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Consumer Credit Regulation: 56(j) Prohibited practices

1. Periodic fees or charges. A card issuer may charge an over-the-limit fee or charge only if the consumer has exceeded the credit limit during the billing cycle. Thus, a card issuer may not impose any recurring or periodic fees for paying over-the-limit transactions (for example, a monthly “over-the-limit protection” service fee), even if the consumer has affirmatively consented to or opted in to the service, unless the consumer has in fact exceeded the credit limit during that cycle.

Consumer Credit Regulation: 57(a)(1) College student credit card

1. Definition. The definition of college student credit card excludes home-equity lines of credit accessed by credit cards and overdraft lines of credit accessed by debit cards. A college student credit card includes a college affinity card within the meaning of TILA section 127(r)(1)(A). In addition, a card may fall within the scope of the definition regardless of the fact that it is not intentionally targeted at or marketed to college students.

Consumer Credit Regulation: 57(a)(5) College credit card agreement

1. Definition. Section 1026.57(a)(5) defines “college credit card agreement” to include any business, marketing or promotional agreement between a card issuer and a college or university (or an affiliated organization, such as an alumni club or a foundation) if the agreement provides for the issuance of credit cards to full-time or part-time students.

Consumer Credit Regulation: 57(c) Prohibited inducements

1. Tangible item clarified. A tangible item includes any physical item, such as a gift card, a t-shirt, or a magazine subscription, that a card issuer or creditor offers to induce a college student to apply for or open an open-end consumer credit plan offered by such card issuer or creditor. Tangible items do not include non-physical inducements such as discounts, rewards points, or promotional credit terms.

Consumer Credit Regulation: 59(a)(1) Evaluation of Increased Rate

1. Types of rate increases covered. Section 1026.59(a) applies both to increases in annual percentage rates imposed on a consumer’s account based on that consumer’s credit risk or other circumstances specific to that consumer and to increases in annual percentage rates imposed based on factors that are not specific to the consumer, such as changes in market conditions or the issuer’s cost of funds.

Consumer Credit Regulation: 59(a)(2)(ii) Applicability of Rate Reduction

1. Applicability of reduced rate to new transactions. Section 1026.59(a)(2)(ii) requires, in part, that any reduction in rate required pursuant to § 1026.59(a)(1) must apply to new transactions that occur after the effective date of the rate reduction, if those transactions would otherwise have been subject to the increased rate described in § 1026.59(a)(1). A credit card account may have multiple types of balances, for example, purchases, cash advances, and balance transfers, to which different rates apply.

Student Loan Law: Listing of Provisions

TITLE 20—EDUCATION

CHAPTER 28—HIGHER EDUCATION RESOURCES AND STUDENT ASSISTANCE

SUBCHAPTER IV—STUDENT ASSISTANCE

PART F—GENERAL PROVISIONS RELATING TO STUDENT ASSISTANCE PROGRAMS

20 U.S.C. sec.

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1091. Student eligibility.

1091a. Statute of limitations, and State court judgments.

1091b. Institutional refunds.

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Student Loan Law: Listing of Provisions

The following is selected statutory authority from the federal debt collection act. These provisions apply to all federal agencies including the Department of Education.

TITLE 31—MONEY AND FINANCE

SUBTITLE III—FINANCIAL MANAGEMENT

CHAPTER 37—CLAIMS

SUBCHAPTER II—CLAIMS OF THE UNITED STATES GOVERNMENT

31 U.S.C. sec.

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3716. Administrative offset.

Student Loan Law: 31 U.S.C. § 3716. Administrative offset

(a) After trying to collect a claim from a person under section 3711(a) of this title, the head of an executive, judicial, or legislative agency may collect the claim by administrative offset. The head of the agency may collect by administrative offset only after giving the debtor—

(1) written notice of the type and amount of the claim, the intention of the head of the agency to collect the claim by administrative offset, and an explanation of the rights of the debtor under this section;

Student Loan Law: 31 U.S.C. § 3720D. Garnishment

(a) Notwithstanding any provision of State law, the head of an executive, judicial, or legislative agency that administers a program that gives rise to a delinquent nontax debt owed to the United States by an individual may in accordance with this section garnish the disposable pay of the individual to collect the amount owed, if the individual is not currently making required repayment in accordance with any agreement between the agency head and the individual.

Student Loan Law: Listing of Provisions

TITLE 15—COMMERCE AND TRADE

CHAPTER 41—CONSUMER CREDIT PROTECTION

SUBCHAPTER I—CONSUMER CREDIT COST DISCLOSURE

PART B—CREDIT TRANSACTIONS

15 U.S.C. sec.

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1638. Transactions other than under an open end credit plan

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Student Loan Law: 15 U.S.C. § 1638. Transactions other than under an open end credit plan

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(e) Terms and disclosure with respect to private education loans

(1) Disclosures required in private education loan applications and solicitations

In any application for a private education loan, or a solicitation for a private education loan without requiring an application, the private educational lender shall disclose to the borrower, clearly and conspicuously—

Student Loan Law: Alabama

Kentucky Higher Education Assistance Authority

P.O. Box 798

100 Airport Road

Frankfort, KY 40602-0798

Phone: (502) 696-7200

Toll-Free: (800) 928-8926

Fax: (502) 696-7496

Website: www.kheaa.com

Student Loan Law: California

Educational Credit Management Corporation (ECMC)

P.O. Box 16408

St. Paul, MN 55116-0408

Phone: 1-855-810-4922 (Default Management Recording)

Phone: 1-888-221-3262 (Customer Service)

Fax: 1-877-645-7479

Website: https://www.ecmc.org

Student Loan Law: Colorado

Educational Credit Management Corporation (ECMC)

P.O. Box 16408

St. Paul, MN 55116-0408

Phone: 1-855-810-4922 (Default Management Recording)

Phone: 1-888-221-3262 (Customer Service)

Fax: 1-877-645-7479

Website: https://www.ecmc.org

(formally guaranteed by College Assist)