Duty of creditor or lessor respecting one or more than one obligor
section 1635 of this titleSubject to subsection (b), a creditor or lessor shall disclose to the person who is obligated on a consumer lease or a consumer credit transaction the information required under this subchapter. In a transaction involving more than one obligor, a creditor or lessor, except in a transaction under , need not disclose to more than one of such obligors if the obligor given disclosure is a primary obligor.
Creditor or lessor required to make disclosure
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Estimates as satisfying statutory requirements; basis of disclosure for per diem interest
The Bureau may provide by regulation that any portion of the information required to be disclosed by this subchapter may be given in the form of estimates where the provider of such information is not in a position to know exact information. In the case of any consumer credit transaction a portion of the interest on which is determined on a per diem basis and is to be collected upon the consummation of such transaction, any disclosure with respect to such portion of interest shall be deemed to be accurate for purposes of this subchapter if the disclosure is based on information actually known to the creditor at the time that the disclosure documents are being prepared for the consummation of the transaction.
Tolerances for numerical disclosures
The Bureau shall determine whether tolerances for numerical disclosures other than the annual percentage rate are necessary to facilitate compliance with this subchapter, and if it determines that such tolerances are necessary to facilitate compliance, it shall by regulation permit disclosures within such tolerances. The Bureau shall exercise its authority to permit tolerances for numerical disclosures other than the annual percentage rate so that such tolerances are narrow enough to prevent such tolerances from resulting in misleading disclosures or disclosures that circumvent the purposes of this subchapter.
Pub. L. 90–321, title I, § 12182 Stat. 152 Pub. L. 93–495, title III, § 307(c)88 Stat. 1516 Pub. L. 94–205, § 1189 Stat. 1159 Pub. L. 96–221, title VI, § 61194 Stat. 174 Pub. L. 104–29, § 3(b)109 Stat. 273 Pub. L. 111–203, title X, § 1100A(2)124 Stat. 2107 (, , ; , (d), title IV, § 409, , , 1519; , , ; , , ; , , ; , , .)
Editorial Notes
References in Text
Section 1602(f) of this titlesection 1602(g) of this titlePub. L. 111–203, title X, § 1100A(1)(A)124 Stat. 2107 , referred to in subsec. (b), was redesignated by , , .
Amendments
Pub. L. 111–2032010—Subsecs. (b) to (d). substituted “Bureau” for “Board” wherever appearing.
Pub. L. 104–291995—Subsec. (c). inserted at end “In the case of any consumer credit transaction a portion of the interest on which is determined on a per diem basis and is to be collected upon the consummation of such transaction, any disclosure with respect to such portion of interest shall be deemed to be accurate for purposes of this subchapter if the disclosure is based on information actually known to the creditor at the time that the disclosure documents are being prepared for the consummation of the transaction.”
Pub. L. 96–2211980—Subsec. (a). substituted provisions respecting to which obligor duty of creditor or lessor, where one or more than one obligor is involved, is owed, for provisions setting forth clear and conspicuous disclosure requirements for creditors to persons extended consumer credit.
Pub. L. 96–221Subsec. (b). substituted provisions relating to disclosure requirements of creditor or lessor, for provisions relating to statement of information where more than one obligor is involved.
Pub. L. 96–221Subsecs. (c), (d). added subsecs. (c) and (d).
Pub. L. 94–2051976—Subsec. (c). struck out subsec. (c) which related to disclosure including a full statement of closing costs incurred and permitted estimates of such information where the lender was not in a position to know exact information.
Pub. L. 93–495, § 307(c)1974—Subsec. (a). , inserted reference to part D of this subchapter and struck out “and upon whom a finance charge is or may be imposed” after “extended”.
Pub. L. 93–495, § 307(d)Subsec. (b). , inserted reference to part D of this subchapter.
Pub. L. 93–495, § 409Subsec. (c). , added subsec (c).
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
Pub. L. 111–203section 1100H of Pub. L. 111–203section 552a of Title 5Amendment by effective on the designated transfer date, see , set out as a note under , Government Organization and Employees.
Effective Date of 1980 Amendment
Pub. L. 96–221section 625 of Pub. L. 96–221section 1602 of this titleAmendment by effective on expiration of two years and six months after , with all regulations, forms, and clauses required to be prescribed to be promulgated at least one year prior to such effective date, and allowing any creditor to comply with any amendments, in accordance with the regulations, forms, and clauses prescribed by the Board prior to such effective date, see , set out as a note under .
Effective Date of 1976 Amendment
Pub. L. 94–205section 12 of Pub. L. 94–205section 2602 of Title 12Amendment by effective , see , set out as a note under , Banks and Banking.
Effective Date of 1974 Amendment
Pub. L. 93–495section 308 of Pub. L. 93–495section 1666 of this titleFor effective date of amendment by section 307(c), (d) of , see , set out as an Effective Date note under .
section 409 of Pub. L. 93–495section 416 of Pub. L. 93–495section 1665a of this titleFor effective date of amendment by , see , set out as an Effective Date note under .
Effective Date
Pub. L. 90–321, title V, § 504(b)82 Stat. 167 , , , provided in part that chapter 2 of title I, which enacted sections 1631 to 1641 of this title, is effective .
Real Estate Settlement Procedures
section 2605 of Title 12Provisions of Real Estate Settlement Procedures Act of 1974, as superseding provisions of subsec. (c) of this section insofar as applying to federally related mortgage loans, see , Banks and Banking.