12 C.F.R. § 37.6

Disclosures

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(a) Content of short form of disclosures. The short form of disclosures required by this part must include the information described in appendix A to this part that is appropriate to the product offered. Short form disclosures made in a form that is substantially similar to the disclosures in appendix A to this part will satisfy the short form disclosure requirements of this section.

(b) Content of long form of disclosures. The long form of disclosures required by this part must include the information described in appendix B to this part that is appropriate to the product offered. Long form disclosures made in a form that is substantially similar to the disclosures in appendix B to this part will satisfy the long form disclosure requirements of this section.

(c) Disclosure requirements; timing and method of disclosures—(1) Short form disclosures. The bank shall make the short form disclosures orally at the time the bank first solicits the purchase of a contract.

(2) Long form disclosures. The bank shall make the long form disclosures in writing before the customer completes the purchase of the contract. If the initial solicitation occurs in person, then the bank shall provide the long form disclosures in writing at that time.

(3) Special rule for transactions by telephone. If the contract is solicited by telephone, the bank shall provide the short form disclosures orally and shall mail the long form disclosures, and, if appropriate, a copy of the contract to the customer within 3 business days, beginning on the first business day after the telephone solicitation.

(4) Special rule for solicitations using written mail inserts or “take one” applications. If the contract is solicited through written materials such as mail inserts or “take one” applications, the bank may provide only the short form disclosures in the written materials if the bank mails the long form disclosures to the customer within 3 business days, beginning on the first business day after the customer contacts the bank to respond to the solicitation, subject to the requirements of § 37.7(c).

(5) Special rule for electronic transactions. The disclosures described in this section may be provided through electronic media in a manner consistent with the requirements of the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001 et seq.

(d) Form of disclosures—(1) Disclosures must be readily understandable. The disclosures required by this section must be conspicuous, simple, direct, readily understandable, and designed to call attention to the nature and significance of the information provided.

(2) Disclosures must be meaningful. The disclosures required by this section must be in a meaningful form. Examples of methods that could call attention to the nature and significance of the information provided include:

(i) A plain-language heading to call attention to the disclosures;

(ii) A typeface and type size that are easy to read;

(iii) Wide margins and ample line spacing;

(iv) Boldface or italics for key words; and

(v) Distinctive type style, and graphic devices, such as shading or sidebars, when the disclosures are combined with other information.

(e) Advertisements and other promotional material for debt cancellation contracts and debt suspension agreements. The short form disclosures are required in advertisements and promotional material for contracts unless the advertisements and promotional materials are of a general nature describing or listing the services or products offered by the bank.

Notes of Decisions

Cited in 4 cases, 2009–2013 · leading case: New Mexico ex rel. King v. Capital One Bank (USA) N.A., 980 F. Supp. 2d 1314 (D.N.M. 2013).

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New Mexico ex rel. King v. Capital One Bank (USA) N.A., 980 F. Supp. 2d 1314 (D.N.M. 2013). · cites it 2× “12 C.F.R. § 37.6 ; 37.7. 12 C.F.R. § 37.6 specifically addresses the types of *1331 claims asserted by Plaintiff regarding payment protection plans.”

Arevalo v. Bank of Am. Corp., 850 F. Supp. 2d 1008 (N.D. Cal. 2011). “Bank of America argues that two other OCC regulations — 12 C.F.R. section 37.6(c) (“section 37.6(c)”) and 12 C.”

Thomas v. Bank of Am. Corp., 711 S.E.2d 371 (Ga. Ct. App. 2011). “4 ); mandate disclosures ( 12 CFR § 37.6 ); and require national banks to obtain their customers’ written, affirmative election to purchase the product and written acknowledgment of receipt of the disclosures ( 12 CFR § 37.”

Spinelli v. Capital One Bank, 265 F.R.D. 598 (M.D. Fla. 2009). “4 ); mandates disclosures ( 12 C.F.R. § 37.6 ); and requires that a national bank obtain and document the customer’s affirmative election to purchase the contract and the customer’s receipt of the disclosures ( 12 C.”

— 12 C.F.R. § 37.6(c) — 1 case

Arevalo v. Bank of Am. Corp., 850 F. Supp. 2d 1008 (N.D. Cal. 2011). “Bank of America argues that two other OCC regulations — 12 C.F.R. section 37.6(c) (“section 37.6(c)”) and 12 C.”

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