Section 141April 13, 1992, Sec./Art. 141

Required Disclosure on Open-end Credit Plan. – Before opening any account under an open-end consumer credit plan, the creditor shall disclose, to the extent applicable, the following information:

a) the conditions under which a finance charge may be imposed, including the time period, if any, within which any credit extended may be repaid without incurring a finance charge;

b) the method of determining the balance upon which a finance charge may be imposed;

c) the method of determining the amount of the finance charges, including any minimum or fixed amount imposed as a finance charge;

d) where one or more periodic rates may be used to compute a finance charge, each such rate, the range of balances to which it is applicable, and the corresponding simple annual rate;

e) the conditions under which the creditor may impose a security lien and a description of the goods to which such lien may attach.

The implementing agency shall prescribe regulations consistent with commonly accepted accounting standards to carry out the requirements of this Article.