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Can you summarize 15 USC 1666h?
Credit Billing > Offset of cardholders indebtedness by issuer of credit card with funds deposited with issuer by cardholder; remedies of creditors under State law not affected
Short Summary
This section of the United States Code governs the offset of a cardholder’s indebtedness by the issuer of a credit card with funds deposited by the cardholder. It states that a card issuer cannot offset a cardholder’s debt against funds held on deposit with the issuer, unless the cardholder has previously authorized such action in writing and the cardholder has not requested the offset for any outstanding disputed amount. The written authorization is not required for credit card accounts existing before the effective date of this section, but it must be obtained upon renewal of the account or within one year after the effective date. However, this section does not affect the right of a card issuer under State law to attach or levy upon funds held on deposit if that remedy is available to creditors generally. No specific penalties are mentioned in this section.
Whom does it apply to?
Card issuers and cardholders
What does it govern?
Offset of cardholders indebtedness by issuer of credit card with funds deposited with issuer by cardholder; remedies of creditors under State law not affected
What are exemptions?
This section does not alter or affect the right under State law of a card issuer to attach or otherwise levy upon funds of a cardholder held on deposit with the card issuer if that remedy is constitutionally available to creditors generally.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
U.S. Federal Government