The Broad Impact Of The Credit CARD Act

Law360, New York (June 4, 2010, 12:56 PM EDT) -- Earlier this year, the bulk of the Credit Card Accountability Responsibility and Disclosure Act (or Credit CARD Act) became effective.

The Act focuses on consumer protection in credit card relationships between card issuers and consumers. It requires new and enhanced notices and statements, forbids making certain changes to the terms of accounts, prohibits previously common billing practices, and restricts the ability of underage consumers to apply for credit cards.

Because the Credit CARD Act affects a broad number of consumer credit rules, creditors must understand each...
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