What is theCard Act of 2009?

The Card Act of 2009 is a federal law that regulates credit cards and consumer protection in the state of Washington. The law was passed by Congress and signed into effect by President Obama in May 2009. The purpose of the Card Act is to protect consumers in Washington from unfair, deceptive, and predatory practices by banks and creditors that issue credit cards. The law also requires credit card companies to give consumers more accurate information about the costs associated with credit card use. The law requires that credit card companies give the consumer at least two weeks before the first payment is due. It also requires that government-mandated consumer disclosures be provided before the consumer agrees to enter into a credit contract. Credit card companies must also provide a 45-day advance notice of any changes to the interest rates, fees, or other terms of the agreement. The Card Act also limits the amount of late fees that can be assessed and protects consumers from being charged for transactions that have not been authorized by the consumer. Finally, the law requires that consumers be given the right to cancel a credit card agreement within five business days after it has been entered into. Overall, the Card Act of 2009 is a law that provides a range of protections to consumers in Washington when it comes to credit cards. It helps ensure that credit card companies are transparent about their practices and the costs associated with credit card use, and it also limits some of the fees and interest rates that can be charged to consumers.

Related FAQs

What is a statement credit?
What is the Credit Card Accountability Responsibility and Disclosure Act of 2009?
What is theCard Act of 2009?
How can I lower the interest rate on my credit card?
What is the Electronic Funds Transfer Act?
What are the advantages and disadvantages of using a prepaid credit card?
What are the different kinds of interest rates for credit cards?
What are the different types of interchange fees?
What is a late payment fee?
What is a grace period on a credit card?

What is theCard Act of 2009?

Related FAQs

Related Blog Posts