Title 15 — Commerce and TradeRelease 119-73
§1631 Disclosure requirements
Title 15 › Chapter CHAPTER 41— - CONSUMER CREDIT PROTECTION › Subchapter SUBCHAPTER I— - CONSUMER CREDIT COST DISCLOSURE › Part Part B— - Credit Transactions › § 1631
Summary
Lenders or lessors must give the required disclosure information to the person who has to pay on a consumer lease or loan. If more than one person is responsible, the lender or lessor only has to give the disclosure to the main person in the deal, except for transactions covered by section 1635 of this title. If only one lender or lessor is involved, that one must make the disclosures. If there are several, only one has to do it, and the Bureau will make rules saying which one. The Bureau may allow parts of the disclosed information to be shown as estimates when the lender cannot know exact figures. For interest charged per day and collected at closing, the disclosure is treated as correct if it is based on what the lender actually knew when preparing the closing papers. The Bureau will also decide if small tolerances for numbers other than the annual percentage rate are needed and, if it allows them, will keep those tolerances tight enough so they do not mislead or defeat the purpose of the rules.
Full Legal Text
Title 15, §1631
Commerce and Trade — Source: USLM XML via OLRC
(a)Subject to subsection (b), a creditor or lessor shall disclose to the person who is obligated on a consumer lease or a consumer credit transaction the information required under this subchapter. In a transaction involving more than one obligor, a creditor or lessor, except in a transaction under section 1635 of this title, need not disclose to more than one of such obligors if the obligor given disclosure is a primary obligor.
(b)If a transaction involves one creditor as defined in section 1602(f) 11 See References in Text note below. of this title, or one lessor as defined in section 1667(3) of this title, such creditor or lessor shall make the disclosures. If a transaction involves more than one creditor or lessor, only one creditor or lessor shall by required to make the disclosures. The Bureau shall by regulation specify which creditor or lessor shall make the disclosures.
(c)The Bureau may provide by regulation that any portion of the information required to be disclosed by this subchapter may be given in the form of estimates where the provider of such information is not in a position to know exact information. In the case of any consumer credit transaction a portion of the interest on which is determined on a per diem basis and is to be collected upon the consummation of such transaction, any disclosure with respect to such portion of interest shall be deemed to be accurate for purposes of this subchapter if the disclosure is based on information actually known to the creditor at the time that the disclosure documents are being prepared for the consummation of the transaction.
(d)The Bureau shall determine whether tolerances for numerical disclosures other than the annual percentage rate are necessary to facilitate compliance with this subchapter, and if it determines that such tolerances are necessary to facilitate compliance, it shall by regulation permit disclosures within such tolerances. The Bureau shall exercise its authority to permit tolerances for numerical disclosures other than the annual percentage rate so that such tolerances are narrow enough to prevent such tolerances from resulting in misleading disclosures or disclosures that circumvent the purposes of this subchapter.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
section 1602(f) of this title, referred to in subsec. (b), was redesignated section 1602(g) of this title by Pub. L. 111–203, title X, § 1100A(1)(A), July 21, 2010, 124 Stat. 2107.
Amendments
2010—Subsecs. (b) to (d). Pub. L. 111–203 substituted “Bureau” for “Board” wherever appearing. 1995—Subsec. (c). Pub. L. 104–29 inserted at end “In the case of any consumer credit transaction a portion of the interest on which is determined on a per diem basis and is to be collected upon the consummation of such transaction, any disclosure with respect to such portion of interest shall be deemed to be accurate for purposes of this subchapter if the disclosure is based on information actually known to the creditor at the time that the disclosure documents are being prepared for the consummation of the transaction.” 1980—Subsec. (a). Pub. L. 96–221 substituted provisions respecting to which obligor duty of creditor or lessor, where one or more than one obligor is involved, is owed, for provisions setting forth clear and conspicuous disclosure requirements for creditors to persons extended consumer credit. Subsec. (b). Pub. L. 96–221 substituted provisions relating to disclosure requirements of creditor or lessor, for provisions relating to statement of information where more than one obligor is involved. Subsecs. (c), (d). Pub. L. 96–221 added subsecs. (c) and (d). 1976—Subsec. (c). Pub. L. 94–205 struck out subsec. (c) which related to disclosure including a full statement of closing costs incurred and permitted estimates of such information where the lender was not in a position to know exact information. 1974—Subsec. (a). Pub. L. 93–495, § 307(c), inserted reference to part D of this subchapter and struck out “and upon whom a finance charge is or may be imposed” after “extended”. Subsec. (b). Pub. L. 93–495, § 307(d), inserted reference to part D of this subchapter. Subsec. (c). Pub. L. 93–495, § 409, added subsec (c).
Statutory Notes and Related Subsidiaries
Effective Date
of 2010 AmendmentAmendment 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 AmendmentAmendment 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
of 1976 AmendmentAmendment by Pub. L. 94–205 effective Jan. 2, 1976, see section 12 of Pub. L. 94–205, set out as a note under section 2602 of Title 12, Banks and Banking.
Effective Date
of 1974 AmendmentFor
Effective Date
of amendment by section 307(c), (d) of Pub. L. 93–495, see section 308 of Pub. L. 93–495, set out as an
Effective Date
note under section 1666 of this title. For
Effective Date
of amendment by section 409 of Pub. L. 93–495, see section 416 of Pub. L. 93–495, set out as an
Effective Date
note under section 1665a of this title.
Effective Date
Pub. L. 90–321, title V, § 504(b),
May 29, 1968, 82 Stat. 167, provided in part that chapter 2 of title I, which enacted sections 1631 to 1641 of this title, is effective
July 1, 1969. Real Estate Settlement ProceduresProvisions of Real Estate Settlement Procedures Act of 1974, as superseding provisions of subsec. (c) of this section insofar as applying to federally related mortgage loans, see section 2605 of Title 12, Banks and Banking.
Reference
Citations & Metadata
Citation
15 U.S.C. § 1631
Title 15 — Commerce and Trade
Last Updated
Apr 6, 2026
Release point: 119-73