Disclosure of fair credit billing rights

§ 304. Disclosure of fair credit billing rights (a) Section 127(a) of the Truth in Lending Act (15 U.S.C. 1637 (a)) is amended by adding at the end thereof a new paragraph as follows: “(8) A statement, in a form prescribed by regulations of the Board of the protection provided by sections 161 and 170 to an obligor and the creditor’s responsibilities under sections 162 and 170. With respect to each of two billing cycles per year, at semiannual intervals, the creditor shall transmit such statement to each obligor to whom the creditor is required to transmit a statement pursuant to section 127(b) for such billing cycle.” (b) Section 127(c) of such Act (15 U.S.C. 1637(c)) is amended to read: “(c) In the case of any existing account under an open end consumer credit plan having an outstanding balance of more than $1 at or after the close of the creditor's first full billing cycle under the plan after the effective date of subsection (a) or any amendments thereto, the items described in subsection (a), to the extent applicable and not previously disclosed, shall be disclosed in a notice mailed or delivered to the obligor not later than the time of mailing the next statement required by subsection (b).”