---
kind: "section"
citation: "15 U.S.C. § 1664"
title: "15"
title_heading: "Commerce and Trade"
number: "1664"
heading: "Advertising of credit other than open end plans"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/1664"
units:
  - "Chapter 41 — Consumer Credit Protection"
  - "Subchapter I — Consumer Credit Cost Disclosure"
  - "Part C — Credit Advertising and Limits on Credit Card Fees"
---

# §1664. Advertising of credit other than open end plans

- (a) **Exclusion of open end credit plans—** Except as provided in [subsection (b)](#b), this section applies to any advertisement to aid, promote, or assist directly or indirectly any [consumer](/usc/15/1681a.md?p=c) [credit sale](/usc/15/1602.md?p=h), loan, or other extension of [credit](/usc/15/1602.md?p=f) subject to the provisions of this subchapter, other than an [open end credit plan](/usc/15/1602.md?p=j).
- (b) **Advertisements of residential real estate—** The provisions of this section do not apply to advertisements of residential real estate except to the extent that the [Bureau](/usc/15/1602.md?p=b) may by regulation require.
- (c) **Rate of finance charge expressed as annual percentage rate—** If any advertisement to which this section applies [states](/usc/15/1602.md?p=s) the rate of a finance charge, the advertisement shall [state](/usc/15/1602.md?p=s) the rate of that charge expressed as an annual percentage rate.
- (d) **Requisite disclosures in advertisement—** If any advertisement to which this section applies [states](/usc/15/1602.md?p=s) the amount of the downpayment, if any, the amount of any installment payment, the dollar amount of any finance charge, or the number of installments or the period of repayment, then the advertisement shall [state](/usc/15/1602.md?p=s) all of the following items:
  - (1) The downpayment, if any.
  - (2) The terms of repayment.
  - (3) The rate of the finance charge expressed as an annual percentage rate.
- (e) **Credit transaction secured by principal dwelling of consumer—** Each advertisement to which this section applies that relates to a [consumer](/usc/15/1681a.md?p=c) [credit](/usc/15/1602.md?p=f) transaction that is secured by the principal [dwelling](/usc/15/1602.md?p=w) of a [consumer](/usc/15/1681a.md?p=c) in which the extension of [credit](/usc/15/1602.md?p=f) may exceed the fair market value of the [dwelling](/usc/15/1602.md?p=w), and which advertisement is disseminated in paper form to the public or through the Internet, as opposed to by radio or television, shall clearly and conspicuously [state](/usc/15/1602.md?p=s) that—
  - (1) the interest on the portion of the [credit](/usc/15/1602.md?p=f) extension that is greater than the fair market value of the [dwelling](/usc/15/1602.md?p=w) is not tax deductible for Federal income tax purposes; and
  - (2) the [consumer](/usc/15/1681a.md?p=c) should consult a tax adviser for further information regarding the deductibility of interest and charges.

## Source credit

(Pub. L. 90–321, title I, § 144, May 29, 1968, 82 Stat. 158; Pub. L. 96–221, title VI, § 619(b), Mar. 31, 1980, 94 Stat. 183; Pub. L. 109–8, title XIII, § 1302(b)(2), Apr. 20, 2005, 119 Stat. 209; Pub. L. 111–203, title X, § 1100A(2), July 21, 2010, 124 Stat. 2107.)

## Notes

### Editorial Notes

### Amendments

2010—Subsec. (b). Pub. L. 111–203 substituted “Bureau” for “Board”.

2005—Subsec. (e). Pub. L. 109–8 added subsec. (e).

1980—Subsec. (d). Pub. L. 97–221 substituted items setting forth downpayment, etc., set out in pars. (1) to (3), for items setting forth cash price or amount of loan, etc., set out in pars. (1) to (4).

### Statutory Notes and Related Subsidiaries

### Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

### Effective Date of 2005 Amendment

Amendment by Pub. L. 109–8 effective 180 days after Apr. 20, 2005, and not applicable with respect to cases commenced under Title 11, Bankruptcy, before such effective date, except as otherwise provided, see section 1501 of Pub. L. 109–8, set out as a note under section 101 of Title 11.

### Effective Date of 1980 Amendment

Amendment by Pub. L. 96–221 effective on expiration of two years and six months after Mar. 31, 1980, with all regulations, forms, and clauses required to be prescribed to be promulgated at least one year prior to such effective date, and allowing any creditor to comply with any amendments, in accordance with the regulations, forms, and clauses prescribed by the Board prior to such effective date, see section 625 of Pub. L. 96–221, set out as a note under section 1602 of this title.