[Code of Federal Regulations]
[Title 12, Volume 3]
[Revised as of January 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR226.7]

[Page 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.  226.7  Periodic statement.

    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.
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    \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.
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    (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 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).

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