(a) (1) Form of disclosures. Disclosures required under this part shall
be clear and readily understandable, in writing, and in a form the
consumer may keep, except as otherwise provided in this part. The
disclosures required by this part may be provided to the consumer
in electronic form, subject to compliance with the consumer-consent
and other applicable provisions of the Electronic Signatures in Global
and National Commerce Act (E-Sign Act) (15 USC 7001 et seq.). A financial
institution may use commonly accepted or readily understandable abbreviations
in complying with the disclosure requirements of this part.
(2) Foreign-language disclosures. Disclosures required under this
part may be made in a language other than English, provided that the
disclosures are made available in English upon the consumer’s request.
(b) Additional
information; disclosures required by other laws. A financial
institution may include additional information and may combine disclosures
required by other laws (such as the Truth in Lending Act (15 USC 1601
et seq.) or the Truth in Savings Act (12 USC 4301 et seq.)) with the
disclosures required by this part.
(c) Multiple accounts and account holders.
(1) Multiple
accounts. A financial institution may combine the required disclosures
into a single statement for a consumer who holds more than one account
at the institution.
(2) Multiple account holders. For
joint accounts held by two or more consumers, a financial institution
need provide only one set of the required disclosures and may provide
them to any of the account holders.
(d) Services offered jointly. Financial institutions
that provide electronic fund transfer services jointly may contract
among themselves to comply with the requirements that this part imposes
on any or all of them. An institution need make only the disclosures
required by sections 205.7 and 205.8 that are within its knowledge
and within the purview of its relationship with the consumer for whom
it holds an account.
