or potential recipient, shall only be used to describe annualized percentage rates, such as the annual interest rate. (c) Requirement To state APR When a provider states in writing a rate of finance charge or a financing amount to a recipient during an application process for small business financing, the provider shall also state the annual percentage rate or, in the case of sales-based financing or factoring, the estimated annual percentage rate, with equal or greater prominence, using the term annual percentage rate or the abbreviation APR . . (b) Clerical amendment The table of chapters for the Truth in Lending Act is amended by adding at the end the following: 6. Small Business Financing ... 191 . (c) Rulemaking deadline Not later than the end of the 24-month period beginning on the date of enactment of this Act, the Director of the Bureau of Consumer Financial Protection shall issue final rules to carry out the amendments made by this section. (d) Effective date Chapter 6 of the Truth in Lending Act, as added by subsection (a), shall take effect after the end of the 36-month period beginning on the date of enactment of this Act.