15-U.S.C.-1666B
§1666B – Timing of Payments
Pathway
Title 15 > Chapter 41 > Subchapter I > Part D > Section 1666b
Details
- Reference: Section 1666b
- Legend: §1666B – Timing of Payments
- USCode Year: 2013
Provision Content
(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.)
Amendments
2009—Pub. L. 111–24 amended section generally, adding provisions relating to late payments and delivery of periodic statements, substituting provisions requiring a 21-day statement delivery period for provisions requiring a 14-day period before the imposition of additional finance charges, and striking provisions relating to excusable cause for creditors failure to make timely mailing or delivery of periodic statements.
Subsec. (a). Pub. L. 111–93 inserted a credit card account under after payment on.
Effective Date
Pub. L. 111–24, title I, §106(b)(2), May 22, 2009, 123 Stat. 1742, provided that: Notwithstanding section 3 [see Effective Date of 2009 Amendment note set out under section 1602 of this title], section 163 of the Truth in Lending Act [15 U.S.C. 1666b], as amended by this subsection, shall become effective 90 days after the date of enactment of this Act [May 22, 2009].
U.S. Encyclopedia of Law Coverage
15-U.S.C.-1646 in the Legal Encyclopedia: Trade Law
In this entry about 15-U.S.C.-1646, find legal reference material, bibliographies and premiere content related to trade law in the American Encyclopedia of Law, presenting a comprehensive view of the United States trade law-specific issues, written by authorities in the field.
15-U.S.C.-1665E in the Legal Encyclopedia: Consumer Credit Protection
In this entry about 15-U.S.C.-1665E, find legal reference material, bibliographies and premiere content related to consumer credit protection in the American Encyclopedia of Law, presenting a comprehensive view of the United States consumer credit protection-specific issues, written by authorities in the field.
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