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Can you summarize 15 USC 1632?
Credit Transactions > Form of disclosure; additional information
Short Summary
This legal document, governed by the United States Code, specifically the Consumer Credit Protection Act, addresses the form of disclosure and additional information required in credit transactions. It mandates that information required by this subchapter must be disclosed clearly and conspicuously, with the terms ‘annual percentage rate’ and ‘finance charge’ being more prominently disclosed. The Bureau of Consumer Financial Protection has the authority to regulate the form, order, and terminology used in these disclosures. Creditors and lessors have the option to provide additional information or explanations with the required disclosures. Certain disclosures, as described in section 1637(c) of the Act, must be presented in a tabular format, as prescribed by the Bureau. Creditors are also required to establish and maintain an internet site for posting credit card agreements, provide these agreements to the Bureau in electronic format, and the Bureau maintains a publicly accessible repository of these agreements. Individually negotiated changes to contractual terms are exempt from these requirements. The Bureau, in consultation with other federal banking agencies, may promulgate regulations to implement this subsection.
Whom does it apply to?
Creditors, lessors, and consumers involved in credit transactions
What does it govern?
Form of disclosure; additional information
What are exemptions?
Individually negotiated changes to contractual terms
What are the Penalties?
Not specified
Jurisdiction
U.S. Federal Government