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15 U.S.C. § 1666f — Inducements to cardholders by sellers of cash discounts for payments by cash, check or similar means; finance charge for sales transactions involving cash discounts

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1666f — Inducements to cardholders by sellers of cash discounts for payments by cash, check or similar means; finance charge for sales transactions involving cash discounts

**(a) Cash discounts** With respect to credit 11 So in original. Probably should be preceded by “a”. card which may be used for extensions of credit in sales transactions in which the seller is a person other than the card issuer, the card issuer may not, by contract or otherwise, prohibit any such seller from offering a discount to a cardholder to induce the cardholder to pay by cash, check, or similar means rather than use a credit card. **(b) Finance charge** With respect to any sales transaction, any discount from the regular price offered by the seller for the purpose of inducing payment by cash, checks, or other means not involving the use of an open-end credit plan or a credit card shall not constitute a finance charge as determined under [section 1605 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1605&num=0&edition=prelim) if such discount is offered to all prospective buyers and its availability is disclosed clearly and conspicuously.

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Source file: Laws/federal/codes/united-states-code/title-15/section-1666f-inducements-to-cardholders-by-sellers-of-cash-discounts-for-payments-by--84a516e539.md
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Source location: Title 15, Chapter 41, § 1666f; chapter-041-consumer-credit-protection.md

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1605 — Determination of finance charge

**(a) “Finance charge” defined** Except as otherwise provided in this section, the amount of the finance charge in connection with any consumer credit transaction shall be determined as the sum of all charges, payable directly or indirectly by the person to whom the credit is extended, and imposed directly or indirectly by the creditor as an incident to the extension of credit. The finance charge does not include charges of a type payable in a comparable cash transaction. The finance charge shall not include fees and amounts imposed by third party closing agents (including settlement agents, attorneys, and escrow and title companies) if the creditor does not require the imposition of the charges or the services provided and does not retain the charges. Examples of charges which are included in the finance charge include any of the following types of charges which are applicable: (1) Interest, time price differential, and any amount payable under a point, discount, or other system or additional charges. (2) Service or carrying charge. (3) Loan fee, finder’s fee, or similar charge. (4) Fee for an investigation or credit report. (5) Premium or other charge for any guarantee or insurance protecting the creditor against the obligor’s default or other credit loss. (6) Borrower-paid mortgage broker fees, including fees paid directly to the broker or the lender (for delivery to the broker) whether such fees are paid in cash or financed. **(b) Life, accident, or health insurance premiums included in finance charge** Charges or premiums for credit life, accident, or health insurance written in connection with any consumer credit transaction shall be included in the finance charges unless (1) the coverage of the debtor by the insurance is not a factor in the approval by th

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 226 — “Federal Reserve Act”

The short title of the Act of December 23, 1913, ch. 6, 38 Stat. 251, shall be the “Federal Reserve Act.”

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 27 — Certificate of authority to commence banking

**(a)** If, upon a careful examination of the facts so reported, and of any other facts which may come to the knowledge of the Comptroller, whether by means of a special commission appointed by him for the purpose of inquiring into the condition of such association, or otherwise, it appears that such association is lawfully entitled to commence the business of banking, the Comptroller shall give to such association a certificate, under his hand and official seal, that such association has complied with all the provisions required to be complied with before commencing the business of banking, and that such association is authorized to commence such business. But the Comptroller may withhold from an association his certificate authorizing the commencement of business, whenever he has reason to suppose that the shareholders have formed the same for any other than the legitimate objects contemplated by title 62 of the Revised Statutes. A National Bank Association, to which the Comptroller of the Currency has heretofore issued or hereafter issues such certificate, is not illegally constituted solely because its operations are or have been required by the Comptroller of the Currency to be limited to those of a trust company and activities related thereto. **(b)** (1) The Comptroller of the Currency may also issue a certificate of authority to commence the business of banking pursuant to this section to a national banking association which is owned exclusively (except to the extent directors’ qualifying shares are required by law) by other depository institutions or depository institution holding companies and is organized to engage exclusively in providing services to or for other depository institutions, their holding companies, and the officers, directors, and employees o

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1602 — Definitions and rules of construction

**(a)** The definitions and rules of construction set forth in this section are applicable for the purposes of this subchapter. **(b) Bureau.—** The term “Bureau” means the Bureau of Consumer Financial Protection. **(c)** The term “Board” refers to the Board of Governors of the Federal Reserve System. **(d)** The term “organization” means a corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, or association. **(e)** The term “person” means a natural person or an organization. **(f)** The term “credit” means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment. **(g)** The term “creditor” refers only to a person who both (1) regularly extends, whether in connection with loans, sales of property or services, or otherwise, consumer credit which is payable by agreement in more than four installments or for which the payment of a finance charge is or may be required, and (2) is the person to whom the debt arising from the consumer credit transaction is initially payable on the face of the evidence of indebtedness or, if there is no such evidence of indebtedness, by agreement. Notwithstanding the preceding sentence, in the case of an open-end credit plan involving a credit card, the card issuer and any person who honors the credit card and offers a discount which is a finance charge are creditors. For the purpose of the requirements imposed under part D of this subchapter and sections 1637(a)(5), 1637(a)(6), 1637(a)(7), 1637(b)(1), 1637(b)(2), 1637(b)(3), 1637(b)(8), and 1637(b)(10) of this title, the term “creditor” shall also include card issuers whether or not the amount due is payable by agreement in more than four installments or the payment of a finance charge

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1666f — Inducements to cardholders by sellers of

Page 1542 TITLE 15—COMMERCE AND TRADE § 1666d 1 So in original. Probably should be preceded by ‘‘a’’. AMENDMENTS 2010—Subsec. (a). Pub. L. 111–203, § 1100A(2), sub- stituted ‘‘Bureau’’ for ‘‘Board’’. See Codification note above. 2009—Pub. L. 111–24, § 104(1), substituted ‘‘Prompt and fair crediting of payments’’ for ‘‘Prompt crediting of payments’’ in section catchline, designated existing provisions as subsec. (a), and inserted subsec. (a) head- ing. Subsec. (a). Pub. L. 111–24, § 104(2), (3), inserted ‘‘, by 5:00 p.m. on the date on which such payment is due,’’ after ‘‘in readily identifiable form’’ and substituted ‘‘manner, and location’’ for ‘‘manner, location, and time’’. Subsecs. (b), (c). Pub. L. 111–24, § 104(4), added subsecs. (b) and (c). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. EFFECTIVE DATE OF 2009 AMENDMENT Amendment by Pub. L. 111–24 effective 9 months after May 22, 2009, except as otherwise specifically provided, see section 3 of Pub. L. 111–24, set out as a note under section 1602 of this title. § 1666d. Treatment of credit balances Whenever a credit balance in excess of $1 is created in connection with a consumer credit transaction through (1) transmittal of funds to a creditor in excess of the total balance due on an account, (2) rebates of unearned finance charges or insurance premiums, or (3) amounts other- wise owed to or held for the benefit of an obli- gor, the creditor shall— (A) credit the amount of the credit balance to the consumer’s account; (B) refund any part of the amount of th

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