Sex 107of the New USA Credit Card law
This section of the US new credit card law that comes into effect in Feb 2010 puts a cap of sorts on the amount that the Credit card companies can collect from you in fees. TILA is the Truth in Lending Act a law to also help consumers.
(Sec. 107) Revises civil penalties for creditor noncompliance with TILA. Includes in such penalties twice the amount of any finance charge in connection with a transaction, between $500 and $5,000 (or a higher amount in the case of an established pattern or practice of noncompliance), in the case of an individual action relating to an open end consumer credit plan that is not secured by real property or a dwelling.
(Sec. 107) Revises civil penalties for creditor noncompliance with TILA. Includes in such penalties twice the amount of any finance charge in connection with a transaction, between $500 and $5,000 (or a higher amount in the case of an established pattern or practice of noncompliance), in the case of an individual action relating to an open end consumer credit plan that is not secured by real property or a dwelling.
posted by Chuck at
8:28 PM
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