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Can you summarize Pub. L. 111-24?
Public Laws of 111th Congress (2009 - 2010) > Credit Card Accountability Responsibility and Disclosure Act of 2009'' or the ``Credit CARD Act of 2009
Short Summary
The Credit Card Accountability Responsibility and Disclosure Act of 2009, also known as the Credit CARD Act of 2009, establishes fair and transparent practices for the extension of credit under an open end consumer credit plan. It applies to credit card issuers, consumers, and other entities involved in credit card transactions. The Act includes provisions for the protection of credit cardholders, limits on fees and interest charges, clarification of terms used in credit card agreements, rules regarding periodic statements, enhanced penalties for non-compliance, and various other provisions aimed at promoting consumer protection and transparency in the credit card industry.
Whom does it apply to?
The Act applies to credit card issuers, consumers, and other entities involved in the extension of credit under an open end consumer credit plan.
What does it govern?
The Credit Card Accountability Responsibility and Disclosure Act of 2009 governs fair and transparent practices relating to the extension of credit under an open end consumer credit plan.
What are exemptions?
No specific exemptions are mentioned in the Act.
What are the Penalties?
The Act imposes enhanced penalties for non-compliance, including fines and potential legal action.
Jurisdiction
U.S. Federal Government