The creditor shall identify credit
transactions on or with the first periodic statement that reflects
the transaction by furnishing the following information, as applicable:
(a) Sale credit.
(1) Except as provided in
paragraph (a)(2) of this section, for each credit transaction involving
the sale of property or services, the creditor must disclose the amount
and date of the transaction, and either:
(i) A brief identification
of the property or services purchased, for creditors and sellers that
are the same or related; or
(ii) The seller’s name; and the city
and state or foreign country where the transaction took place. The
creditor may omit the address or provide any suitable designation
that helps the consumer to identify the transaction when the transaction
took place at a location that is not fixed; took place in the consumer’s
home; or was a mail, Internet, or telephone order.
(2) Creditors need not
comply with paragraph (a)(1) of this section if an actual copy of
the receipt or other credit document is provided with the first periodic
statement reflecting the transaction, and the amount of the transaction
and either the date of the transaction to the consumer’s account or
the date of debiting the transaction are disclosed on the copy or
on the periodic statement.
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(b) Nonsale credit. For each credit transaction
not involving the sale of property or services, the creditor must
disclose a brief identification of the transaction; the amount of
the transaction; and at least one of the following dates: The date
of the transaction, the date the transaction was debited to the consumer’s
account, or, if the consumer signed the credit document, the date
appearing on the document. If an actual copy of the receipt or other
credit document is provided and that copy shows the amount and at
least one of the specified dates, the brief identification may be
omitted.
(c) Alternative
creditor procedures; consumer inquiries for clarification or documentation. The following procedures apply to creditors that treat an inquiry
for clarification or documentation as a notice of a billing error,
including correcting the account in accordance with section 1026.13(e):
(1) Failure to disclose the
information required by paragraphs (a) and (b) of this section is
not a failure to comply with the regulation, provided that the creditor
also maintains procedures reasonably designed to obtain and provide
the information. This applies to transactions that take place outside
a state, as defined in section 1026.2(a)(26), whether or not the creditor
maintains procedures reasonably adapted to obtain the required information.
(2) As an alternative
to the brief identification for sale or nonsale credit, the creditor
may disclose a number or symbol that also appears on the receipt or
other credit document given to the consumer, if the number or symbol
reasonably identifies that transaction with that creditor.
