15 U.S.C. § 1665a — Use of annual percentage rate in oral disclosures; exceptions

In responding orally to any inquiry about the cost of credit, a creditor , regardless of the method used to compute finance charges , shall state rates only in terms of the annual percentage rate , except that in the case of an open end credit plan, the periodic rate also may be stated and, in the case of an other than open end credit plan where a major component of the finance charge consists of interest computed at a simple annual rate, the simple annual rate also may be stated. The Bureau may, by regulation, modify the requirements of this section or provide an exception from this section for a transaction or class of transactions for which the creditor cannot determine in advance the applicable annual percentage rate . ( Pub. L. 90–321, title I, § 146 , as added Pub. L. 93–495, title IV, § 401(a) , Oct. 28, 1974 , 88 Stat. 1517 ; amended Pub. L. 96–221, title VI, § 623(a) , Mar. 31, 1980 , 94 Stat. 185 ; Pub. L. 111–203, title X, § 1100A(2) , July 21, 2010 , 124 Stat. 2107 .) Editorial Notes Amendments 2010— Pub. L. 111–203 substituted “Bureau” for “Board”. 1980— Pub. L. 96–221 substituted provisions relating to use of annual percentage rate in oral disclosures by creditors, for provisions setting forth requirements for advertisements concerning consumer credit repayable in more than four installments. Statutory Notes and Related Subsidiaries Effective Date of 2010 Amendment Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203 , set out as a note under section 552a of Title 5 , Government Organization and Employees. Effective Date of 1980 Amendment Amendment by Pub. L. 96–221 effective on expiration of two years and six months after Mar. 31, 1980 , 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 section 625 of Pub. L. 96–221 , set out as a note under section 1602 of this title . Effective Date Pub. L. 93–495, title IV, § 416 , Oct. 28, 1974 , 88 Stat. 1521 , provided that: “This title [enacting this section and sections 1614 and 1645 of this title, amending sections 1603 , 1607 , 1635 , 1637 , 1640 , and 1644 of this title, and enacting provision set out as a note under section 1640 of this title ] takes effect upon the date of its enactment [ Oct. 28, 1974 ], except that sections 409 [amending section 1631 of this title ] and 411 [amending section 1637 of this title ] take effect upon the expiration of one year after the date of its enactment [ Oct. 28, 1974 ].” CFR Title Parts 14 374

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