Credit Card Legislation
…CREDIT CARD ACT OF 2009
Most provisions of the credit card act are slated to take effect in February, 2010. The purpose of this act is to provide consumers with some extra protection from sneaky credit card companies practices. Following is a summary of the more important provisions:
Effective August 20, 2009:
Timely Payments:
Monthly statements must be mailed or delivered to the card holder not less than 21 days before the due date of the monthly payment. If the account provides a grace period in which the account can be paid off without incurring finance charges, than the statement must be mailed or delivered at least 21 days before the finance charges are to be added to the account.
Advance Notice of Changes to Credit Card Agreement:
A creditor is required to provide advance written notice to the card holder of interest rate and fee increases or any other substantial changes in the credit card agreement not later than 45 days prior to the changes taking effect. Creditor must include a notice to credit…
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Credit Card Legislation
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