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Can you summarize WARC 63.14.167?
Retail installment sales of goods and services. > Lender credit card agreements and financial institution credit card agreementsCredit to account for returned goods or forgiveness of a debit for servicesStatement of credit to card issuerNotice to cardholder.
Short Summary
This legal document governs the application of credit to the account of an obligor in lender credit card or financial institution credit card transactions. If a seller accepts a return of goods or forgives a debit for services, credit shall be applied to the obligor’s account. The seller is required to transmit a statement to the card issuer within seven working days, and the card issuer must credit the obligor’s account within three working days upon receipt of the credit statement. The obligor is not responsible for payment of any service charges resulting from non-compliance by the seller or card issuer. Additionally, the card issuer is required to provide a notice of these provisions to cardholders at least once per calendar year. This document falls under the Revised Code of Washington, specifically under the section governing retail installment sales of goods and services.
Whom does it apply to?
Obligors, sellers, and credit card issuers involved in lender credit card or financial institution credit card transactions
What does it govern?
Lender credit card agreements and financial institution credit card agreementsCredit to account for returned goods or forgiveness of a debit for servicesStatement of credit to card issuerNotice to cardholder
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
Washington