WASHINGTON - Banks, thrifts, and federal credit unions have been exempted from the Federal Trade Commission's telemarketing sales rule, which takes effect Jan 1.

The final rule states that "compliance with the credit disclosure requirements and the timing of those disclosures mandated by the Truth-in- Lending Act and Reg. Z will constitute compliance with the total cost and quantity disclosures required under the rule."

However, the rule does cover nonbank companies that contract with banks to provide services on the banks' behalf, the FTC said.

The rule requires telemarketers to immediately tell the consumer the reason for the call, disclose any costs that will be charged, and never call consumers before 8 a.m. or after 9 p.m.

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