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Can you summarize 15 USC 1637?
Credit Transactions > Open end consumer credit plans
Short Summary
This legal document, found in the United States Code, falls under the Consumer Credit Protection Act. It governs the disclosure requirements for creditors before opening any account under an open end consumer credit plan. The document outlines the specific items that must be disclosed to the person to whom credit is being extended, including conditions for imposing finance charges, methods of determining the balance and finance charge, identification of other charges, and the disclosure of security interests. The document also requires periodic statements to be provided to obligors, disclosure of information for accounts secured by the consumer’s principal dwelling, and the inclusion of certain statements and repayment information on billing statements. Overall, this document aims to ensure transparency and consumer protection in open end consumer credit plans.
Whom does it apply to?
Creditors who offer open end consumer credit plans
What does it govern?
Open end consumer credit plans
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
U.S. Federal Government