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Can you summarize 12 CFR Part 1026, Subpart G?
TRUTH IN LENDING (REGULATION Z) > Special Rules Applicable to Credit Card Accounts and Open-End Credit Offered to College Students
Short Summary
This legal document, part of the Code of Federal Regulations, specifically falls under the regulations set by the Consumer Financial Protection Bureau (CFPB) for credit card accounts and open-end credit offered to college students. It defines an ‘over-the-limit transaction’ as any extension of credit that causes a consumer’s credit card account balance to exceed the credit limit. The document outlines the opt-in requirements for card issuers to assess fees or charges on a consumer’s credit card account for over-the-limit transactions. It specifies that card issuers must provide consumers with notice and obtain their affirmative consent before paying over-the-limit transactions. The document also details the method of election, timing and placement of notices, content requirements for initial and subsequent notices, joint relationships, continuing right to opt in or revoke opt-in, duration of opt-in, and time to comply with revocation requests. Additionally, it prohibits certain practices by card issuers, such as imposing multiple over-the-limit fees per billing cycle or conditioning credit limit on consent to payment of over-the-limit transactions. The document does not mention any specific penalties or exemptions.
Whom does it apply to?
Card issuers, consumers with credit card accounts, college students
What does it govern?
Special rules applicable to credit card accounts and open-end credit offered to college students
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
U.S. Federal Government