Section 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.