Page:United States Statutes at Large Volume 102 Part 5.djvu/723

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PUBLIC LAW 100-000—MMMM. DD, 1988

PUBLIC LAW 100-709—NOV. 23, 1988

102 STAT. 4729

any extension of credit which is secured by the consumer's principal dwelling. "(B) SEGREGATION OF REQUIRED DISCLOSURES FROM OTHER

INFORMATION.—The disclosures required under subsection (a) shall be conspicuously segregated from all other terms, dat£^ or additional information provided in connection with the application, either by grouping the disclosures separately on the application form or by providing the disclosures on a separate form, in accordance with regulations of the Board. "(C) PRECEDENCE OF CERTAIN INFORMATION.—The disclo-

sures required by paragraphs (5), (6), and (7) of subsection (a) shall precede all of the other required disclosures. "(D) SPECIAL PROVISION RELATING TO VARIABLE INTEREST

RATE INFORMATION.—Whether or not the disclosures required under subsection (a) are provided on the application form, the variable rate information described in subsection (a)(2) may be provided separately from the other information required to be disclosed. "(3) REQUIREMENT FOR HISTORICAL TABLE.—In preparing the table required under subsection (a)(2)(G), the creditor shall consistently select one rate of interest for each year and the manner of selecting the rate from year to year shall be consistent with the plan. "(c) 3d PARTY APPLICATIONS.—In the case of an application to open an account under any open end consumer credit plan described in subsection (a) which is provided to a consumer by any person other than the creditor— "(1) such person shall provide such consumer with— "(A) the disclosures required under subsection (a) with respect to such plan, in accordance with subsection (b); and "(B) the pamphlet required under subsection (e); or "(2) if such person cannot provide specific terms about the plan because specific information about the plan terms is not available, no nonrefundable fee may be imposed in connection with such application before the end of the 3-day period beginning on the date the consumer receives the disclosures required under subsection (a) with respect to the application. "(d) PRINCIPAL DWELLING DEFINED.—For purposes of this section and sections 137 and 147, the term 'principal dwelling* includes any second or vacation home of the consimier. "(e) PAMPHLET.—In addition to the disclosures required under subsection (a) with respect to an application to open an account under any open end consumer credit plan described in such subsection, the creditor or other person providing such disclosures to the consumer shall provide— "(1) a pamphlet published by the Board pursuant to section 4 of the Home Equity Consumer Protection Act of 1988; or "(2) any pamphlet which provides substantially similar information to the information described in such section, as determined by the Board.". (b) AoDmoNAL DISCLOSURES WHEN ACCOUNT IS OPENED.—Section 127(a) of the Truth in Lending Act (15 U.S.C. 1637(a)) is amended by adding at the end thereof the following new paragraph: "(8) In the case of any account under an open end consumer credit plan which provides for any extension of credit which is