For the purposes of this Part: (a)Charge-off means the accounting action taken by an original creditor to remove a debt obligation from its financial statements by treating it as a loss or expense. (b)Clear and conspicuous means that the statement, representation or term being disclosed is of such size, color, and contrast and/or audibility and is so presented as to be readily noticed and understood by the person to whom it is being disclosed. If such statement is necessary as a modification, explanation