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TITLE 15 - CHAPTER 41 - SUBCHAPTER I
Part D - Credit Billing
Fair Credit Billing Act
Summary:
Parts of this act includes: A consumer must give written notice of any billing error in question within 60 days of receiving the bill and the creditor must respond to the written notice given by the consumer within 30 days. The dispute must be resolved within 2 billing cycles or no longer than 90 days. Within that 90 days, the creditor/lender must explain why it's correct or have the error corrected.
During the dispute/resolution period: no collection attempts can be made on the disputed bill, no adverse information can be reported to the credit reporting agencies, and there can be no finance charges for/on the disputed bill.
The account cannot be closed or restricted because of the customer's failure to pay on the disputed bill.
After the resolution period, if the customer believes the bill is still to be disputed, they must again notify the creditor/lender in writing. During this period, the lender/creditor cannot report this information unless they also report the amount is in dispute. The lender/creditor must provide to the customer, the name and address of each person the account is being reported delinquent to.
The lender/creditor must report to anyone who received a report on the delinquency on how the dispute was resolved.
Subsection:
1666 Correction of billing errors
1666a Regulation of credit reports
1666b Length of billing period in credit statement for imposition of finance charge; effect of failure of timely mailing or delivery of statement
1666c Prompt crediting of payments; imposition of finance charge
1666d Treatment of credit balances
1666e Notification of credit card issuer by seller of return of goods, etc., by obligor; credit for account of obligor
1666f Inducements to cardholders by sellers of cash discounts for payments by cash, check or similar means; finance charge for sales transactions involving cash discounts
1666g Tie-in services prohibited for issuance of credit card
1666h Offset of cardholder’s indebtedness by issuer of credit card with funds deposited with issuer by cardholder; remedies of creditors under State law not affected
1666i Assertion by cardholder against card issuer of claims and defenses arising out of credit card transaction; prerequisites; limitation on amount of claims or defenses
1666j Applicability of State laws