sponds to and treats any inquiry for clarification or documentation as a billing error and an erroneously billed amount under section 161. riod. (3) The total amount credited to the account during the pe (4) The amount of any finance charge added to the account during the period, itemized to show the amounts, if any, due to the application of percentage rates and the amount, if any, imposed as a minimum or fixed charge. (5) Where one or more periodic rates may be used to compute the finance charge, each such rate, the range of balances to which it is applicable, and, unless the annual percentage rate (determined under section 107(a)(2)) is required to be disclosed pursuant to paragraph (6), the corresponding nominal annual percentage rate determined by mutliplying the periodic rate by the number of periods in a year. (6) Where the total finance charge exceeds 50 cents for a monthly or longer billing cycle, or the pro rata part of 50 cents for a billing cycle shorter than monthly, the total finance charge expressed as an annual percentage rate (determined under section 107(a)(2)), except that if the finance charge is the sum of two or more products of a rate times a portion of the balance, the creditor may, in lieu of disclosing a single rate for the total charge, disclose each such rate expressed as an annual percentage rate, and the part of the balance to which it is applicable. (7) The balance on which the finance charge was computed and a statement of how the balance was determined. If the balance is determined without first deducting all credits during the period, that fact and the amount of such payments shall also be disclosed. (8) The outstanding balance in the account at the end of the period. (9) The date by which or the period (if any) within which, payment must be made to avoid additional finance charges, except that the creditor may, at his election and without disclosure, impose no such additional finance charge if payment is received after such date or the termination of such period. (10) The address to be used by the creditor for the purpose of receiving billing inquiries from the obligor. (c) DISCLOSURE IN CREDIT AND CHARGE CARD APPLICATIONS AND SOLICITATIONS. (1) DIRECT MAIL APPLICATIONS AND SOLICITATIONS.— (A) INFORMATION IN TABULAR FORMAT.-Any application to open a credit card account for any person under an open end consumer credit plan, or a solicitation to open such an account without requiring an application, that is mailed to consumers shall disclose the following information, subject to subsection (e) and section 122(c): (i) ANNUAL PERCENTAGE RATES. (I) Each annual percentage rate applicable to extensions of credit under such credit plan. (II) Where an extension of credit is subject to a variable rate, the fact that the rate is variable, the annual percentage rate in effect at the time of the mailing, and how the rate is determined. (III) Where more than one rate applies, the range of balances to which each rate applies. (ii) ANNUAL AND OTHER FEES.— (I) Any annual fee, other periodic fee, or membership fee imposed for the issuance or availability of a credit card, including any account maintenance fee or other charge imposed based on activity or inactivity for the account during the billing cycle. (II) Any minimum finance charge imposed for each period during which any extension of credit which is subject to a finance charge is outstanding. (III) Any transaction charge imposed in connection with use of the card to purchase goods or services. (iii) GRACE PERIOD.— (I) The date by which or the period within which any credit extended under such credit plan for purchases of goods or services must be repaid to avoid incurring a finance charge, and, if no such period is offered, such fact shall be clearly stated. (II) If the length of such "grace period" varies, the card issuer may disclose the range of days in the grace period, the minimum number of days in the grace period, or the average number of days in the grace period, if the disclosure is identified as such. (iv) BALANCE CALCULATION METHOD.— (I) The name of the balance calculation method used in determining the balance on which the finance charge is computed if the method used has been defined by the Board, or a detailed explanation of the balance calculation method used if the method has not been so defined. (II) In prescribing regulations to carry out this clause, the Board shall define and name not more than the 5 balance calculation methods determined by the Board to be the most commonly used methods. (B) OTHER INFORMATION.—In addition to the information required to be disclosed under subparagraph (A), each application or solicitation to which such subparagraph applies shall disclose clearly and conspicuously the following information, subject to subsections (e) and (f): (i) CASH ADVANCE FEE.-Any fee imposed for an extension of credit in the form of cash. (ii) LATE FEE.-Any fee imposed for a late payment. (iii) OVER-THE-LIMIT FEE.-Any fee imposed in connection with an extension of credit in excess of the amount of credit authorized to be extended with respect to such account. (2) TELEPHONE SOLICITATIONS. (A) IN GENERAL.-In any telephone solicitation to open a credit card account for any person under an open end consumer credit plan, the person making the solicitation shall orally disclose the information described in paragraph (1XA). (B) EXCEPTION.-Subparagraph (A) shall not apply to any telephone solicitation if (i) the credit card issuer (I) does not impose any fee described in paragraph (1)(A)(ii)(I); or (II) does not impose any fee in connection with telephone solicitations unless the consumer signifies acceptance by using the card; (ii) the card issuer discloses clearly and conspicuously in writing the information described in paragraph (1) within 30 days after the consumer requests the card, but in no event later than the date of delivery of the card; and (iii) the card issuer discloses clearly and conspicuously that the consumer is not obligated to accept the card or account and the consumer will not be obligated to pay any of the fees or charges disclosed unless the consumer elects to accept the card or account by using the card. (3) APPLICATIONS AND SOLICITATIONS BY OTHER MEANS.— (A) IN GENERAL.-Any application to open a credit card account for any person under an open end consumer credit plan, and any solicitation to open such an account without requiring an application, that is made available to the public or contained in catalogs, magazines, or other publications shall meet the disclosure requirements of subparagraph (B), (C), or (D). (B) SPECIFIC INFORMATION.-An application or solicitation described in subparagraph (A) meets the requirement of this subparagraph if such application or solicitation contains (i) the information (I) described in paragraph (1)(A) in the form required under section 122(c) of this chapter, subject to subsection (e), and (II) described in paragraph (1)(B) in a clear and conspicuous form, subject to subsections (e) and (f); (ii) a statement, in a conspicuous and prominent location on the application or solicitation, that— (I) the information is accurate as of the date the application or solicitation was printed; (II) the information contained in the application or solicitation is subject to change after such date; and (III) the applicant should contact the creditor for information on any change in the information contained in the application or solicitation since it was printed; (iii) a clear and conspicuous disclosure of the date the application or solicitation was printed; and (iv) a disclosure, in a conspicuous and prominent location on the application or solicitation, of a toll free telephone number or a mailing address at which the applicant may contact the creditor to obtain any change in the information provided in the application or solicitation since it was printed. (C) GENERAL INFORMATION WITHOUT ANY SPECIFIC TERM.-An application or solicitation described in subparagraph (A) meets the requirement of this subparagraph if such application or solicitation (i) contains a statement, in a conspicuous and prominent location on the application or solicitation, that (I) there are costs associated with the use of credit cards; and (II) the applicant may contact the creditor to request disclosure of specific information of such costs by calling a toll free telephone number or by writing to an address, specified in the application; (ii) contains a disclosure, in a conspicuous and prominent location on the application or solicitation, of a toll free telephone number and a mailing address at which the applicant may contact the creditor to obtain such information; and (iii) does not contain any of the items described in paragraph (1). (D) APPLICATIONS OR SOLICITATIONS CONTAINING SUBSECTION (a) DISCLOSURES.-An application or solicitation meets the requirement of this subparagraph if it contains, or is accompanied by (i) the disclosures required by paragraphs (1) through (6) of subsection (a); (ii) the disclosures required by subparagraphs (A) and (B) of paragraph (1) of this subsection included clearly and conspiciously (except that the provisions of section 122(c) shall not apply); and (iii) a toll free telephone number or a mailing address at which the applicant may contact the creditor to obtain any change in the information provided. (E) PROMPT RESPONSE TO INFORMATION REQUESTS.— Upon receipt of a request for any of the information referred to in subparagraph (B), (C), or (D), the card issuer or the agent of such issuer shall promptly disclose all of the information described in paragraph (1). (4) CHARGE CARD APPLICATIONS AND SOLICITATIONS.— (A) IN GENERAL.-Any application or solicitation to open a charge card account shall disclose clearly and con spicuously the following information in the form required by section 122(c) of this chapter, subject to subsection (e): (i) Any annual fee, other periodic fee, or membership fee imposed for the issuance or availability of the charge card, including any account maintenance fee or other charge imposed based on activity or inactivity for the account during the billing cycle. (ii) Any transaction charge imposed in connection with use of the card to purchase goods or services. (iii) A statement that charges incurred by use of the charge card are due and payable upon receipt of a periodic statement rendered for such charge card account. (B) OTHER INFORMATION.—In addition to the information required to be disclosed under subparagraph (A), each written application or solicitation to which such subparagraph applies shall disclose clearly and conspicuously the following information, subject to subsections (e) and (f): (i) CASH ADVANCE FEE.-Any fee imposed for an extension of credit in the form of cash. (ii) LATE FEE.-Any fee imposed for a late payment. (iii) OVER-THE-LIMIT FEE.-Any fee imposed in connection with an extension of credit in excess of the amount of credit authorized to be extended with respect to such account. (C) APPLICATIONS AND SOLICITATIONS BY OTHER MEANS.-Any application to open a charge card account, and any solicitation to open such an account without requiring an application, that is made available to the public or contained in catalogs, magazines, or other publications shall contain (i) the information (I) described in subparagraph (A) in the form required under section 122(c) of this chapter, subject to subsection (e), and (II) described in subparagraph (B) in a clear and conspicuous form, subject to subsections (e) and (f); (ii) a statement, in a conspicuous and prominent location on the application or solicitation, that— (I) the information is accurate as of the date the application or solicitation was printed; (II) the information contained in the application or solicitation is subject to change after such date; and (III) the applicant should contact the creditor for information on any change in the information contained in the application or solicitation since it was printed; (iii) a clear and conspicuous disclosure of the date the application or solicitation was printed; and (iv) a disclosure, in a conspicuous and prominent location on the application or solicitation, of a toll free |