Credit Card Accountability, Responsibility And Disclosure Act Of 2009 Definition

You are seeing definition of Credit Card Accountability, Responsibility And Disclosure Act Of 2009 in Law Terms Dictionary

Maybe this is not completely definition of Credit Card Accountability, Responsibility And Disclosure Act Of 2009 but this is the best definition of Credit Card Accountability, Responsibility And Disclosure Act Of 2009 at this time that we found. In future, this definition of Credit Card Accountability, Responsibility And Disclosure Act Of 2009 can be modified, please visit our Online Law Dictionary more frequently to get latest information.

Home » Credit Card Accountability, Responsibility And Disclosure Act Of 2009

Definition Of Credit Card Accountability, Responsibility And Disclosure Act Of 2009:

This act was designed to limit the manner in which credit card companies can charge their customers.

It prohibits arbitrary increases in interest rates andthe application of penalties to customers who make timely payments. The CARD act set forth several other guidelines as well, but does not enact price controls or caps on interest rates.This act is commonly known as the Credit CARD Act of 2009. Enacted on May 22, 2009, the law will become effective on February 22, 2010. Ultimately this legislation will make it easier for consumers to pay off their credit card balances in many ways. CARD was enacted as a response to the rising level of unsecured consumer debt.

Browse Law Terms By First Letter:

Home | A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | Y | Z |