Fair Credit Billing Act

Summary

Fair Credit Billing Act - Provides that a finance charge may not be imposed under an open end credit plan for any period unless a statement of the outstanding balance upon which the finance charge for that period is based is mailed at least twenty-one days prior to the date by which payment must be made in order to avoid imposition of that finance charge. Requires that within 10 days after the receipt of a notice of error in a consumer account a company would have to acknowledge receipt of the notice. Requires the company to either make the correction and send a corrected statement to the consumer or explain why the original statement was correct within 60 days of receipt of the original notice of error. Provides that if the creditor failed to send the 10-day acknowledgment or failed to adjust the account within 60 days, he would forfeit the right to collect the amount the consumer stated to be in error. Provides that if the consumer then proves that an error had taken place, the creditor would be liable for actual damages, $100 or treble punitive damages, whichever is greater, and reasonable attorneys fees. (Amends 15 U.S.C. 1637)

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1 official file

• Introduced in House

  summary · EN · 3 January 1973

  Open at official source

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