102 STAT. 2960
PUBLIC LAW 100-583—NOV. 3, 1988
Public Law 100-583 100th Congress An Act Nov 3 1988 ' [H.R. 515J
'^° provide for more detailed and uniform disclosure by credit and charge card issuers with respect to information relating to interest rates and other fees which may be incurred by consumers through the use of any credit or charge card.
Fair Credit and
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
Charge Card Disclosure Act of 1988
SECTION 1. SHORT TITLE.
15 USC 1601 note.
This Act may be cited as the "Fair Credit and Charge Card Disclosure Act of 1988". SEC. 2. CREDIT AND CHARGE CARD DISCLOSURE REQUIREMENTS. (a) DISCLOSURE IN CONNECTION WITH CREDIT CARD AND CHARGE CARD APPLICATIONS AND SOUCITATIONS.—Section 127 of the Truth in
Lending Act (15 U.S.C. 1637) is amended by adding at the end thereof the following new subsections: "(c) DISCLOSURE IN CREDIT AND CHARGE CARD APPLICATIONS AND SOLICITATIONS.— "(1) DIRECT MAIL APPLICATIONS AND SOUCITATIONS.— "(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. "(Ill) 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. "(Ill) Any transaction charge imposed in connection with use of the card to purchase goods or services, "(iii) GRACE PERIOD.—