Truth in Disclosure Act

Summary

Truth in Disclosure Act - Prescribes disclosure guidelines for financial intermediaries who advertise or solicit investment accounts. Authorizes Federal regulatory agencies to exempt from such disclosure requirements an advertisement or solicitation made by a broadcast or electronic medium or outdoor advertising display which is not on the premises of a financial intermediary. Prohibits misleading or inaccurate advertisements or solicitations. Prescribes disclosure guidelines under which financial intermediaries are required to maintain and distribute to a consumer a schedule of investment product fees, interest rates, and terms. Prescribes guidelines for the calculation and payment of interest-earning accounts. Mandates clear and conspicuous disclosure on each investor's periodic statements of the: (1) annual percentage yield earned; (2) amount of earnings; (3) amount of fees imposed; and (4) number of days in the reporting period. Requires the appropriate Federal agency to prescribe implementing regulations. Prescribes civil liability guidelines for violations of this Act.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 11 May 1993

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• Introduced in House (PDF)

  Introduced in House · EN · 11 May 1993

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 11 May 1993

  Open at official source

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