Page:United States Statutes at Large Volume 102 Part 5.djvu/721

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PUBLIC LAW 100-000—MMMM. DD, 1988

PUBLIC LAW 100-709—NOV. 23, 1988 "(B)

102 STAT. 4727

RIGHT OF REFUSAL IF CERTAIN TERMS CHANGE.—A

statement that— "(i) the consumer may elect not to enter into an agreement to open an account under the plan if any term changes (other than a change contemplated by a variable feature of the plan) before any such agreement is final; and "(ii) if the consumer makes an election described in clause (i), the consumer is entitled to a refund of all fees paid in connection with the application. "(C) RETENTION OF INFORMATION.—A statement that the consumer should make or otherwise retain a copy of information disclosed under this subparagraph. "(7)

RIGHTS OF CREDITOR WITH RESPECT TO EXTENSIONS OF

CREDIT.—A statement that— "(A) under certain conditions, the creditor may terminate any account under the plan and require immediate repayment of any outstanding balance, prohibit any additional extension of credit to the account, or reduce the credit limit applicable to the account; and (B) the consumer may receive, upon request, more specific information about the conditions under which the creditor may take any action described in subparagraph (A). "(8) REPAYMENT OPTIONS AND MINIMUM PERIODIC PAYMENTS.—

The repayment options under the plan, including— (A) if applicable, any differences in repayment options with regard to—

  • ^i) any period during which additional extensions of

credit may be obtained; and "(ii) any period during which repayment is required to be made and no additional extensions of credit may be obtained; "(B) the length of any repayment period, including any differences in the length of any repayment period with regard to the periods described in clauses (i) and (ii) of subparagraph (A); and "(C) an explanation of how the amount of any minimum monthly or periodic payment will be determined under each such option, including any differences in the determination of any such amount with regard to the periods described in clauses (i) and (ii) of subparagraph (A). "(9) EbCAMPLE OF MINIMUM PAYMENTS AND MAXIMUM REPAYMENT PERIOD.—An example, based on a $10,000 outstanding balance and the interest rate (other than a rate not based on the index under the plan) which is, or was recently, in effect under such plan, showing the minimum monthly or periodic payment, and the time it would take to repay the entire $10,000 if the consumer paid only the minimum periodic payments and obtained no additional extensions of credit. "(10) STATEMENT CONCERNING BALLOON PAYMENTS.—If, under any repayment option of the plan, the payment of not more than the minimum periodic payments required under such option over the length of the repayment period— "(A) would not repay any of the principal balance; or "(B) would repay less than the outstanding balance by the end of such period.