15 U.S.C. § 1666c — Prompt and fair crediting of payments

Payments received from an obligor under an open end consumer credit plan^* by the creditor^* shall be posted promptly to the obligor’s account as specified in regulations of the Bureau^*. Such regulations shall prevent a finance charge from being imposed on any obligor if the creditor has received the obligor’s payment in readily identifiable form, by 5:00 p.m. on the date on which such payment is due, in the amount, manner, and location indicated by the creditor to avoid the imposition thereof.

If a card issuer makes a material change in the mailing address, office, or procedures for handling cardholder payments, and such change causes a material delay in the crediting of a cardholder payment made during the 60-day period following the date on which such change took effect, the card issuer may not impose any late fee or finance charge for a late payment on the credit card^* account to which such payment was credited.