123STA T . 1 74 4 PUBLIC LA W 111 – 24 —M A Y 22 , 2 0 0 9it t akes t or e p a y yo u r b a l a nc e .’, or suc h si m ilar statement as is establishe d by the B oard pursuant to consumer testin g . ‘ ‘ ( B )R epayment in f ormation that w ould apply to the out - standing balance of the consumer under the credit plan, including — ‘‘(i) the number of months (rounded to the nearest month) that it would take to pay the entire amount of that balance, if the consumer pays only the re q uired min- imum monthly payments and if no further ad v ances are made
‘‘(ii) the total cost to the consumer, including interest and principal payments, of paying that balance in full, if the consumer pays only the required minimum monthly payments and if no further advances are made; ‘‘(iii) the monthly payment amount that would be required for the consumer to eliminate the outstanding balance in 36 months, if no further advances are made, and the total cost to the consumer, including interest and principal payments, of paying that balance in full if the consumer pays the balance over 36 months; and ‘‘(iv) a toll-free telephone number at which the con- sumer may receive information about accessing credit coun- seling and debt management services. ‘‘( C )(i) S ub j ect to clause (ii), in making the disclosures under subparagraph (B), the creditor shall apply the interest rate or rates in effect on the date on which the disclosure is made until the date on which the balance would be paid in full. ‘‘(ii) I f the interest rate in effect on the date on which the disclosure is made is a temporary rate that will change under a contractual provision applying an inde x or formula for subsequent interest rate adjustment, the creditor shall apply the interest rate in effect on the date on which the disclosure is made for as long as that interest rate will apply under that contractual provision, and then apply an interest rate based on the index or formula in effect on the applicable billing date. ‘‘( D ) A ll of the information described in subparagraph (B) shall— ‘‘(i) be disclosed in the form and manner which the Board shall prescribe, by regulation, and in a manner that avoids duplication; and ‘‘(ii) be placed in a conspicuous and prominent location on the billing statement. ‘‘( E ) In the regulations prescribed under subparagraph (D), the Board shall require that the disclosure of such information shall be in the form of a table that— ‘‘(i) contains clear and concise headings for each item of such information; and ‘‘(ii) provides a clear and concise form stating each item of information required to be disclosed under each such heading. ‘‘( F ) In prescribing the form of the table under subpara- graph (E), the Board shall require that— ‘‘(i) all of the information in the table, and not just a reference to the table, be placed on the billing statement, as required by this paragraph; and Regulations.
