In any closed-end credit transaction, TILA requires disclosure of the total finance charge, which is the sum of all charges, expressed as a dollar amount, that meet the regulatory definition of finance charge.

The triggering terms are:

• The amount of the down payment, expressed either as a percentage or as a dollar amount.
• The amount of any payment expressed either as a percentage or as a dollar amount.
• The number of payments.
• The period of repayment (the total time required to repay).
• The amount of any finance charge.

Closed-end credit is a loan or type of credit where the funds are dispersed in full when the loan closes and must be paid back, including interest and finance charges, by a specific date. The loan may require regular principal and interest payments, or it may require the full payment of principal at maturity.

A Schumer Box is a required summary of a credit card’s rates and fees that is visible in credit card agreements. It shows what the card will cost consumers, including the various annual percentage rates (APRs), an annual fee, a cash advance fee, a late payment fee, and a returned payment fee, among other expenses.

A triggering term is a word or phrase that, if used in credit advertising, requires additional credit agreement disclosures. The purpose of triggering terms is to clarify the terms of a loan or agreement and to give consumers the opportunity to compare credit or lease offers.

Triggering terms are words or phrases that must be accompanied by a disclosure when they’re used in advertising. These disclosures are mandated by the TILA, which is designed to protect consumers from inaccurate and unfair credit billing and credit card practices.

Mortgage loans and automobile loans are examples of closed-end credit. An agreement, or contract, lists the repayment terms, such as the number of payments, the payment amount, and how much the credit will cost.

Open-end credit refers to any type of loan where you can make repeated withdrawals and repayments. Examples include credit cards, home equity loans, personal lines of credit and overdraft protection on checking accounts.

If you don’t use a credit card for a year or more, the issuer may decide to close the account. In fact, inactivity is one of the most common reasons for account cancellations. What’s more, credit card companies aren’t required to give any notice.

If any triggering term is used in a closed-end credit advertisement, then the following three disclosures must also be included in that advertisement: 1. The amount or percentage of the down payment; 2. The terms of repayment; and 3. The ” annual percentage rate, “using that term spelled out in full.

If an advertisement promoting closed-end credit for real estate contains any of the following trigger terms, the three specific disclosures listed at the bottom of this page must also be included in the advertisement. The triggering terms are: 1. The amount of the down payment, expressed either as a percentage or as a dollar amount.

►A lender that advertises online credit products subject to the Fair Housing Act must display the equal housing lender logotype and legend or other permissible disclosure of its nondiscrimination policy if required by the rules of its regulator. ►In some cases, regulations contain special rules for multiple-page advertisements.

Advertising notice of nondiscrimination compliance. Any federal credit union that advertises real estate-related loans must prominently indicate in such advertisement, in a manner appropriate to the advertising medium and format used, that the credit union makes such loans without regard to race, color, religion,