Complying with the Fair Credit and Charge Card Disclosure Act of 1988
The Fair Credit and Charge Card Disclosure Act of 1988 (FCCCDA) amended the Truth in Lending Act (TILA). The Federal Reserve Board implemented the FCCCDA by amending Regulation Z to require disclosure of: 1. credit terms on solicitations, 2. renewal of membership fees, and 3. any change of credit in...
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Veröffentlicht in: | The Banking law journal 1990-03, Vol.107 (2), p.110 |
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Hauptverfasser: | , |
Format: | Artikel |
Sprache: | eng |
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Zusammenfassung: | The Fair Credit and Charge Card Disclosure Act of 1988 (FCCCDA) amended the Truth in Lending Act (TILA). The Federal Reserve Board implemented the FCCCDA by amending Regulation Z to require disclosure of: 1. credit terms on solicitations, 2. renewal of membership fees, and 3. any change of credit insurance carrier. The disclosures for direct mail applications and solicitations must be given in the form of a prominently located table. Applications or solicitations made available to the general public may comply in one of 3 ways by: 1. providing dated, tabular disclosures, 2. giving the initial TILA disclosures, and 3. stating that there are costs and that the consumer should contact the issuer. The first 2 options require either a toll-free telephone number or mailing address, and the 3rd option requires both. A cardholder must be given 30 days notice in which to avoid paying a membership fee and cancel the account and 30 days notice of a change in insurance carrier. FCCCDA preempts inconsistent state law disclosures. |
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ISSN: | 0005-5506 2381-3512 |