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Can you summarize ORRS 646A.220?
Trade Regulation > Credit card solicitation; required disclosure; definitions.
Short Summary
This legal document governs the disclosure requirements for credit card solicitations. It applies to credit card issuers and individuals who receive credit card solicitations. The document mandates that every solicitation for a credit card must disclose certain information, including the applicable annual percentage rate, any charges that could be imposed, membership or participation fees, and any time period for repaying credit without incurring a finance charge. The document also provides definitions for terms such as ‘card issuer,’ ‘credit card,’ ‘credit,’ ‘annual percentage rate,’ and ‘finance charge.’ Additionally, it defines ‘reasonable time’ and ‘solicitation.’ The document specifies exemptions for certain types of material and offers. No specific penalties are mentioned in the document.
Whom does it apply to?
Credit card issuers and individuals receiving credit card solicitations
What does it govern?
Solicitations for the issuance of a credit card
What are exemptions?
Material that only refers to credit cards as one of the services provided by the issuer, offers made by radio or television or through a catalog, and incidental references to a credit card in printed material
What are the Penalties?
No specific penalties mentioned in the document.
Jurisdiction
Oregon