A bill to amend the Truth in Lending Act to require that statements under open end credit plans be mailed in time to permit payment prior to the imposition of finance charges.

Summary

Requires that, under the Truth in Lending Act, 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. (Adds 15 U.S.C. 1637(d))

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Documents

1 official file

• Introduced in House

  summary · EN · 3 January 1973

  Open at official source

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