15 U.S.C. § 1666d — Treatment of credit balances
submitted 52 years ago by Pub. L. 90-321 to r/title-15-COMMERCE-AND-TRADE · 161 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
Whenever a credit* balance in excess of $1 is created in connection with a consumer credit transaction through (1) transmittal of funds to a creditor* in excess of the total balance due on an account, (2) rebates of unearned finance charges or insurance premiums, or (3) amounts otherwise owed to or held for the benefit of an obligor, the creditor shall—
credit the amount of the credit balance to the consumer’s account;
refund any part of the amount of the remaining credit balance, upon request of the consumer; and
make a good faith effort to refund to the consumer by cash, check, or money order any part of the amount of the credit balance remaining in the account for more than six months, except that no further action is required in any case in which the consumer’s current location is not known by the creditor and cannot be traced through the consumer’s last known address or telephone number.
Source credit: (Pub. L. 90–321, title I, § 165, as added Pub. L. 93–495, title III, § 306, Oct. 28, 1974, 88 Stat. 1514; amended Pub. L. 96–221, title VI, § 621(a), Mar. 31, 1980, 94 Stat. 184.)
- 1974Enacted · Pub. L. 90-321 · 88 Stat. 1514
- 1980Amended · Pub. L. 96-221 · 94 Stat. 184
A history note hasn’t been published yet. The record shows enactment by Pub. L. 90-321 on 1974-10-28.
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