Section 4Sec./Art. 4

Credit Card Application and Solicitation. – Any application to open a credit card account for any person under an open-end credit plan or a solicitation to open such an account, either by mail, telephone or other means, shall disclose in writing or orally, as the case may be, the following information:

(a) Annual Percentage Rate

1) Each annual percentage rate of interest on the amount of credit obtained by the credit card holder under such credit plan. Where an extension of credit is subject to a variable rate, the fact that the rate is variable, and the annual percentage rate in effect at the time of the mailing.

2) Where more than one rate applies, the range of balances to which each rate applies.

(b) Annual and other Fees

1) Any annual fee, other periodic fee, or membership fee imposed for the issuance or availability of a credit card, including any account maintenance fee or any other charge imposed based on activity or inactivity for the account during the billing cycle.

2) Any minimum finance charge imposed for each period during which any extension of credit which is subject to a finance charge is outstanding.

3) Any transaction charge imposed in connection with use of the card to purchase goods or services.

4) Any fee, penalty or surcharge imposed for the delay in payment of an account.

(c) Balance Calculation Method – the name or a detailed explanation of the balance calculation method used in determining the balance upon which the finance charge is computed.

(d) Cash Advance Fee – any fee imposed for an extension of credit in the form of cash.

(e) Over-the-Limit-Fee – any fee imposed in connection with an extension of credit in excess of the amount of credit authorized to be extended with respect to such amount: Provided, however, That in case the application or solicitation to open a credit card account for any person under an open-end consumer credit plan be made through catalogs, magazines, or other publications, the following additional information shall be disclosed:

1) A statement, in a conspicuous and prominent location on the application or solicitation, that:

i) the information is accurate as of the date the application or solicitation was printed;

ii) the information contained in the application or solicitation is subject to change after such date;

iii) the applicant should contact the creditor for information on any change in the information contained in the application or solicitation since it was printed;

(2) The date the application or solicitation was printed; and

(3) In a conspicuous and prominent location on the application or solicitation, a toll free telephone number or mailing address which the applicant may contact to obtain any change in the information provided in the application or solicitation since it was printed.