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U.S. Code as of:
01/19/04
Section 1646. Dissemination of annual percentage rates; implementation, etc.
(a) Annual percentage rates
The Board shall collect, publish, and disseminate to the public,
on a demonstration basis in a number of standard metropolitan
statistical areas to be determined by the Board, the annual
percentage rates charged for representative types of nonsale credit
by creditors in such areas. For the purpose of this section, the
Board is authorized to require creditors in such areas to furnish
information necessary for the Board to collect, publish, and
disseminate such information.
(b) Credit card price and availability information
(1) Collection required
The Board shall collect, on a semiannual basis, credit card
price and availability information, including the information
required to be disclosed under section 1637(c) of this title,
from a broad sample of financial institutions which offer credit
card services.
(2) Sample requirements
The broad sample of financial institutions required under
paragraph (1) shall include -
(A) the 25 largest issuers of credit cards; and
(B) not less than 125 additional financial institutions
selected by the Board in a manner that ensures -
(i) an equitable geographical distribution within the
sample; and
(ii) the representation of a wide spectrum of institutions
within the sample.
(3) Report of information from sample
Each financial institution in the broad sample established
pursuant to paragraph (2) shall report the information to the
Board in accordance with such regulations or orders as the Board
may prescribe.
(4) Public availability of collected information; report to
Congress
The Board shall -
(A) make the information collected pursuant to this
subsection available to the public upon request; and
(B) report such information semiannually to Congress.
(c) Implementation
The Board is authorized to enter into contracts or other
arrangements with appropriate persons, organizations, or State
agencies to carry out its functions under subsections (a) and (b)
of this section and to furnish financial assistance in support
thereof.
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