REMINDER THAT SOME CREDIT CARD ACT PROVISIONS TAKE EFFECT NEXT MONTH

The general effective date of the CARD Act is February 22 2010. However, two provisions take effect 90 days after enactment, which is August 20, 2009. The provisions are:

  • Section 101(a), regarding advance notice of rate increase and other changes.
  • Section 106(b), which establishes the 21-day rule for mailing of periodic statements.
  • Judy Scheiderer