The creditor shall identify
credit transactions on or with the first periodic statement that reflects
the transaction by furnishing the following information, as applicable.
16(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
17 of the property or services purchased, for creditors and sellers
that are the same or related;
18 or
(ii) The
seller’s name; and the city and state or foreign country where the
transaction took place.
19 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;
20 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 226.13(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 226.2(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.
