Section 7Sec./Art. 7

Disclosure Prior to Renewal. – Except in telephone solicitations a card issuer that imposes any fee described in Section 4 shall transmit to a consumer's credit card account a clear and conspicuous disclosure of:

(a) the date by which, the month by which, or the billing period at the close of which, the account will expire if not renewed;

(b) the information described in Section 4 which shall be transmitted to a consumer at least thirty (30) days prior to the scheduled renewal date of the consumer's credit card account;

(c) the information described in Section 4 (a) (1) which shall be transmitted to a consumer's credit card account; and

(d) the method by which the consumer may terminate continued credit availability under the account: Provided, That the disclosures required by this section must be made prior to posting a fee described in Section 4 (b) (1) to the account, or with the periodic billing statement first disclosing that the fee has been posted to the account subject to the condition that the consumer is given thirty (30) day period to avoid payment of the fee or to have the fee recredited to the account in any case where the consumer does not wish to continue the availability of the credit.