Page:United States Statutes at Large Volume 105 Part 3.djvu/451

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PUBLIC LAW 102-242—DEC. 19, 1991 105 STAT. 2335 earnings on amounts so deposited, shall state the following information, to the extent applicable, in a clear and conspicuous manner: (1) The annual percentage yield. (2) The period during which such annual percentage yield is in effect. (3) All minimum account balance and time requirements which must be met in order to earn the advertised yield (and, in the case of accounts for which more than 1 yield is stated, each annual percentage yield and the account minimum balance requirement associated with each such yield shall be in close proximity and have equal prominence). (4) The minimum amount of the initial deposit which is required to open the account in order to obtain the yield advertised, if such minimum amount is greater than the minimum balance necessary to earn the advertised yield. (5) A statement that regular fees or other conditions could reduce the yield. (6) A statement that an interest penalty is required for early withdrawal. (b) BROADCAST AND ELECTRONIC MEDIA AND OUTDOOR ADVERTISING EXCEPTION.—The Board may, by regulation, exempt advertisements, announcements, or solicitations made by any broadcast or electronic medium or outdoor advertising display not on the premises of the depository institution from any disclosure requirements described in paragraph (4) or (5) of subsection (a) if the Board finds that any such disclosure would be unnecessarily burdensome. (c) MISLEADING DESCRIPTIONS OF FREE OR NO-COST ACCOUNTS PROHIBITED. — No advertisement, announcement, or solicitation made by any depository institution or deposit broker may refer to or describe an account as a free or no-cost account (or words of similar meaning) if— (1) in order to avoid fees or service charges for any period— (A) a minimum balance must be maintained in the account during such period; or (B) the number of transactions during such period may not exceed a maximum number; or (2) any regular service or transaction fee is imposed. (d) MISLEADING OR INACCURATE ADVERTISEMENTS, ETC., P ROHIB- ITED.— No depository institution or deposit broker shall make any advertisement, announcement, or solicitation relating to a deposit account that is inaccurate or misleading or that misrepresents its deposit contracts. SEC. 264. ACCOUNT SCHEDULE. 12 USC 4303. (a) IN GENERAL. —Each depository institution shall maintain a Regulations, schedule of fees, charges, interest rates, and terms and conditions applicable to each class of accounts offered by the depository institution, in accordance with the requirements of this section and regulations which the Board shall prescribe. The Board shall specify, in regulations, which fees, charges, penalties, terms, conditions, and account restrictions must be included in a schedule required under this subsection. A depository institution need not include in such schedule any information not specified in such regulation. (b) INFORMATION ON FEES AND CHARGES.— The schedule required under subsection (a) with respect to any account shall contain the following information: