12 U.S. Code § 4302 - Disclosure of interest rates and terms of accounts
(a) In general
Except as provided in subsections (b) and (c) of this section, each advertisement, announcement, or solicitation initiated by any depository institution or deposit broker relating to any demand or interest-bearing account offered by an insured depository institution which includes any reference to a specific rate of interest payable on amounts deposited in such account, or to a specific yield or rate of earnings on amounts so deposited, shall state the following information, to the extent applicable, in a clear and conspicuous manner:
(3) All minimum account balance and time requirements which must be met in order to earn the advertised yield (and, in the case of accounts for which more than 1 yield is stated, each annual percentage yield and the account minimum balance requirement associated with each such yield shall be in close proximity and have equal prominence).
(4) The minimum amount of the initial deposit which is required to open the account in order to obtain the yield advertised, if such minimum amount is greater than the minimum balance necessary to earn the advertised yield.
(b) Broadcast and electronic media and outdoor advertising exception
The Bureau may, by regulation, exempt advertisements, announcements, or solicitations made by any broadcast or electronic medium or outdoor advertising display not on the premises of the depository institution from any disclosure requirements described in paragraph (4) or (5) of subsection (a) of this section if the Bureau finds that any such disclosure would be unnecessarily burdensome.
(c) Disclosure required for on-premises displays
The disclosure requirements contained in this section shall not apply to any sign (including a rate board) disclosing a rate or rates of interest which is displayed on the premises of the depository institution if such sign contains—
(d) Misleading descriptions of free or no-cost accounts prohibited
No advertisement, announcement, or solicitation made by any depository institution or deposit broker may refer to or describe an account as a free or no-cost account (or words of similar meaning) if—
(1) in order to avoid fees or service charges for any period—
Source(Pub. L. 102–242, title II, § 263,Dec. 19, 1991, 105 Stat. 2334; Pub. L. 102–550, title IX, § 957(a),Oct. 28, 1992, 106 Stat. 3896; Pub. L. 104–208, div. A, title II, § 2604(b),Sept. 30, 1996, 110 Stat. 3009–471; Pub. L. 111–203, title X, § 1100B(1),July 21, 2010, 124 Stat. 2109.)
2010—Subsec. (b). Pub. L. 111–203substituted “Bureau” for “Board” in two places.
1996—Subsec. (c). Pub. L. 104–208redesignated par. (1) as entire subsec. (c) and subpars. (A) and (B) of former par. (1) as pars. (1) and (2), respectively, and struck out former par. (1) heading and heading and text of former par. (2). Text of former par. (2) read as follows: “For purposes of paragraph (1), a sign shall only be considered to be displayed on the premises of a depository institution if the sign is designed to be viewed only from the interior of the premises of the depository institution.”
1992—Subsec. (a). Pub. L. 102–550, § 957(a)(1), substituted “subsections (b) and (c)” for “subsection (b)”.
Subsecs. (c) to (e). Pub. L. 102–550, § 957(a)(2), (3), added subsec. (c) and redesignated former subsecs. (c) and (d) as (d) and (e), respectively.
Effective Date of 2010 Amendment
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