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