§ 706 — Notice to consumer of this act

§ 706. Notice to consumer of this act. Not later than sixty days after\nthe effective date of this act, a creditor shall send to each consumer,\nwhose account was in existence on the effective date of this act, and\nwith or before the first billing statement on any consumer credit plan\nissued or offered to a new consumer after the effective date of this act\nand upon each subsequent renewal of a consumer's account a written\nnotice (by any means reasonably assuring the receipt thereof by the\nconsumer) which describes the procedures to be followed under section\nseven hundred three of this act. Provided, however, that with respect to\nan existing account on which there is no debit or credit balance on the\neffective date of this act, a creditor shall have the option of sending\nsuch notice with or before the first billing statement issued on such\naccount after the effective date of this act.\n