# § 1631. Disclosure requirements
**(a)** **Duty of creditor or lessor respecting one or more than one obligor** section 1635 of this title
Subject to subsection (b), a creditor or lessor shall disclose to the person who is obligated on a consumer lease or a consumer credit transaction the information required under this subchapter. In a transaction involving more than one obligor, a creditor or lessor, except in a transaction under , need not disclose to more than one of such obligors if the obligor given disclosure is a primary obligor.
**1** **Creditor or lessor required to make disclosure** [^1]section 1667(3) of this title
If a transaction involves one creditor as defined in section 1602(f) of this title, or one lessor as defined in , such creditor or lessor shall make the disclosures. If a transaction involves more than one creditor or lessor, only one creditor or lessor shall by required to make the disclosures. The Bureau shall by regulation specify which creditor or lessor shall make the disclosures.
See References in Text note below.
**(c)** **Estimates as satisfying statutory requirements; basis of disclosure for per diem interest** The Bureau may provide by regulation that any portion of the information required to be disclosed by this subchapter may be given in the form of estimates where the provider of such information is not in a position to know exact information. In the case of any consumer credit transaction a portion of the interest on which is determined on a per diem basis and is to be collected upon the consummation of such transaction, any disclosure with respect to such portion of interest shall be deemed to be accurate for purposes of this subchapter if the disclosure is based on information actually known to the creditor at the time that the disclosure documents are being prepared for the consummation of the transaction.
**(d)** **Tolerances for numerical disclosures** The Bureau shall determine whether tolerances for numerical disclosures other than the annual percentage rate are necessary to facilitate compliance with this subchapter, and if it determines that such tolerances are necessary to facilitate compliance, it shall by regulation permit disclosures within such tolerances. The Bureau shall exercise its authority to permit tolerances for numerical disclosures other than the annual percentage rate so that such tolerances are narrow enough to prevent such tolerances from resulting in misleading disclosures or disclosures that circumvent the purposes of this subchapter.
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**Source Credit**: (Pub. L. 90–321, title I, § 121, May 29, 1968, 82 Stat. 152; Pub. L. 93–495, title III, § 307(c), (d), title IV, § 409, Oct. 28, 1974, 88 Stat. 1516, 1519; Pub. L. 94–205, § 11, Jan. 2, 1976, 89 Stat. 1159; Pub. L. 96–221, title VI, § 611, Mar. 31, 1980, 94 Stat. 174; Pub. L. 104–29, § 3(b), Sept. 30, 1995, 109 Stat. 273; Pub. L. 111–203, title X, § 1100A(2), July 21, 2010, 124 Stat. 2107.)
## Editorial Notes
### References in Text
, referred to in subsec. (b), was redesignated by , , .
### Amendments
2010—Subsecs. (b) to (d). substituted “Bureau” for “Board” wherever appearing.
1995—Subsec. (c). inserted at end “In the case of any consumer credit transaction a portion of the interest on which is determined on a per diem basis and is to be collected upon the consummation of such transaction, any disclosure with respect to such portion of interest shall be deemed to be accurate for purposes of this subchapter if the disclosure is based on information actually known to the creditor at the time that the disclosure documents are being prepared for the consummation of the transaction.”
1980—Subsec. (a). substituted provisions respecting to which obligor duty of creditor or lessor, where one or more than one obligor is involved, is owed, for provisions setting forth clear and conspicuous disclosure requirements for creditors to persons extended consumer credit.
Subsec. (b). substituted provisions relating to disclosure requirements of creditor or lessor, for provisions relating to statement of information where more than one obligor is involved.
Subsecs. (c), (d). added subsecs. (c) and (d).
1976—Subsec. (c). struck out subsec. (c) which related to disclosure including a full statement of closing costs incurred and permitted estimates of such information where the lender was not in a position to know exact information.
1974—Subsec. (a). , inserted reference to part D of this subchapter and struck out “and upon whom a finance charge is or may be imposed” after “extended”.
Subsec. (b). , inserted reference to part D of this subchapter.
Subsec. (c). , added subsec (c).
## Statutory Notes and Related Subsidiaries
### Effective Date of 2010 Amendment
Amendment by effective on the designated transfer date, see , set out as a note under , Government Organization and Employees.
### Effective Date of 1980 Amendment
Amendment by effective on expiration of two years and six months after , 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 , set out as a note under .
### Effective Date of 1976 Amendment
Amendment by effective , see , set out as a note under , Banks and Banking.
### Effective Date of 1974 Amendment
For effective date of amendment by section 307(c), (d) of , see , set out as an Effective Date note under .
For effective date of amendment by , see , set out as an Effective Date note under .
### Effective Date
, , , provided in part that chapter 2 of title I, which enacted sections 1631 to 1641 of this title, is effective .
### Real Estate Settlement Procedures
Provisions of Real Estate Settlement Procedures Act of 1974, as superseding provisions of subsec. (c) of this section insofar as applying to federally related mortgage loans, see , Banks and Banking.