Authority, purpose, coverage, organization, enforcement, and liability.

CFR · 2024-01-01 · US · Title 12

(a) (b) (c) (i) The credit is offered or extended to consumers; (ii) The offering or extension of credit is done regularly; (iii) The credit is subject to a finance charge or is payable by a written agreement in more than four installments; and (iv) The credit is primarily for personal, family, or household purposes. (2) If a credit card is involved, however, certain provisions apply even if the credit is not subject to a finance charge, or is not payable by a written agreement in more than four installments, or if the credit card is to be used for business purposes. (3) In addition, certain requirements of § 226.5b apply to persons who are not creditors but who provide applications for home-equity plans to consumers. (4) Furthermore, certain requirements of § 226.57 apply to institutions of higher education. (d) (1) Subpart A contains general information. It sets forth: (i) The authority, purpose, coverage, and organization of the regulation; (ii) The definitions of basic terms; (iii) The transactions that are exempt from coverage; and (iv) The method of determining the finance charge. (2) Subpart B contains the rules for open-end credit. It requires that account-opening disclosures and periodic statements be provided, as well as additional disclosures for credit and charge card applications and solicitations and for home-equity plans subject to the requirements of § 226.5a and § 226.5b, respectively. It also describes special (3) Subpart C relates to closed-end credit. It c

official document · source cfr-2024 · id 12:§ 226.1