Are there any rules or regulations that apply to credit card companies?

Yes, there are rules and regulations that apply to credit card companies in Maryland. According to the Maryland Consumer Protection Act, credit card companies must provide accurate and complete disclosure of all terms and conditions related to rates, fees, and other charges associated with the use of their cards. This includes any changes or modifications made to the terms and any additional fees that customers may be charged. Additionally, companies must provide customers with periodic billing statements that itemize all transactions, balances, payments, and credits that have occurred since the last statement. The billing statement must also include the due date of the minimum payment and any finance charges that have been applied. Credit card companies must also adhere to the Credit Card Accountability Responsibility and Disclosure (CARD) Act which was designed to protect consumers from unfair billing and payment practices. Under this act, credit card companies must provide a minimum 21-days before a payment due date, and cannot charge customers with over-the-limit fees unless they have agreed to the terms. The act also prohibits credit card companies from raising interest rates on existing balances unless the customer is more than 60 days delinquent on a payment. Overall, credit card companies in Maryland are subject to a number of regulations and must adhere to the Maryland Consumer Protection Act as well as the Credit Card Accountability Responsibility and Disclosure (CARD) Act. These laws help protect consumers from unfair and misleading practices and ensure that customers have the proper information to make informed financial decisions.

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