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Can you summarize 4 ARCO Chapter 104?
Consumer Protection > Credit Card Solicitation
Short Summary
This legal document governs the solicitation of credit card applications on college campuses. It applies to credit card issuers, institutions of higher education, and individuals under 21 years of age. The document prohibits the solicitation of credit card applications in academic buildings and within 100 feet of academic buildings on the campus of an institution of higher education. It also prohibits offering gifts or promotional incentives to individuals under 21 years of age through direct face-to-face contact to entice them to apply for a credit card. Credit card issuers must verify the identity and age of the person to be solicited before any personal solicitation on campus. However, this prohibition does not apply to the solicitation of credit card applications by a bank or credit union located on the campus within its office. Issuing a credit card to an individual whose application was obtained through prohibited actions is also unlawful. The document does not specify the penalties for non-compliance or violation. This regulation was enacted in 1999 and amended in 2005.
Whom does it apply to?
Credit card issuers, institutions of higher education, and individuals under 21 years of age
What does it govern?
Solicitation of credit card applications on college campuses
What are exemptions?
Solicitation of credit card applications by a bank or credit union located on the campus within its office
What are the Penalties?
The document does not specify the penalties for non-compliance or violation.
Jurisdiction
Arkansas