102 STAT. 4728
PUBLIC LAW 100-709—NOV. 23, 1988 as the case may be, a statement of such fact, including an explicit statement that at the end of such repayment period a balloon payment (as defined in section 147(f)) would result which would be required to be paid in full at that time. "(11) NEGATIVE AMORTIZATION.—If applicable, a statement that— "(A) any limitation in the plan on the amount of any increase in the minimum payments may result in negative amortization; "(B) n^ative amortization increases the outstanding principal bcdance of the account; and "(C) negative amortization reduces the consumer's equity in the consumer's dwelling. "(12) LIMITATIONS AND MINIMUM AMOUNT REQUIREMENTS ON EXTENSIONS OF CREDIT.— "(A) NuikfBER AND DOLLAR AMOUNT LIMITATIONS.—Any
limitation contained in the plan on the number of extensions of credit and the amount of credit which may be obtained during any month or other defined time period. "(B) MINIMUM BALANCE AND OTHER TRANSACTION AMOUNT
REQUIREMENTS.—Any requirement which establishes a minimum amount for— "(i) the initial extension of credit to an account under the plan; "(ii) any subsequent extension of credit to an account under the plan; or "(iii) any outstanding balance of an account under the plan.
"(13) STATEMENT REGARDING CONSULTATION OP TAX ADVISOR.—
A statement that the consumer should consult a tax advisor regarding the deductibility of interest and charges under the plan. "(14) DISCLOSURE REQUIREMENTS ESTABLISHED BY BOARD.—Any
other term which the Board requires, in reg^ations, to be disclosed. "(b) TIME AND FORM OP DISCLOSURES.— "(1) TIME OF DISCLOSURE.—
"(A) IN GENERAL.—The disclosures required under subsection (a) with respect to any open end consumer credit plan which provides for any extension of credit which is secured by the consumer's principal dwelling and the pamphlet required under suteection (e) shall be provided to any consumer at the time the creditor distributes an application to establish an account under such plan to such consumer. "(B) TELEPHONE, PUBLICATIONS, AND 3d PARTY APPLICA-
TiONS.—In the case of telephone applications, applications contained in magazines or other publications, or applications provided by a third party, the disclosures required under subsection (a) and the pamphlet required under subsection (e) shall be provided by the creditor before the end of the 3-day period beginning on the date the creditor receives a completed application from a consumer. "(2) FORM.—
"(A) IN GENERAL.—Except as provided in paragraph (1)(B), the disclosures required under subsection (a) shall be provided on or with any application to establish an account under an open end consumer credit plan which provides for
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