§ 4302. Disclosure of interest rates and terms of accounts

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1991

   Truth in Savings Act

   Pub. L. 102–242 title II § 263 · 105 Stat. 2236

   Enacted · 12 U.S.C. § 4302

   Pub. L. 102–242, title II, § 263, Dec. 19, 1991, 105 Stat. 2334

   Source evidence

   Code source credit
   Pub. L. 102–242, title II, § 263, Dec. 19, 1991, 105 Stat. 2334

   Enacted provision · exact public law section
   SEC. 263. DISCLOSURE OF INTEREST RATES AND TERMS OF ACCOUNTS. (a) In General.— Except as provided in subsection (b), each advertisement, announcement, or solicitation initiated by any depository institution or deposit broker relating to any demand or interest-bearing account offered by an insured depository institution which includes any reference to a specific rate of interest payable on amounts deposited in such account, or to a specific yield or rate of earnings on amounts so deposited, shall state the following information, to the extent applicable, in a clear and conspicuous manner: (1) The annual percentage yield. (2) The period during which such annual percentage yield is in effect. (3) All minimum account balance and time requirements which must be met in order to earn the advertised yield (and, in the case of accounts for which more than 1 yield is stated, each annual percentage yield and the account minimum balance requirement associated with each such yield shall be in close proximity and have equal prominence). (4) The minimum amount of the initial deposit which is required to open the account in order to obtain the yield advertised, if such minimum amount is greater than the minimum balance necessary to earn the advertised yield. (5) A statement that regular fees or other conditions could reduce the yield. (6) A statement that an interest penalty is required for early withdrawal. (b) Broadcast and Electronic Media and Outdoor Advertising Exception.— The Board may, by regulation, exempt advertisements, announcements, or solicitations made by any broadcast or electronic medium or outdoor advertising display not on the premises of the depository institution from any disclosure requirements described in paragraph (4) or (5) of subsection (a) if the Board finds that any such disclosure would be unnecessarily burdensome. (c) Misleading Descriptions of Free or No-Cost Accounts Prohibited.— No advertisement, announcement, or solicitation made by any depository institution or deposit broker may refer to or describe an account as a free or no-cost account (or words of similar meaning) if— (1) in order to avoid fees or service charges for any period— (A) a minimum balance must be maintained in the account during such period; or (B) the number of transactions during such period may not exceed a maximum number; or (2) any regular service or transaction fee is imposed. (d) Misleading or Inaccurate Advertisements, Etc., Prohibited.— No depository institution or deposit broker shall make any advertisement, announcement, or solicitation relating to a deposit account that is inaccurate or misleading or that misrepresents its deposit contracts.

2. 1992

   Housing and Community Development Act of 1992

   Pub. L. 102–550 § 957(a)(1) · 106 Stat. 3672

   Substituted · 12 U.S.C. § 4302(a)

   Pub. L. 102–550, § 957(a)(1), substituted “subsections (b) and (c)” for “subsection (b)”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 102–550, § 957(a)(1), substituted “subsections (b) and (c)” for “subsection (b)”.

   Enacted provision · exact public law section
   (1) in subsection (a), by striking “subsection (b)” and inserting “subsections (b) and (c)”;

3. 1992

   Housing and Community Development Act of 1992

   Pub. L. 102–550 § 957(a)(2) · 106 Stat. 3672

   1. Added · 12 U.S.C. § 4302(c)(e)

      Pub. L. 102–550, § 957(a)(2), (3), added subsec. (c)

   2. Redesignated · 12 U.S.C. § 4302(c)(e)

      Pub. L. 102–550, § 957(a)(2), (3), redesignated former subsecs. (c) and (d) as (d) and (e), respectively

   Source evidence

   Code amendment note
   Subsecs. (c) to (e). Pub. L. 102–550, § 957(a)(2), (3), added subsec. (c) and redesignated former subsecs. (c) and (d) as (d) and (e), respectively.

   Enacted provision · exact public law section
   (2) by redesignating subsections (c) and (d) as subsections (d) and (e), respectively; and

4. 1996

   Department of Commerce and Related Agencies Appropriations Act, 1997

   Pub. L. 104–208 div. A title II § 2604(b) · 110 Stat. 3009

   1. Redesignated · 12 U.S.C. § 4302(c)

      Pub. L. 104–208 redesignated par. (1) as entire subsec. (c) and subpars. (A) and (B) of former par. (1) as pars. (1) and (2), respectively

   2. Struck · 12 U.S.C. § 4302(c)

      Pub. L. 104–208 struck out former par. (1) heading and heading and text of former par. (2). Text of former par. (2) read as follows: “For purposes of paragraph (1), a sign shall only be considered to be displayed on the premises of a depository institution if the sign is designed to be viewed only from the interior of the premises of the depository institution.”

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 104–208 redesignated par. (1) as entire subsec. (c) and subpars. (A) and (B) of former par. (1) as pars. (1) and (2), respectively, and struck out former par. (1) heading and heading and text of former par. (2). Text of former par. (2) read as follows: “For purposes of paragraph (1), a sign shall only be considered to be displayed on the premises of a depository institution if the sign is designed to be viewed only from the interior of the premises of the depository institution.”

   Enacted provision · exact public law section
   (b) On-Premises Displays.— Section 263(c) of the Truth in Savings Act (12 U.S.C. 4302(c)) is amended— (1) by striking paragraph (2); (2) by striking “(1) In general.—”; and (3) by redesignating subparagraphs (A) and (B) as paragraphs (1) and (2), respectively, and indenting appropriately.

5. 2010

   Consumer Financial Protection Act of 2010

   Pub. L. 111–203 title X § 1100B(1) · 124 Stat. 1376

   Substituted · 12 U.S.C. § 4302(b)

   Pub. L. 111–203 substituted “Bureau” for “Board” in two places

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 111–203 substituted “Bureau” for “Board” in two places.

   Enacted provision · exact public law section
   (1) by 12 USC 4302 et seq. striking “Board” each place that term appears, other than in section 272(b) (12 U.S.C. 4311), and inserting “Bureau”;

   Effective date note
   Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

7 of 7 references resolved to an enrolled provision