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15 U.S.C. § 1666b — Timing of payments
Federal law — U.S. Code and appendices · legal_authorities
**(a) Time to make payments** A creditor may not treat a payment on a credit card account under an open end consumer credit plan as late for any purpose, unless the creditor has adopted reasonable procedures designed to ensure that each periodic statement including the information required by [section 1637(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1637/b&num=0&edition=prelim) is mailed or delivered to the consumer not later than 21 days before the payment due date.
**(b) Grace period** If an open end consumer credit plan provides a time period within which an obligor may repay any portion of the credit extended without incurring an additional finance charge, such additional finance charge may not be imposed with respect to such portion of the credit extended for the billing cycle of which such period is a part, unless a statement which includes the amount upon which the finance charge for the period is based was mailed or delivered to the consumer not later than 21 days before the date specified in the statement by which payment must be made in order to avoid imposition of that finance charge.
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Source file: Laws/federal/codes/united-states-code/title-15/section-1666b-timing-of-payments--ab532ed037.md
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Source location: Title 15, Chapter 41, § 1666b; chapter-041-consumer-credit-protection.md
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**(a) Time to make payments** A creditor may not treat a payment on a credit card account under an open end consumer credit plan as late for any purpose, unless the creditor has adopted reasonable procedures designed to ensure that each periodic statement including the information required by [section 1637(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1637/b&num=0&edition=prelim) is mailed or delivered to the consumer not later than 21 days before the payment due date.
**(b) Grace period** If an open end consumer credit plan provides a time period within which an obligor may repay any portion of the credit extended without incurring an additional finance charge, such additional finance charge may not be imposed with respect to such portion of the credit extended for the billing cycle of which such period is a part, unless a statement which includes the amount upon which the finance charge for the period is based was mailed or delivered to the consumer not later than 21 days before the date specified in the statement by which payment must be made in order to avoid imposition of that finance charge.
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Federal law — U.S. Code and appendices · legal_authorities
**(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
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1602
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.
**(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1601
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Federal law — U.S. Code and appendices · legal_authorities
Page 1541
TITLE 15—COMMERCE AND TRADE
§ 1666c
(b) Reports by creditor on delinquent amounts in
dispute; notification of obligor of parties no-
tified of delinquency
If a creditor receives a further written notice
from an obligor that an amount is still in dis-
pute within the time allowed for payment under
subsection (a) of this section, a creditor may not
report to any third party that the amount of the
obligor is delinquent because the obligor has
failed to pay an amount which he has indicated
under section 1666(a)(2) of this title, unless the
creditor also reports that the amount is in dis-
pute and, at the same time, notifies the obligor
of the name and address of each party to whom
the creditor is reporting information concerning
the delinquency.
(c) Reports by creditor of subsequent resolution
of delinquent amounts
A creditor shall report any subsequent resolu-
tion of any delinquencies reported pursuant to
subsection (b) to the parties to whom such delin-
quencies were initially reported.
(Pub. L. 90–321, title I, § 162, as added Pub. L.
93–495, title III, § 306, Oct. 28, 1974, 88 Stat. 1513.)
§ 1666b. Timing of payments
(a) Time to make payments
A creditor may not treat a payment on a cred-
it card account under an open end consumer
credit plan as late for any purpose, unless the
creditor has adopted reasonable procedures de-
signed to ensure that each periodic statement
including the information required by section
1637(b) of this title is mailed or delivered to the
consumer not later than 21 days before the pay-
ment due date.
(b) Grace period
If an open end consumer credit plan provides a
time period within which an obligor may repay
any portion of the credit extended without in-
curring an additional finance charge, such addi-
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 1666b
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