt Payment Interest Rate; 

Contract Disputes Act 

AGENCY: Bureau of the Fiscal Service, 

Treasury. 

ACTION: Notice. 

SUMMARY: For the period beginning 

January 1, 2015, and ending on June 30, 

2015, the prompt payment interest rate 

is 21⁄8 per centum per annum. 

ADDRESSES: Comments or inquiries may 

be mailed to: E-Commerce Division, 

Bureau of the Fiscal Service, 401 14th 

Street SW., Room 306F, Washington, DC 

20227. Comments or inquiries may also 

be emailed to PromptPayment@

fiscal.treasury.gov. A copy of this notice 

is available at http://www.fms.treas.gov/ 

prompt/index.html. 

DATES: Effective January 1, 2015, to June 

30, 2015. 

FOR FURTHER INFORMATION CONTACT: 

Thomas M. Burnum, E-Commerce 

Division, (202) 874–6430; or Thomas 

Kearns, Attorney-Advisor, Office of the 

Chief Counsel, (202) 874–7036. 

SUPPLEMENTARY INFORMATION: An agency 

that has acquired property or service 

from a business concern and has failed 

to pay for the complete delivery of 

property or service by the required 

payment date shall pay the business 

concern an interest penalty. 31 U.S.C. 

3902(a). The Contract Disputes Act of 

1978, Sec. 12, Public Law 95–563, 92 

Stat. 2389, and the Prompt Payment Act, 

31 U.S.C. 3902(a), provide for the 

calculation of interest due on claims at 

the rate established by the Secretary of 

the Treasury. 

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Federal Register / Vol. 79, No. 250 / Wednesday, December 31, 2014 / Notices 78951 

The Secretary of the Treasury has the 

authority to specify the rate by which 

the interest shall be computed for 

interest payments under section 12 of 

the Contract Disputes Act of 1978 and 

under the Prompt Payment Act. Under 

the Prompt Payment Act, if an interest 

penalty is owed to a business concern, 

the penalty shall be paid regardless of 

whether the business concern requested 

payment of such penalty. 31 U.S.C. 

3902(c)(1). Agencies must pay the 

interest penalty calculated with the 

interest rate, which is in effect at the 

time the agency accrues the obligation 

to pay a late payment interest penalty. 

31 U.S.C. 3902(a). ‘‘The interest penalty 

shall be paid for the period beginning 

on the day after the required payment 

date and ending on the date on which 

payment is made.’’ 31 U.S.C. 3902(b). 

Therefore, notice is given that the 

Secretary of the Treasury has 

determined that the rate of interest 

applicable for the period beginning 

January 1, 2015, and ending on June 30, 

2015, is 21⁄8 per centum per annum. 

David A. Lebryk, 

Fiscal Assistant Secretary. 

[FR Doc. 2014–30533 Filed 12–30–14; 8:45 am] 

BILLING CODE 4810–AS–P 

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