D.C. Mun. Regs. tit. 16, r. 16-108

Current through Register Vol. 71, No. 49, December 6, 2024
Rule 16-108 - ADDITIONAL DISCLOSURES WITH RESPECT TO OPEN END CREDIT
108.1

If the seller, in connection with an open end credit account offers or arranges for credit life, accident, or health insurance; insurance against loss of or damage to property or against liability arising out of ownership or use of property; or insurance protecting the seller against the buyer's default or other credit loss, the seller shall disclose whether a financial interest could inure to the seller by way of commission, rebate, or otherwise resulting from the buyer's obtaining the insurance coverage offered or arranged for the seller.

108.2

The disclosure required by § 108.1 shall be made before the first transaction on an open end credit account in a single written statement which the customer may retain.

108.3

If any goods sold pursuant to an open end credit account are used, seconds, or damaged, the seller shall disclose that fact in writing to the buyer at the time of the sale. The disclosure may be made on a sales receipt issued in connection with the sale.

D.C. Mun. Regs. tit. 16, r. 16-108