Required Disclosure on Open-end Credit Plan.
Article 141
ART. 141. Required Disclosure on Open-end Credit Plan. - Before opening any account under an open-end consumer credit plan, the creditor shall disclose, to the extent applicable, the following information: the conditions under which a finance charge may be imposed, including the time period, if any, within which any credit extended may be repaid without incurring a finance charge; the method of determining the balance upon which a finance charge may be imposed; the method of determining the amount of the finance charges, including any minimum or fixed amount imposed as a finance charge; where one or more periodic rates may be used to compute a finance charge, each such rate, the range of balances to which it is applicable, and the corresponding simple annual rate; the conditions under which the creditor may impose a security lien and a description of the goods to which such lien may attach. The implementing agency shall prescribe regulations consistent with commonly accepted accounting standards to carry out the requirements of this article.