15-U.S.C.-1665C
§1665C – Interest Rate Reduction On Open End Consumer Credit Plans
Pathway
Title 15 > Chapter 41 > Subchapter I > Part C > Section 1665c
Details
- Reference: Section 1665c
- Legend: §1665C – Interest Rate Reduction On Open End Consumer Credit Plans
- USCode Year: 2013
Provision Content
(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 1637(i) of this title 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 May 22, 2009, to implement the requirements of and evaluate compliance with this section, and subsections (a), (b), and (c) shall become effective 15 months after May 22, 2009.
(Pub. L. 90–321, title I, §148, as added Pub. L. 111–24, title I, §101(c), May 22, 2009, 123 Stat. 1737; amended Pub. L. 111–203, title X, §1100A(2), July 21, 2010, 124 Stat. 2107.)
Amendments
2010—Subsec. (d). Pub. L. 111–203 substituted Bureau for Board.
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.
Effective Date
Section effective 9 months after May 22, 2009, except as otherwise specifically provided, see section 3 of Pub. L. 111–24, set out as an Effective Date of 2009 Amendment note under section 1602 of this title.
U.S. Encyclopedia of Law Coverage
15-U.S.C.-1646 in the Legal Encyclopedia: Trade Law
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15-U.S.C.-1639E in the Legal Encyclopedia: Consumer Credit Protection
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