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Code · STATUTE-COMPILATIONS · safeguard the consumer in connection with the utilization of credit by requiring full disclosure of the terms and conditions of finance charges in credit transactions or in offers to extend credit; by · Sec. 148

Sec. 148. INTEREST RATE REDUCTION ON OPEN END CONSUMER CREDIT PLANS

264 words·~1 min read·/statute-compilations/comps-260/sec-148

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## SEC. 148 INTEREST RATE REDUCTION ON OPEN END CONSUMER CREDIT PLANS **[**[15 U.S.C. 1665c](/us/usc/t15/s1665c)**]** ###
(a)In General If a creditor increases the annual percentage rate applicable to a credit card account under an open end consumer credit plan, based on factors including the credit risk of the obligor, market conditions, or other factors, the creditor shall consider changes in such factors in subsequently determining whether to reduce the annual percentage rate for such obligor. ###
(b)Requirements With respect to any credit card account under an open end consumer credit plan, the creditor shall— ####
(1)maintain reasonable methodologies for assessing the factors described in subsection (a); ####
(2)not less frequently than once every 6 months, review accounts as to which the annual percentage rate has been increased since January 1, 2009, to assess whether such factors have changed (including whether any risk has declined); ####
(3)reduce the annual percentage rate previously increased when a reduction is indicated by the review; and ####
(4)in the event of an increase in the annual percentage rate, provide in the written notice required under section 127(i) a statement of the reasons for the increase. ###
(c)Rule of Construction This section shall not be construed to require a reduction in any specific amount. ###
(d)Rulemaking The Bureau shall issue final rules not later than 9 months after the date of enactment of this section to implement the requirements of and evaluate compliance with this section, and subsections (a), (b), and
(c)shall become effective 15 months after that date of enactment.
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Sec. 148
INTEREST RATE REDUCTION ON OPEN END CONSUMER CREDIT PLANS
U.S.C.§ 1665c
Cites 1Cited by 0 across 0 sources
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