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15 U.S.C. § 1665c - U.S. Code - Unannotated Title 15. Commerce and Trade § 1665c. Interest rate reduction on open end consumer credit plans

Current as of January 01, 2024 | Updated by Findlaw Staff

(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  1 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.

1 So in original. Probably should be “Board”.
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Cite this article: FindLaw.com - 15 U.S.C. § 1665c - U.S. Code - Unannotated Title 15. Commerce and Trade § 1665c. Interest rate reduction on open end consumer credit plans - last updated January 01, 2024 | https://codes.findlaw.com/us/title-15-commerce-and-trade/15-usc-sect-1665c/

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