(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 U.S.C. 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 U.S.C. 1601 et seq.) or the
Truth in Savings Act (12 U.S.C. 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 1005.7 and 1005.8 that are within its knowledge
and within the purview of its relationship with the consumer for whom
it holds an account.
