When is a credit card issuer required to disclose the terms and conditions of a credit card?
In Texas, credit card issuers are required to disclose their terms and conditions to consumers when a credit card is applied for or used. This includes things like the applicable interest rate, finance charges, any annual fees, and other fees associated with the card. Furthermore, the issuer must also disclose any changes to these terms and conditions that may occur over the course of the account. Credit card issuers must also provide consumers with a written disclosure statement that contains the full terms and conditions of the credit card agreement. This document should be sent to the consumer within 30 days after the credit card is opened. Furthermore, the statement should include the terms and conditions of the credit card in plain language that is easy to understand. Any changes to the terms and conditions of the credit card must be disclosed to the consumer in a timely manner. This includes an Advance Notice of Change that must be sent to the consumer at least 45 days prior to the change taking effect. Additionally, any changes that materially alter the terms and conditions of the credit card agreement must be disclosed to the consumer in writing. In summary, credit card issuers must provide consumers with a written disclosure statement containing the full terms and conditions of the credit card agreement when it is applied for or used. Any changes to these terms and conditions must also be disclosed in a timely manner, with an Advance Notice of Change being sent to the consumer at least 45 days prior to the changes taking effect.
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