15 U.S.C. § 1665e — Consideration of ability to repay

submitted 17 years ago by Pub. L. 90-321 to r/title-15-COMMERCE-AND-TRADE · 50 words · no verdicts yet

in plain englishAI-generated · not legal advice

A card issuer must consider a consumer’s ability to make required payments before opening a credit-card account or increasing its credit limit.

(a) A card issuer may not open an open-end credit-card account for a consumer or increase its credit limit unless it considers the consumer’s ability to make the required payments under the account’s terms.

the actual law source: uscode.house.gov ↗public domain

A card issuer may not open any credit card account for any consumer under an open end consumer credit plan, or increase any credit limit applicable to such account, unless the card issuer considers the ability of the consumer to make the required payments under the terms of such account.

Source credit: (Pub. L. 90–321, title I, § 150, as added Pub. L. 111–24, title I, § 109(a), May 22, 2009, 123 Stat. 1743.)

history & why it existsrecord from the source credit

2009Enacted · Pub. L. 90-321 · 123 Stat. 1743

A history note hasn’t been published yet. The record shows enactment by Pub. L. 90-321 on 2009-05-22.

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