[Code of Federal Regulations]
[Title 12, Volume 3]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR226.8]

[Page 268-269]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 226--TRUTH IN LENDING (REGULATION Z)--Table of Contents
 
                       Subpart B--Open-End Credit
 
Sec. 226.8  Identification of transactions.

    The creditor shall identify credit transactions on or with the first 
periodic statement that reflects the transaction by furnishing the 
following information, as applicable.\16\
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    \16\ Failure to disclose the information required by this section 
shall not be deemed a failure to comply with the regulation if: (1) The 
creditor maintains procedures reasonably adapted to obtain and provide 
the information; and (2) the creditor treats an inquiry for 
clarification or documentation as a notice of a billing error, including 
correcting the account in accordance with Sec. 226.13(e). This applies 
to transactions that take place outside a state, as defined in 
Sec. 226.2(a), whether or not the creditor maintains procedures 
reasonably adapted to obtain the required information.
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    (a) Sale credit. For each credit transaction involving the sale of 
property or services, the following rules shall apply:
    (1) Copy of credit document provided. When an actual copy of the 
receipt or other credit document is provided with the first periodic 
statement reflecting the transaction, the transaction is sufficiently 
identified if the amount of the transaction and either the date of the 
transaction or the date of debiting the transaction to the consumer's 
account are disclosed on the copy or on the periodic statement.
    (2) Copy of credit document not provided--creditor and seller same 
or related person(s). When the creditor and the seller are the same 
person or related persons, and an actual copy of the receipt or other 
credit document is not provided with the periodic statement, the 
creditor shall disclose the amount and date of the transaction, and a 
brief identification \17\ of the property or services purchased.\18\
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    \17\ As an alternative to the brief identification, the creditor may 
disclose a number or symbol that also appears on the receipt or other 
credit document given to the consumer, if the number or symbol 
reasonably identifies that transaction with that creditor, and if the 
creditor treats an inquiry for clarification or documentation as a 
notice of a billing error, including correcting the account in 
accordance with Sec. 226.13(e).
    \18\ An identification of property or services may be replaced by 
the seller's name and location of the transaction when: (1) The creditor 
and the seller are the same person; (2) the creditor's open-end plan has 
fewer than 15,000 accounts; (3) the creditor provides the consumer with 
point-of-sale documentation for that transaction; and (4) the creditor 
treats an inquiry for clarification or documentation as a notice of a 
billing error, including correcting the account in accordance with 
Sec. 226.13(e).
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    (3) Copy of credit document not provided--creditor and seller not 
same or related person(s). When the creditor and seller are not the same 
person or related persons, and an actual copy of the receipt or other 
credit document is not provided with the periodic statement, the 
creditor shall disclose the amount and date of the transaction; the 
seller's name; and the city, and state or foreign country where the 
transaction took place.\19\
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    \19\ The creditor may omit the address or provide any suitable 
designation that helps the consumer to identify the transaction when the 
transaction (1) took place at a location that is not fixed; (2) took 
place in the consumer's home; or (3) was a mail or telephone order.

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[[Page 269]]

    (b) Nonsale credit. A nonsale credit transaction is sufficiently 
identified if the first periodic statement reflecting the transaction 
discloses a brief identification of the transaction;\20\ the amount of 
the transaction; and at least one of the following dates: the date of 
the transaction, the date of debiting the transaction to the consumer's 
account, or, if the consumer signed the credit document, the date 
appearing on the document. If an actual copy of the receipt or other 
credit document is provided and that copy shows the amount and at least 
one of the specified dates, the brief identification may be omitted.
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    \20\ See Footnote 17.

[46 FR 20892, Apr. 7, 1981; 46 FR 29246, June 1, 1981]