§ 1632. Form of disclosure; additional information
(a)
Information clearly and conspicuously disclosed; “annual percentage rate” and “finance charge”; order of disclosures and use of different terminology
Information required by this subchapter shall be disclosed clearly and conspicuously, in accordance with regulations of the Board. The terms “annual percentage rate” and “finance charge” shall be disclosed more conspicuously than other terms, data, or information provided in connection with a transaction, except information relating to the identify of the creditor. Except as provided in subsection (c) of this section, regulations of the Board need not require that disclosures pursuant to this subchapter be made in the order set forth in this subchapter and, except as otherwise provided, may permit the use of terminology different from that employed in this subchapter if it conveys substantially the same meaning.
(c)
Tabular format required for certain disclosures under section
1637
(c)
(1)
In general
(2)
Tabular format
(A)
Form of table to be prescribed
In the regulations prescribed under paragraph (1)(A) of this subsection, the Board shall require that the disclosure of such information shall, to the extent the Board determines to be practicable and appropriate, be in the form of a table which—
(B)
Board discretion in prescribing order and wording of table
In prescribing the form of the table under subparagraph (A), the Board may—
(C)
Grace period
Either the heading or the statement under the heading which relates to the time period referred to in section
1637
(c)(1)(A)(iii) of this title shall contain the term “grace period”.
(d)
Additional electronic disclosures
(1)
Posting agreements
Each creditor shall establish and maintain an Internet site on which the creditor shall post the written agreement between the creditor and the consumer for each credit card account under an open-end consumer credit plan.
(2)
Creditor to provide contracts to the Board
Each creditor shall provide to the Board, in electronic format, the consumer credit card agreements that it publishes on its Internet site.
(3)
Record repository
The Board shall establish and maintain on its publicly available Internet site a central repository of the consumer credit card agreements received from creditors pursuant to this subsection, and such agreements shall be easily accessible and retrievable by the public.
(4)
Exception
This subsection shall not apply to individually negotiated changes to contractual terms, such as individually modified workouts or renegotiations of amounts owed by a consumer under an open end consumer credit plan.
(5)
Regulations
The Board, in consultation with the other Federal banking agencies (as that term is defined in section
1681a of this title) and the Federal Trade Commission, may promulgate regulations to implement this subsection, including specifying the format for posting the agreements on the Internet sites of creditors and establishing exceptions to paragraphs (1) and (2), in any case in which the administrative burden outweighs the benefit of increased transparency, such as where a credit card plan has a de minimis number of consumer account holders.