Grace period for consumers

§ 415. Grace period for consumers Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended— (1) by amending subsection (a)(1) to read as follows: “(1) The conditions under which a finance charge may be imposed, including the time period (if any) within which any credit extended may be repaid without incurring a finance charge, except that the creditor may, at his election and without disclosure, impose no such finance charge if payment is received after the termination of such time period.”; and (2) by amending subsection (b)(10) to read as follows: “(10) The date by which or the period (if any) within which, payment must be made to avoid additional finance charges, except that the creditor may, at his election and without disclosure, impose no such additional finance charge if payment is received after such date or the termination of such period.”