Truth in Lending: 6.8.5.5 Penalty Rate Notices for Over-the-Limit Transactions
If a creditor imposes a penalty rate because the consumer exceeded the credit limit on an account, the creditor need not provide a notice if the creditor had earlier provided a notice of the reduction in the credit limit.1935 This notice must have been provided at least forty-five days in advance of imposing the penalty rate and must include the following disclosures:1936