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Consumer Credit Regulation: 50 U.S.C. § 3911. Definitions
For the purposes of this chapter:
(1) Servicemember
The term “servicemember” means a member of the uniformed services, as that term is defined in section 101(a)(5) of title 10, United States Code.
(2) Military service
The term “military service” means—
(A) in the case of a servicemember who is a member of the Army, Navy, Air Force, Marine Corps, or Coast Guard—
Consumer Credit Regulation: 50 U.S.C. § 3937. Maximum rate of interest on debts incurred before military service
(a) Interest rate limitation
(1) Limitation to 6 percent
An obligation or liability bearing interest at a rate in excess of 6 percent per year that is incurred by a servicemember, or the servicemember and the servicemember’s spouse jointly, before the servicemember enters military service shall not bear interest at a rate in excess of 6 percent—
Consumer Credit Regulation: Editor’s Note
Housing and Community Development Act of 1992, 15 U.S.C. § 1615, Pub. L. No. 102-550, 106 Stat. 3891, tit. IX, § 933 (Oct. 28, 1992).
Though codified within the Truth in Lending Act, this statute was not enacted as part of that Act.
Consumer Credit Regulation: 15 U.S.C. § 1615. Prohibition on use of “Rule of 78’s” in connection with mortgage refinancings and other consumer loans
(a) Prompt refund of unearned interest required
(1) In general
If a consumer prepays in full the financed amount under any consumer credit transaction, the creditor shall promptly refund any unearned portion of the interest charge to the consumer.
(2) Exception for refund of de minimis amount
Consumer Credit Regulation: 16 C.F.R. § 444.1 Definitions.
(a) Lender. A person who engages in the business of lending money to consumers within the jurisdiction of the Federal Trade Commission.
(b) Retail installment seller. A person who sells goods or services to consumers on a deferred payment basis or pursuant to a lease-purchase arrangement within the jurisdiction of the Federal Trade Commission.
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(d) Consumer. A natural person who seeks or acquires goods, services, or money for personal, family, or household use.
Consumer Credit Regulation: 16 C.F.R. § 444.4 Late charges.
(a) In connection with collecting a debt arising out of an extension of credit to a consumer in or affecting commerce, as commerce is defined in the Federal Trade Commission Act, it is an unfair act or practice within the meaning of section 5 of that Act for a creditor, directly or indirectly, to levy or collect any delinquency charge on a payment, which payment is otherwise a full payment for the applicable period and is paid on its due date or within an applicable grace period, when the only delinquency is attributable to late fee(s) or delinquency charge(s) assessed on earlier installme
Consumer Credit Regulation: 15 U.S.C. § 1637. Open end consumer credit plans [TILA § 127]
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(c) Disclosure in credit and charge card applications and solicitations
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(8) Applications from underage consumers
(A) Prohibition on issuance
Consumer Credit Regulation: 15 U.S.C. § 1640. Civil liability [TILA § 130]
(a) Individual or class action for damages; amount of award; factors determining amount of award
Except as otherwise provided in this section, any creditor who fails to comply with any requirement imposed under this part, including any requirement under section 1635 of this title, subsection (f) or (g) of section 1641 of this title, or part D or E of this subchapter with respect to any person is liable to such person in an amount equal to the sum of—
Consumer Credit Regulation: 15 U.S.C. § 1650. Preventing unfair and deceptive private educational lending practices and eliminating conflicts of interest [TILA § 140]
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(f) Credit card protections for college students
(1) Disclosure required
An institution of higher education shall publicly disclose any contract or other agreement made with a card issuer or creditor for the purpose of marketing a credit card.
(2) Inducements prohibited
Consumer Credit Regulation: 15 U.S.C. § 1665c. Interest rate reduction on open end consumer credit plans
(a) In general
If a creditor increases the annual percentage rate applicable to a credit card account under an open end consumer credit plan, based on factors including the credit risk of the obligor, market conditions, or other factors, the creditor shall consider changes in such factors in subsequently determining whether to reduce the annual percentage rate for such obligor.
(b) Requirements
With respect to any credit card account under an open end consumer credit plan, the creditor shall—
Consumer Credit Regulation: 15 U.S.C. § 1665d. Reasonable penalty fees on open end consumer credit plans
(a) In general
The amount of any penalty fee or charge that a card issuer may impose with respect to a credit card account under an open end consumer credit plan in connection with any omission with respect to, or violation of, the cardholder agreement, including any late payment fee, over-the-limit fee, or any other penalty fee or charge, shall be reasonable and proportional to such omission or violation.
(b) Rulemaking required
Consumer Credit Regulation: 15 U.S.C. § 1665e. Consideration of ability to repay
A card issuer may not open any credit card account for any consumer under an open end consumer credit plan, or increase any credit limit applicable to such account, unless the card issuer considers the ability of the consumer to make the required payments under the terms of such account.
[Pub. L. No. 111-24, tit. I, § 109, 123 Stat. 1743 (May 22, 2009)]
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Consumer Credit Regulation: 15 U.S.C. § 1666b. Timing of payments [TILA § 163]
(a) Time to make payments
A creditor may not treat a payment on a credit card account under an open end consumer credit plan as late for any purpose, unless the creditor has adopted reasonable procedures designed to ensure that each periodic statement including the information required by section 1637(b) is mailed or delivered to the consumer not later than 21 days before the payment due date.
(b) Grace period
Consumer Credit Regulation: 15 U.S.C. § 1666c. Prompt and fair crediting of payments [TILA § 164]
(a) In general
Payments received from an obligor under an open end consumer credit plan by the creditor shall be posted promptly to the obligor’s account as specified in regulations of the Bureau. Such regulations shall prevent a finance charge from being imposed on any obligor if the creditor has received the obligor’s payment in readily identifiable form, by 5:00 p.m. on the date on which such payment is due in the amount, manner, location, and time indicated by the creditor to avoid the imposition thereof.
(b) Application of payments
Consumer Credit Regulation: 15 U.S.C. § 1666f. Inducements to cardholders by sellers of cash discounts for payments by cash, check or similar means; credit card surcharge prohibition; finance charge for sales transactions involving cash discounts [TILA § 167]
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(b) Finance charge
With respect to any sales transaction, any discount from the regular price offered by the seller for the purpose of inducing payment by cash, checks, or other means not involving the use of an open-end credit plan or a credit card shall not constitute a finance charge as determined under section 1605 of this title if such discount is offered to all prospective buyers and its availability is disclosed clearly and conspicuously.
Consumer Credit Regulation: 15 U.S.C. § 1666g. Tie-in services prohibited for issuance of credit card [TILA § 168]
Notwithstanding any agreement to the contrary, a card issuer may not require a seller, as a condition to participating in a credit card plan, to open an account with or procure any other service from the card issuer or its subsidiary or agent.
[Pub. L. No. 90-321, as added Pub. L. No. 93-495, 88 Stat. 1515 (Oct. 28, 1974)]
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Consumer Credit Regulation: 15 U.S.C. § 1666i-1. Limits on interest rate, fee, and finance charge increases applicable to outstanding balances [TILA § 171]
(a) In general
In the case of any credit card account under an open end consumer credit plan, no creditor may increase any annual percentage rate, fee, or finance charge applicable to any outstanding balance, except as permitted under subsection (b).
(b) Exceptions
The prohibition under subsection (a) shall not apply to—
(1) an increase in an annual percentage rate upon the expiration of a specified period of time, provided that—
Consumer Credit Regulation: 15 U.S.C. § 1666i-2.Additional limits on interest rate increases [TILA § 172]
(a) Limitation on increases within first year
Except in the case of an increase described in paragraph (1), (2), (3), or (4) of section 1666i-1(b), no increase in any annual percentage rate, fee, or finance charge on any credit card account under an open end consumer credit plan shall be effective before the end of the 1-year period beginning on the date on which the account is opened.
(b) Promotional rate minimum term
Consumer Credit Regulation: 15 U.S.C. § 1666j. Applicability of State laws [TILA § 173]
(a) Consistency of provisions
Consumer Credit Regulation: Editor’s Note
Citations are to the CFPB regulation, 12 C.F.R. pt. 1026, with citations to the FRB regulation, 12 C.F.R. pt. 226, in brackets, e.g., 1026.2 [226.2].
Consumer Credit Regulation: 12 C.F.R. § 1026.2 Definitions and rules of construction. [§ 226.2]
(a) Definitions. For purposes of this part, the following definitions apply:
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(4) Billing cycle or cycle means the interval between the days or dates of regular periodic statements. These intervals shall be equal and no longer than a quarter of a year. An interval will be considered equal if the number of days in the cycle does not vary more than four days from the regular day or date of the periodic statement.
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