If any advertisement to promote the extension of consumer credit through an open end consumer credit plan are secured by the consumers principal dwelling states, discusses the the specific terms of the plan, the advertisement shall also clearly and conspicuously set forth the following information, d may require:
(1) Loan fees and opening cost estimates
Any loan fee the amount of which is determined as a percentage of the credit limit applicable to an account under the plan and an estimate of the aggregate amount of other fees for opening the account, based on the creditors experience with the plan and stated as a single amount or as a reasonable range.
Any loan fee the amount of which is determined as a percentage of the credit limit applicable to an account under the plan and an estimate of the aggregate amount of other fees for opening the account, based on the creditors experience with the plan and stated as a single amount or as a reasonable range.
(2) Periodic rates
In any case in which periodic rates may be used to compute the finance charge, the periodic rates expressed as an annual percentage rate.
In any case in which periodic rates may be used to compute the finance charge, the periodic rates expressed as an annual percentage rate.
(3) Highest annual percentage rate
Balloon payments are also required to be disclosed. See also 12 C.F.R. 226.16 for discussion of promotional rate requirements.
Balloon payments are also required to be disclosed. See also 12 C.F.R. 226.16 for discussion of promotional rate requirements.
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