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15 U.S.C. § 1666h — Offset of cardholder’s indebtedness by issuer of credit card with funds deposited with issuer by cardholder; remedies of creditors under State law not affected
Federal law — U.S. Code and appendices · legal_authorities
**(a) Offset against consumer’s funds** A card issuer may not take any action to offset a cardholder’s indebtedness arising in connection with a consumer credit transaction under the relevant credit card plan against funds of the cardholder held on deposit with the card issuer unless—
(1) such action was previously authorized in writing by the cardholder in accordance with a credit plan whereby the cardholder agrees periodically to pay debts incurred in his open end credit account by permitting the card issuer periodically to deduct all or a portion of such debt from the cardholder’s deposit account, and
(2) such action with respect to any outstanding disputed amount not be taken by the card issuer upon request of the cardholder.
In the case of any credit card account in existence on the effective date of this section, the previous written authorization referred to in clause (1) shall not be required until the date (after such effective date) when such account is renewed, but in no case later than one year after such effective date. Such written authorization shall be deemed to exist if the card issuer has previously notified the cardholder that the use of his credit card account will subject any funds which the card issuer holds in deposit accounts of such cardholder to offset against any amounts due and payable on his credit card account which have not been paid in accordance with the terms of the agreement between the card issuer and the cardholder.
**(b) Attachments and levies** This section does not alter or affect the right under State law of a card issuer to attach or otherwise levy upon funds of a cardholder held on deposit with the card issuer if that remedy is constitutionally available to creditors generally.
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Source file: Laws/federal/codes/united-states-code/title-15/section-1666h-offset-of-cardholders-indebtedness-by-issuer-of-credit-card-with-funds-d--1f50f1e75e.md
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Source location: Title 15, Chapter 41, § 1666h; chapter-041-consumer-credit-protection.md
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**(a) Offset against consumer’s funds** A card issuer may not take any action to offset a cardholder’s indebtedness arising in connection with a consumer credit transaction under the relevant credit card plan against funds of the cardholder held on deposit with the card issuer unless—
(1) such action was previously authorized in writing by the cardholder in accordance with a credit plan whereby the cardholder agrees periodically to pay debts incurred in his open end credit account by permitting the card issuer periodically to deduct all or a portion of such debt from the cardholder’s deposit account, and
(2) such action with respect to any outstanding disputed amount not be taken by the card issuer upon request of the cardholder.
In the case of any credit card account in existence on the effective date of this section, the previous written authorization referred to in clause (1) shall not be required until the date (after such effective date) when such account is renewed, but in no case later than one year after such effective date. Such written authorization shall be deemed to exist if the card issuer has previously notified the cardholder that the use of his credit card account will subject any funds which the card issuer holds in deposit accounts of such cardholder to offset against any amounts due and payable on his credit card account which have not been paid in accordance with the terms of the agreement between the card issuer and the cardholder.
**(b) Attachments and levies** This section does not alter or affect the right under State law of a card issuer to attach or otherwise levy upon funds of a cardholder held on deposit with the card issuer if that remedy is constitutionally available to creditors generally.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Written notice by obligor to creditor; time for and contents of notice; procedure upon receipt of notice by creditor** If a creditor, within sixty days after having transmitted to an obligor a statement of the obligor’s account in connection with an extension of consumer credit, receives at the address disclosed under [section 1637(b)(10) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1637/b/10&num=0&edition=prelim) a written notice (other than notice on a payment stub or other payment medium supplied by the creditor if the creditor so stipulates with the disclosure required under [section 1637(a)(7) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1637/a/7&num=0&edition=prelim)) from the obligor in which the obligor—
(1) sets forth or otherwise enables the creditor to identify the name and account number (if any) of the obligor,
(2) indicates the obligor’s belief that the statement contains a billing error and the amount of such billing error, and
(3) sets forth the reasons for the obligor’s belief (to the extent applicable) that the statement contains a billing error,
the creditor shall, unless the obligor has, after giving such written notice and before the expiration of the time limits herein specified, agreed that the statement was correct—
(A) not later than thirty days after the receipt of the notice, send a written acknowledgment thereof to the obligor, unless the action required in subparagraph (B) is taken within such thirty-day period, and
(B) not later than two complete billing cycles of the creditor (in no event later than ninety days) after the receipt of the notice and prior to taking any action to collect the amount, or any part thereof, indicated by the obli
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1666
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Federal law — U.S. Code and appendices · legal_authorities
Page 1543
TITLE 15—COMMERCE AND TRADE
§ 1666i
pose of inducing payment by cash, check, or other
means not involving the use of a credit card shall not
constitute a finance charge as determined under sec-
tion 1605 of this title, if such discount is offered to all
prospective buyers and its availability is disclosed to
all prospective buyers clearly and conspicuously in ac-
cordance with regulations of the Board’’.
1976—Subsec. (a). Pub. L. 94–222 temporarily des-
ignated existing provisions as par. (1) and added par.
(2). See Termination Date of 1976 Amendment note
below.
Statutory Notes and Related Subsidiaries
TERMINATION DATE OF 1976 AMENDMENT
Section 3(c)(2) of Pub. L. 94–222, as amended by Pub.
L. 95–630, title XV, § 1501, Nov. 10, 1978, 92 Stat. 3713;
Pub. L. 97–25, title II, § 201, July 27, 1981, 95 Stat. 44, pro-
vided that: ‘‘The amendments made by paragraph (1)
[amending this section] shall cease to be effective on
February 27, 1984.’’
NULLIFICATION
OF
BOARD
RULES
AND
REGULATIONS
UNDER SUBSECTION (b) OF THIS SECTION
IN EFFECT
ON JULY 26, 1981
Pub. L. 97–25, title I, § 103, July 27, 1981, 95 Stat. 144,
provided that: ‘‘Any rule or regulation of the Board of
Governors of the Federal Reserve System pursuant to
section 167(b) of the Truth in Lending Act [subsec. (b)
of this section], as such section was in effect on the day
before the date of enactment of this Act [July 27, 1981],
is null and void.’’
§ 1666g. Tie-in services prohibited for issuance of
credit card
Notwithstanding any agreement to the con-
trary, a card issuer may not require a seller, as
a condition to participating in a credit card
plan, to open an account with or procure any
other service from the card issuer or its sub-
sidiary or agent.
(Pub. L. 90–321, title I, § 16
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 1666h
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