US Code

Public Law 119-88 (05/04/2026)

15 U.S.C. § 1664

Advertising of credit other than open end plans

(a)

Exclusion of open end credit plans

Except as provided in subsection (b), this section applies to any advertisement to aid, promote, or assist directly or indirectly any consumer credit sale, loan, or other extension of credit subject to the provisions of this subchapter, other than an open end credit plan.

(b)

Advertisements of residential real estate

The provisions of this section do not apply to advertisements of residential real estate except to the extent that the Bureau may by regulation require.

(c)

Rate of finance charge expressed as annual percentage rate

If any advertisement to which this section applies states the rate of a finance charge, the advertisement shall state the rate of that charge expressed as an annual percentage rate.

(d)

Requisite disclosures in advertisement

If any advertisement to which this section applies states the amount of the downpayment, if any, the amount of any installment payment, the dollar amount of any finance charge, or the number of installments or the period of repayment, then the advertisement shall state all of the following items:
(1)
The downpayment, if any.
(2)
The terms of repayment.
(3)
The rate of the finance charge expressed as an annual percentage rate.
(e)

Credit transaction secured by principal dwelling of consumer

Each advertisement to which this section applies that relates to a consumer credit transaction that is secured by the principal dwelling of a consumer in which the extension of credit may exceed the fair market value of the dwelling, and which advertisement is disseminated in paper form to the public or through the Internet, as opposed to by radio or television, shall clearly and conspicuously state that—
(1)
the interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes; and
(2)
the consumer should consult a tax adviser for further information regarding the deductibility of interest and charges.

Pub. L. 90–321, title I, § 14482 Stat. 158 Pub. L. 96–221, title VI, § 619(b)94 Stat. 183 Pub. L. 109–8, title XIII, § 1302(b)(2)119 Stat. 209 Pub. L. 111–203, title X, § 1100A(2)124 Stat. 2107 (, , ; , , ; , , ; , , .)

Editorial Notes

Amendments

Pub. L. 111–2032010—Subsec. (b). substituted “Bureau” for “Board”.

Pub. L. 109–82005—Subsec. (e). added subsec. (e).

Pub. L. 97–2211980—Subsec. (d). substituted items setting forth downpayment, etc., set out in pars. (1) to (3), for items setting forth cash price or amount of loan, etc., set out in pars. (1) to (4).

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 2005 Amendment

Pub. L. 109–8section 1501 of Pub. L. 109–8section 101 of Title 11Amendment by effective 180 days after , and not applicable with respect to cases commenced under Title 11, Bankruptcy, before such effective date, except as otherwise provided, see , set out as a note under .

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 .