Sec. 205.4 General disclosure requirements; jointly
offered services.
(a)(1) Form of disclosures. Disclosures
required under this part shall be clear
and readily understandable, in writing,
and in a form the consumer may keep.
The disclosures required by this part
may be provided to the consumer in
electronic form, subject to compliance
with the consumer consent and other
applicable provisions of the Electronic
Signatures in Global and National
Commerce Act (E-Sign Act)(15 U.S.C.
7001 et seq.). A financial institution
may use commonly accepted or readily
understandable abbreviations in
complying with the disclosure
requirements of this part.
(2) Foreign language disclosures. Disclosures required under this part may be made in a language other than English, provided that the disclosures are made available in English upon the consumer’s request.
(b) Additional information; disclosures required by other laws. A financial institution may include additional information and may combine disclosures required by other laws (such as the Truth in Lending Act (15 U.S.C. 1601 et seq.) or the Truth in Savings Act (12 U.S.C. 4301 et seq.)) with the disclosures required by this part.
(c) Multiple accounts and account holders--(1) Multiple accounts. A financial institution may combine the required disclosures into a single statement for a consumer who holds more than one account at the institution.
(2) Multiple account holders. For joint accounts held by two or more consumers, a financial institution need provide only one set of the required disclosures and may provide them to any of the account holders.
(d) Services offered jointly. Financial institutions that provide electronic fund transfer services jointly may contract among themselves to comply with the requirements that this part imposes on any or all of them. An institution need make only the disclosures required by Secs. 205.7 and 205.8 that are within its knowledge and within the purview of its relationship with the consumer for whom it holds an account.
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