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Can you summarize 15 USC 1666b?
Credit Billing > Timing of payments
Short Summary
This provision, found in the United States Code under the Consumer Credit Protection Act, governs the timing of payments for credit card accounts under open-end consumer credit plans. It states that a creditor cannot treat a payment as late unless they have adopted reasonable procedures to ensure that the periodic statement, including the required information, is mailed or delivered to the consumer at least 21 days before the payment due date. Additionally, if an open-end consumer credit plan provides a grace period for repayment without incurring an additional finance charge, the creditor cannot impose such a charge unless they have provided a statement with the necessary information at least 21 days before the specified payment due date. This provision aims to protect consumers by ensuring they have sufficient time to make payments and avoid unnecessary finance charges.
Whom does it apply to?
Credit card issuers and consumers
What does it govern?
Timing of payments
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
U.S. Federal Government