Source: https://www.bcrconsulting.us/html/LAW/title15_consumer_credit_protection/Part-c-redit-advertising.html
Timestamp: 2019-03-22 11:54:30
Document Index: 399478542

Matched Legal Cases: ['§ 1661', '§ 1662', '§ 1663', '§ 1664', '§ 1665', '§ 1665', '§ 1665', '§ 1661', '§ 1662', '§ 1663', '§ 1664', '§ 1665', '§ 1665', '§ 1665']

Title 15, Chapter 41, Subchapter 1, Part C - Credit Advertising | Full Text
§ 1661. — Catalogs and multiple-page advertisements
§ 1662. — Advertising of downpayments and installments
§ 1663. — Advertising of open end credit plans
§ 1664. — Advertising of credit other than open end plans
§ 1665. — Nonliability of advertising media
§ 1665a. — Use of annual percentage rate in oral disclosures; exceptions
§ 1665b. — Advertising of open end consumer credit plans secured by consumer’s principal dwelling
§ 1661. Catalogs and multiple-page advertisements
§ 1662. Advertising of downpayments and installments
(2) that a specified downpayment is required in connection with any extension of consumer credit, unless the creditor usually and customarily arranges downpayments in that amount.
§ 1663. Advertising of open end credit plans
(3) Any other term that the Board may by regulation require to be disclosed.
§ 1664. Advertising of credit other than open end plans
Except as provided in subsection (b) of this section, 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.
The provisions of this section do not apply to advertisements of residential real estate except to the extent that the Board may by regulation require.
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—
§ 1665. Nonliability of advertising media
§ 1665a. Use of annual percentage rate in oral disclosures; exceptions
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 Board 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.
§ 1665b. Advertising of open end consumer credit plans secured by consumer’s principal dwelling
If any advertisement to aid, promote, or assist, directly or indirectly, the extension of consumer credit through an open end consumer credit plan under which extensions of credit are secured by the consumer’s principal dwelling states, affirmatively or negatively, any of the specific terms of the plan, including any periodic payment amount required under such plan, such advertisement shall also clearly and conspicuously set forth the following information, in such form and manner as the Board may require:
Any other information the Board may by regulation require.
If any advertisement described in subsection (a) of this section contains a statement that any interest expense incurred with respect to the plan is or may be tax deductible, the advertisement shall not be misleading with respect to such deductibility.
Each advertisement described in subsection (a) of this section that relates to an extension of credit that 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 include a clear and conspicuous statement that—
No advertisement described in subsection (a) of this section with respect to any home equity account may refer to such loan as “free money” or use other terms determined by the Board by regulation to be misleading.
If any advertisement described in subsection (a) of this section includes an initial annual percentage rate that is not determined by the index or formula used to make later interest rate adjustments, the advertisement shall also state with equal prominence the current annual percentage rate that would have been applied using the index or formula if such initial rate had not been offered.
If any advertisement described in subsection (a) of this section contains a statement regarding the minimum monthly payment under the plan, the advertisement shall also disclose, if applicable, the fact that the plan includes a balloon payment.
(f) “Balloon payment” defined
For purposes of this section and section 1637a of this title, the term “balloon payment” means, with respect to any open end consumer credit plan under which extensions of credit are secured by the consumer’s principal dwelling, any repayment option under which—