What is theCard Act of 2009?

The Credit Card Act of 2009 is a federal law that aims to protect consumers from unpredictable and unfair fees and other practices related to credit card use. This law was passed in 2009 and applies to all people living in the United States, though some states have enacted their own laws that offer additional protections. In Oregon, this law is enforced by the Division of Financial Regulation. The Credit Card Act of 2009 does several things to protect Oregon consumers from high interest rate practices, excessive late fees, and other unfair practices. It outlines regulations regarding how credit card statements are presented, limits how often interest rates can be increased, and requires that payment due dates are always the same day of the month. The Credit Card Act of 2009 also requires credit card companies to give consumers 45 days notice of any change in their terms, including interest rates or fees. This ensures that consumers are not blindsided by changes in their credit card agreements that they may not be aware of. Finally, this law requires that before issuing a credit card, the issuer must make sure that the consumer has the means to make payments on the card. This prevents irresponsible use of credit and helps to protect consumers from going into debt they cannot escape.

Related FAQs

What is a chargeback?
What is a variable rate credit card?
What can I do to improve my credit score?
Is it safe to use my credit card online?
What is the Fair Debt Collection Practices Act?
What are the different types of credit cards?
What is the Fair Credit Reporting Act?
What is a credit limit?
What happens if I default on a credit card?
What is the Electronic Funds Transfer Act?

What is theCard Act of 2009?

Related FAQs

Related Blog Posts