15 USC 1665c - Interest rate reduction on open end consumer credit plans

U.S Code last checked for updates: Nov 22, 2024

§ 1665c.

Interest rate reduction on open end consumer credit plans

(a)

In general

(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

(d)

Rulemaking

(Pub. L. 90–321, title I, § 148, as added Pub. L. 111–24, title I, § 101(c), May 22, 2009, 123 Stat. 1737; amended Pub. L. 111–203, title X, § 1100A(2), July 21, 2010, 124 Stat. 2107.)

cite as: 15 USC 1665c