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Can you summarize 15 USC Chapter 41, Subchapter I, Part C?
CONSUMER CREDIT COST DISCLOSURE > Credit Advertising and Limits on Credit Card Fees
Short Summary
The provided legal document content covers various aspects of credit advertising and limits on credit card fees. It includes provisions governing the treatment of catalogs and multiple-page advertisements, advertising of downpayments and installments, and advertising of open end credit plans. The documents also address the nonliability of advertising media, the use of the annual percentage rate in oral disclosures, and the consideration of ability to repay. Specific requirements are outlined for advertisements of open end consumer credit plans secured by a consumer’s principal dwelling, including the disclosure of certain information. The documents also address the interest rate reduction on open end consumer credit plans and the imposition of penalty fees, requiring fees to be reasonable and proportional. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
These legal documents apply to creditors, entities involved in advertising consumer credit plans, card issuers, and consumers.
What does it govern?
The legal document 1661 governs the treatment of catalogs and multiple-page advertisements as single advertisements if they clearly display a credit terms table. 1662 governs the advertising of downpayments and installments, stating that specific amounts can only be advertised if the creditor usually arranges such payments. 1663 governs the advertising of open end credit plans, requiring the disclosure of specific terms. 1665 governs the nonliability of advertising media, stating that there is no liability on the part of any owner or personnel of any medium in which an advertisement appears. 1665a governs the use of the annual percentage rate in oral disclosures, specifying the terms in which rates can be stated. 1665b governs the advertising of open end consumer credit plans secured by a consumer's principal dwelling, requiring specific information to be provided in advertisements. 1665c governs the interest rate reduction on open end consumer credit plans, outlining requirements for creditors. 1665d governs the imposition of penalty fees on open end consumer credit plans, requiring fees to be reasonable and proportional. 1665e governs the consideration of ability to repay, stating that a card issuer must consider the consumer's ability to make required payments before opening a credit card account or increasing a credit limit.
What are exemptions?
The legal documents do not specify any exemptions.
What are the Penalties?
The legal documents do not mention any specific penalties for non-compliance or violation.
Jurisdiction
U.S. Federal Government