§ 1666b. Timing of payments
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/usc/title-15/section-1666bA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Time to make payments A creditor may not treat a payment on a credit card account under an open end consumer credit plan as late for any purpose, unless the creditor has adopted reasonable procedures designed to ensure that each periodic statement including the information required by section 1637(b) of this title is mailed or delivered to the consumer not later than 21 days before the payment due date.
(b)Grace period If an open end consumer credit plan provides a time period within which an obligor may repay any portion of the credit extended without incurring an additional finance charge, such additional finance charge may not be imposed with respect to such portion of the credit extended for the billing cycle of which such period is a part, unless a statement which includes the amount upon which the finance charge for the period is based was mailed or delivered to the consumer not later than 21 days before the date specified in the statement by which payment must be made in order to avoid imposition of that finance charge.
(Pub. L. 90–321, title I, § 163, as added Pub. L. 93–495, title III, § 306, Oct. 28, 1974, 88 Stat. 1514; amended Pub. L. 111–24, title I, § 106(b)(1), May 22, 2009, 123 Stat. 1742; Pub. L. 111–93, § 2, Nov. 6, 2009, 123 Stat. 2998.)
Connections16 cite this · traces to 3
Cited by 16 sections · top 14
statutes-at-large
- Public Law 93–493
- Public Law 111–93To amend the Truth in Lending Act to make a technical correction to an amendment made by the Credit CARD Act of 2009
- Public Law 111–24To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes
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- Pub. L. 90–321, title I, § 163
- Pub. L. 93–495, title III, § 306
- 88 Stat. 1514
- Pub. L. 111–24, title I, § 106(b)(1)
- 123 Stat. 1742
- Pub. L. 111–93, § 2
- 123 Stat. 2998
- Pub. L. 111–24
- Pub. L. 111–93
- Pub. L. 111–24, title I, § 106(b)(2)
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§ 1666b
Timing of payments
Fed. Reg.×9
Stat.×4
U.S.C.×2
Stat. Comp.×1
Pub. L.Pub. L. 90–321, title I, § 163
Pub. L.Pub. L. 93–495, title III, § 306
Stat.88 Stat. 1514
Pub. L.Pub. L. 111–24, title I, § 106(b)(1)
Stat.123 Stat. 1742
Cites 13 · showing 8Cited by 16 across 4 sources