Federal · Title 15 — Commerce and Trade
15 U.S.C. § 1664: Advertising of credit other than open end plans
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Except as provided in subsection (b), this section applies to any advertisement to aid, promote, or assist directly or indirectly any consumer credit sale, loan, or other extension of credit subject to the provisions of this subchapter, other than an open end credit plan. The provisions of this section do not apply to advertisements of residential real estate except to the extent that the Bureau may by regulation require. If any advertisement to which this section applies states the rate of a finance charge, the advertisement shall state the rate of that charge expressed as an annual percentage rate. The downpayment, if any. The terms of repayment. The rate of the finance charge expressed as an annual percentage rate. the interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes; and the consumer should consult a tax adviser for further information regarding the deductibility of interest and charges.
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