Truth in Lending: 6.4.5.2 Scope
The special advertising disclosures for promotional rates apply to “introductory rates,” which Regulation Z defines as a “promotional rate” offered in conjunction with the opening of an account.394 In turn, a “promotional rate” is defined as any APR for an open-end (not home-secured) plan for a specified period of time that is lower than the APR that will be in effect at the end of that period.395 The fact that an issuer reserves the right to increase the rate using a change-in-terms notice