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Credit CARD Act of 2009
Title I ~ SEC. 106. RULES REGARDING PERIODIC STATEMENTS
(a) In General- Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended by adding at the end the following:
(o) Due Dates for Credit Card Accounts-
(1)
IN GENERAL- The payment due date for a credit card account under an
open end consumer credit plan shall be the same day each month.
(2)
WEEKEND OR HOLIDAY DUE DATES- If the payment due date for a credit card
account under an open end consumer credit plan is a day on which the
creditor does not receive or accept payments by mail (including
weekends and holidays), the creditor may not treat a payment received
on the next business day as late for any purpose.
(b) Length of Billing Period-
(1) IN GENERAL- Section 163 of the Truth in Lending Act (15 U.S.C. 1666b) is amended to read as follows:
SEC. 163. TIMING OF PAYMENTS
(a)
Time To Make Payments- A creditor may not treat a payment on 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 127(b) 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.
(2) EFFECTIVE DATE-
Notwithstanding section 3, section 163 of the Truth in Lending Act, as
amended by this subsection, shall become effective 90 days after the
date of enactment of this Act.
(c) Clerical Amendments- The table of sections for chapter 4 of the Truth in Lending Act is amended-
(1) by striking the item relating to section 163 and inserting the following:
163. Timing of payments.’; and
(2) by striking the item relating to section 171 and inserting the following:
171. Universal defaults prohibited
172. Unilateral changes in credit card agreement prohibited
173. Applicability of State laws