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Note: Steps 7 and 8 do not apply to an envelope in which an application or solicitation is mailed, or to a banner advertisement or pop-up advertisement linked to an application or solicitation provided electronically. If an advertisement for credit secured by a dwelling states the amount of any payment, does the advertisement disclose in a clear and conspicuous manner: Time period during which each simple annual rate of interest applies?ĪPR for the loan if the APR is variable, does the APR comply with accuracy standards in § 1026.17(c) (opens new window) and § 1026.22 (opens new window)? ( § 1026.24(f)(2)) (opens new window) If an advertisement for credit secured by a dwelling states a simple annual rate of interest and more than one simple annual rate of interest applies over the term of the advertised loan, does the advertisement disclose in a clear and conspicuous manner:Įach simple annual rate of interest that applies for variable-rate transactions, are rates disclosed based on reasonably current index and margin? The fact that the APR may be increased after consummation, if applicable? (§ 1026.24(d)(2)(iii) (opens new window))
#CREDIT CARD REFORM ACT S 392 FULL#
Repayment terms over the full term of the loan, including any balloon payment? (§ 1026.24(d)(2)(ii) (opens new window))ĪPR? ( § 1026.24(d)(2)(iii) (opens new window))
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If the institutions used triggering terms (see § 1026.24(d)(1) (opens new window)), did the advertisement include, as applicable,Īmount or percentage of down payment? ( § 1026.24(d)(2)(i) (opens new window)) If the APR is stated and may increase after consummation, does the advertisement state that fact? ( § 1026.24(c)) (opens new window) Is the APR stated more conspicuously than (i) for dwelling-secured credit, the simple annual rate, or (ii) for non-dwelling-secured credit, the simple annual rate or periodic rate (if stated)? Does the advertisement refrain from stating any other rate? ( § 1026.24(c)) (opens new window) If the advertisement states a rate of finance charge, is it stated as an “annual percentage rate”? ( § 1026.24(c)) (opens new window) If an advertisement for credit states specific credit terms, does it state only those terms that the credit union actually offers or will arrange or offer? ( § 1026.24(a) (opens new window)) Note: Institutions may provide disclosures required by § 1026.24 (opens new window) to the consumer in electronic form without regard to consumer consent or other provisions of the E-Sign Act in the circumstances set forth in those sections. Closed-End Credit Advertising Closed-End Credit Advertising Itemĭoes the institution make all required disclosures clearly and conspicuously? ( § 1026.24(b) (opens new window))