Tuesday, August 25, 2009

Credit CARD Act Effective August 20

The Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (Credit CARD Act) imposes the following requirements on credit card issuers:

 Creditors must provide written notice to consumers 45 days before increasing an annual percentage rate on a credit card account or making a significant change to the terms of a credit card account.
 Creditors must inform consumers in the same notice of the right to cancel the credit card account before the increase or change goes into effect. If a consumer cancels an account, the creditor is generally prohibited from applying the increase or change to the account.
 Creditors generally must mail or deliver periodic statements for credit cards and other open-end consumer credit accounts at least 21 days before payment is due.

Whitehouse News Release

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