Section 142April 13, 1992, Sec./Art. 142

Required Disclosures on Consumer Loans Not Under Open-End Credit Plan. – Any creditor extending a consumer loan or in a transaction which is neither a consumer credit sale nor under an open-end consumer credit plan shall disclose, to the extent applicable, the following information:

a) the amount of credit of which the debtor will have the actual use, or which is or will be paid to him or for his account or to another person on his behalf;

b) all charges, individually itemized, which are included in the amount of credit extended but which are not part of the finance charge;

c) the total amount to be financed or the sum of the amounts referred to in paragraphs (a) and (b);

d) the finance charge expressed in terms or pesos and centavos;

e) the effective interest rate;

f) the percentage that the finance charge bears to the total amount to be financed expressed as a simple annual rate on the outstanding unpaid balance of the obligation;

g) the default, delinquency or similar charges payable in the event of late payments;

h) a description of any security interest held or to be held or to be retained or acquired by the creditor in connection with the extension of credit and a clear identification of the property to which the security interest relates.