[Code of Federal Regulations]

[Title 12, Volume 3]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR226.8]



[Page 285-286]

 

                       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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    (b) Nonsale credit. A nonsale credit transaction is sufficiently 

identified if the first periodic statement reflecting



[[Page 286]]



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]