The creditor shall
furnish the consumer with a periodic statement that discloses the following
items, to the extent applicable:
(a) Previous balance. The account balance
outstanding at the beginning of the billing cycle.
(b) Identification of transactions. An identification
of each credit transaction in accordance with Sec. 226.8.
(c) Credits. Any credit to the account during
the billing cycle, including the amount and the date of crediting. The
date need not be provided if a delay in crediting does not result in any
finance or other charge.
(d) Periodic rates. Each periodic rate that
may be used to compute the finance charge, the range of balances to which
it is applicable,14 and the corresponding annual percentage
rate.15 If different periodic rates apply to different types
of transactions, the types of transactions to which the periodic rates
apply shall also be disclosed.
14
See Footnotes 11 and 13.
15
If a variable rate plan is involved, the creditor shall disclose the fact
that the periodic rate(s) may vary.
(e) Balance on which finance charge computed.
The amount of the balance to which a periodic rate was applied and an explanation
of how that balance was determined. When a balance is determined without
first deducting all credits and payments made during the billing cycle,
that fact and the amount of the credits and payments shall be disclosed.
(f) Amount of finance charge. The amount of
any finance charge debited or added to the account during the billing cycle,
using the term finance charge. The components of the finance charge shall
be individually itemized and identified to show the amount(s) due to the
appliction of any periodic rates and the amount(s) of any other type of
finance charge. If there is more than one periodic rate, the amount of
the finance charge attributable to each rate need not be separately
itemized and identified.
(g) Annual percentage rate. When a finance
charge is imposed during the billing cycle, the annual percentage rate(s)
determined under Sec. 226.14, using the term annual percentage rate.
(h) Other charges. The amounts, itemized and
identified by type, of any charges other than finance charges debited to
the account during the billing cycle.
(i) Closing date of billing cycle; new balance.
The closing date of the billing cycle and the account balance outstanding
on that date.
(j) Free-ride period. The date by which or
the time period within which the new balance or any portion of the new
balance must be paid to avoid additional finance charges. If such a time
period is provided, a creditor may, at its option and without disclosure,
impose no finance charge when payment is received after the time period's
expiration.
(k) Address for notice of billing errors.
The address to be used for notice of billing errors. Alternatively, the
address may be provided on the billing rights statement permitted by Sec.
226.9(a)(2).
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