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Can you summarize 15 USC 1638?
Credit Transactions > Transactions other than under an open end credit plan
Short Summary
This legal document, found in the United States Code under the section on Consumer Credit Protection, pertains to consumer credit transactions other than under an open end credit plan. It requires creditors to disclose specific information to consumers, such as the identity of the creditor, the amount financed, the finance charge, the annual percentage rate, the total of payments, and the number, amount, and due dates of payments. The document also includes requirements for disclosures in residential mortgage transactions, private education loans, and periodic statements for residential mortgage loans. It does not mention any exemptions or penalties.
Whom does it apply to?
Creditors involved in consumer credit transactions other than under an open end credit plan
What does it govern?
Transactions other than under an open end credit plan
What are exemptions?
The document does not specify any exemptions.
What are the Penalties?
No penalties are mentioned in the document.
Jurisdiction
U.S. Federal Government