Does anyone who is prepared for the section taking effect tomorrow have any samples of the forms or policies they will be using to share? Know this is asking alot, but somehow I was unaware of the June 4th effective date and am scrambling.

You have to be compliant by Decmber 1, 2004. Here are the model notices from the reg.
Model Notice B-1

We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.

Model Notice B-2

We have told a credit bureau about a late payment, missed payment or other default on your account. This information may be reflected in your credit report.

Anon#1, You are correct about the 6/4 effective date for this section. If you want to send me a pm with your name and contact info, I will be happy to share our policy/procedure with you.
BC

I just have a question..Please correct me if I'm wrong, but isn't the final rule still pending? I know the time frame for the comments on the proposed rule-making has come and gone, but the final rule is yet to be posted. Am I wrong?

Confused guy

The final rule has been issued and can be read at:

http://www.federalreserve.gov/boarddocs/press/bcreg/2004/200406082/attachment.pdf

It provides that the model text is effective July 16 and that section 217, which requires the notices to be given out is effective December 1, 2004.

Ted,
The section of the FACT Act that was effective 6/4 is section 151(a). There are no proposed or final rules for this section- they are self-explanitory and must be implemented a"as is".
BC