California Civil Code

§ 1748.11

CIV § 1748.11 Effective Jan 1, 2002Div. 3 · Title 1.3A · Part 4

Statute text

(a)Any application form or preapproved written solicitation for an open-end credit card account to be used for personal, family, or household purposes that is mailed on or after October 1, 1987, to a consumer residing in this state by or on behalf of a creditor, whether or not the creditor is located in this state, other than an application form or solicitation included in a magazine, newspaper, or other publication distributed by someone other than the creditor, shall contain or be accompanied by either of the following disclosures:

(1)A disclosure of each of the following, if applicable:

(A)Any periodic rate or rates that may be applied to the account, expressed as an annual percentage rate or rates. If the account is subject to a variable rate, the creditor may instead either disclose the rate as of a specific date and indicate that the rate may vary, or identify the index and any amount or percentage added to, or subtracted from, that index and used to determine the rate. For purposes of this section, that amount or percentage shall be referred to as the “spread.”

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Legislative history

Amended by Stats. 2001, Ch. 159, Sec. 33. Effective January 1, 2002.