Title 15 — Commerce and TradeRelease 119-73
§1632 Form of disclosure; additional information
Title 15 › Chapter CHAPTER 41— - CONSUMER CREDIT PROTECTION › Subchapter SUBCHAPTER I— - CONSUMER CREDIT COST DISCLOSURE › Part Part B— - Credit Transactions › § 1632
Summary
Creditors must show the required information clearly and visibly, following rules made by the Consumer Financial Protection Bureau. The annual percentage rate and the finance charge must stand out more than other details, except the creditor’s name. The Bureau can let the disclosures use different words or a different order if they still mean the same thing. Lenders and lessors may add extra explanations if they want. Certain specific items named in section 1637(c) must be shown in the exact form and place the Bureau requires and must appear clearly on any written application, solicitation, or related paper. The Bureau will, when practical, require those items to be shown in a simple table with clear headings and short entries. One heading or statement about the time period must use the words “grace period.” Credit card issuers must post each open-end card agreement on their websites and send electronic copies to the Bureau. The Bureau will host a public, searchable collection of those agreements. Individually negotiated changes are excluded, and the Bureau may set posting rules or exceptions when posting is not worth the burden.
Full Legal Text
Title 15, §1632
Commerce and Trade — Source: USLM XML via OLRC
(a)Information required by this subchapter shall be disclosed clearly and conspicuously, in accordance with regulations of the Bureau. The terms “annual percentage rate” and “finance charge” shall be disclosed more conspicuously than other terms, data, or information provided in connection with a transaction, except information relating to the identify of the creditor. Except as provided in subsection (c), regulations of the Bureau need not require that disclosures pursuant to this subchapter be made in the order set forth in this subchapter and, except as otherwise provided, may permit the use of terminology different from that employed in this subchapter if it conveys substantially the same meaning.
(b)Any creditor or lessor may supply additional information or explanation with any disclosures required under parts D and E and, except as provided in section 1637a(b)(3) and 1638(b)(1) of this title, under this part.
(c)(1)The information described in paragraphs (1)(A), (3)(B)(i)(I), (4)(A), and (4)(C)(i)(I) of section 1637(c) of this title shall be—
(A)disclosed in the form and manner which the Bureau shall prescribe by regulations; and
(B)placed in a conspicuous and prominent location on or with any written application, solicitation, or other document or paper with respect to which such disclosure is required.
(2)(A)In the regulations prescribed under paragraph (1)(A) of this subsection, the Bureau shall require that the disclosure of such information shall, to the extent the Bureau determines to be practicable and appropriate, be in the form of a table which—
(i)contains clear and concise headings for each item of such information; and
(ii)provides a clear and concise form for stating each item of information required to be disclosed under each such heading.
(B)In prescribing the form of the table under subparagraph (A), the Bureau may—
(i)list the items required to be included in the table in a different order than the order in which such items are set forth in paragraph (1)(A) or (4)(A) of section 1637(c) of this title; and
(ii)subject to subparagraph (C), employ terminology which is different than the terminology which is employed in section 1637(c) of this title if such terminology conveys substantially the same meaning.
(C)Either the heading or the statement under the heading which relates to the time period referred to in section 1637(c)(1)(A)(iii) of this title shall contain the term “grace period”.
(d)(1)Each creditor shall establish and maintain an Internet site on which the creditor shall post the written agreement between the creditor and the consumer for each credit card account under an open-end consumer credit plan.
(2)Each creditor shall provide to the Bureau, in electronic format, the consumer credit card agreements that it publishes on its Internet site.
(3)The Bureau shall establish and maintain on its publicly available Internet site a central repository of the consumer credit card agreements received from creditors pursuant to this subsection, and such agreements shall be easily accessible and retrievable by the public.
(4)This subsection shall not apply to individually negotiated changes to contractual terms, such as individually modified workouts or renegotiations of amounts owed by a consumer under an open end consumer credit plan.
(5)The Bureau, in consultation with the other Federal banking agencies (as that term is defined in section 1681a of this title) and the Bureau,11 So in original. may promulgate regulations to implement this subsection, including specifying the format for posting the agreements on the Internet sites of creditors and establishing exceptions to paragraphs (1) and (2), in any case in which the administrative burden outweighs the benefit of increased transparency, such as where a credit card plan has a de minimis number of consumer account holders.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
2010—Subsecs. (a), (c). Pub. L. 111–203, § 1100A(2), substituted “Bureau” for “Board” wherever appearing. Subsec. (d)(2), (3). Pub. L. 111–203, § 1100A(2), substituted “Bureau” for “Board” wherever appearing. Subsec. (d)(5). Pub. L. 111–203 substituted “The Bureau, in” for “The Board, in” and “and the Bureau, may” for “and the Federal Trade Commission, may”. 2009—Subsec. (d). Pub. L. 111–24 added subsec. (d). 1988—Subsec. (a). Pub. L. 100–583, § 2(b)(1), substituted “Except as provided in subsection (c),
Regulations
” for “
Regulations
”. Subsec. (b). Pub. L. 100–709 substituted “section 1637a(b)(3) and 1638(b)(1)” for “section 1638(b)(1)”. Subsec. (c). Pub. L. 100–583, § 2(b)(2), added subsec. (c). 1980—Subsec. (a). Pub. L. 96–221 substituted provisions setting forth form of disclosure to meet requirements of this subchapter, for provisions setting forth form of disclosure authorized under this part or part D of this subchapter. Subsec. (b). Pub. L. 96–221 substituted provisions setting forth disclosure requirements for additional information by creditors or lessors, for provisions setting forth disclosure requirements for additional information by creditors. 1974—Subsecs. (a), (b). Pub. L. 93–495 inserted references to part D of this subchapter.
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 2009 AmendmentAmendment by Pub. L. 111–24 effective 9 months after May 22, 2009, except as otherwise specifically provided, see section 3 of Pub. L. 111–24, set out as a note under section 1602 of this title.
Effective Date
of 1988 AmendmentFor
Effective Date
of
Amendments
by Pub. L. 100–709, see
Effective Date
note below.
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 1974 AmendmentFor
Effective Date
of amendment by 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.
Effective Date
For provisions relating to promulgation of
Regulations
to implement amendment by Pub. L. 100–709, and
Effective Date
of such amendment in connection with those
Regulations
, see section 7 of Pub. L. 100–709, set out as a note under section 1637a of this title. For provisions relating to promulgation of
Regulations
to implement amendment by Pub. L. 100–583, and
Effective Date
of such amendment in connection with those
Regulations
, see section 7 of Pub. L. 100–583, set out as a note under section 1637 of this title.
Reference
Citations & Metadata
Citation
15 U.S.C. § 1632
Title 15 — Commerce and Trade
Last Updated
Apr 6, 2026
Release point: 119-73