Fair credit billing Act - wikipedia Fair credit billing Act The Fair Credit Billing Act ( FCBA ) is a United States federal law enacted in 1974 as an amendment to the Truth in Lending Act ( codified at 15 U.S.C. § 1601 et seq. ). Its purpose is to protect consumers from unfair billing practices and to provide a mechanism for addressing billing errors in `` open end '' credit accounts, such as credit card or charge card accounts. Contents 1 Examples of billing errors 2 Correction of billing errors 3 Other regulations of the FCBA 4 Enforcement of the FCBA 5 See also 6 References 7 Sources and external links Examples of billing errors The following are examples of billing errors under the FCBA : Charges not actually made by the consumer Charges in the wrong amount. Charges for goods or services not received by the consumer Charges for goods not delivered as agreed Charges for goods that were damaged on delivery Failures to properly reflect payments or credits to an account Calculation errors Charges that the consumer wants clarified or requests proof of Statements mailed to the wrong address Significantly not as described product / goods Correction of billing errors The FCBA allows consumers to dispute billing errors by sending a written notice of the dispute to the creditor. To trigger duties under the Act, a person must send a written dispute via mail to the `` billing inquiries '' address on their credit card statement, not the address for sending payments. This dispute must be received by the creditor within sixty days of the statement date on the account statement that first contained the billing error. Notice given by telephone is not sufficient to trigger the protections of the FCBA ; a consumer can only protect their rights under the Act by sending a written notice, or online if the creditor indicates to consumers that it will accept notices electronically. Banks may accept disputes by phone while warning their customers that phone complaints do not preserve the customer 's rights under the Act. This often leads to a chargeback to the vendor. After receiving notice of a dispute, the credit issuer must acknowledge the dispute within thirty days, investigate the claim and, within ninety days, either make appropriate corrections to the account or send a letter to the consumer explaining why the creditor believes there was no error. If the creditor responds that they believe there was no error, the consumer can request copies of documentation supporting the validity of the disputed items. Other regulations of the FCBA In addition to creating a mechanism for dealing with billing errors, the FCBA contains additional regulations, including the following : Billing statements must be sent at least fourteen days before the payment is due for open end credit accounts that have a grace period prior to adding finance charges. If banks report payments as delinquent to credit bureaus they must also report a charge is disputed. Credit card companies may not prohibit merchants from offering discounts to people who pay with cash or check. Banks may generally not use money in checking or savings accounts to pay a delinquent credit account with the same bank. The FCBA 's § 170 gives a consumer the right to sue or assert defenses against the credit company ( instead of the actual merchant ) in a dispute about the quality of goods or services received, to the dollar extent of the amount of the charge ( s ) involved. ( The dollar amount of the charge must exceed $50, and the purchase must have been made in the consumer 's home state or within 100 miles of their address ( unless the creditor is affiliated with the merchant, in which case these restrictions do not apply ). The consumer must also make a good faith attempt to resolve the dispute prior to invoking this right. ) Enforcement of the FCBA The Federal Trade Commission is the `` overall enforcing agency '' for purposes of administrative enforcement, though compliance by banks is enforced under section 8 of the Federal Deposit Insurance Act. A consumer may also file a private lawsuit in any state or federal court with jurisdiction over the parties to recover actual damages, statutory damages of double the erroneous finance charge ( s ), and his or her costs and attorney fees ( if the claim is successful ). If the alleged unlawful conduct is widespread, the consumer can also seek to file a class action suit and seek damages up to the lesser of $500,000 or 1 per centum of the net worth of the creditor. See also Fair Credit Reporting Act ( FCRA ) Fair Debt Collection Practices Act ( FDCPA ) Fair and Accurate Credit Transactions Act ( FACTA ) - amended the FCRA. 15 U.S.C. § 1643 ( Liability of holder of credit card ) which limits cardholder liability for unauthorized use of a credit card to $50. References ^ Jump up to : `` Disputing Credit Card Charges ''. Federal Trade Commission. August 2012. Retrieved 2013 - 04 - 02. Jump up ^ 15 U.S.C. § 1666 Jump up ^ Dlabay, Les R. ; Burrow, James L. ; Brad, Brad ( 2009 ). Intro to Business. Mason, Ohio : South - Western Cengage Learning. p. 470. ISBN 978 - 0 - 538 - 44561 - 0. To get correction of an error, you must notify the creditor in writing within 60 days after your statement was mailed. ^ Jump up to : `` Fair Credit Billing Act ''. Andrew M. Doktofsky, P.C. Retrieved 2013 - 04 - 02. Jump up ^ Kapetan, Alex ( 2011 - 11 - 22 ). `` The Fair Credit Billing Act ''. Archived from the original on 2013 - 08 - 29. Retrieved 2013 - 04 - 02. Jump up ^ `` Credit Card FAQs - View Questions about : Security ''. Retrieved 2013 - 04 - 02. Jump up ^ 15 U.S.C. § 1666a Jump up ^ 15 U.S.C. § 1666f Jump up ^ 15 U.S.C. § 1666h Jump up ^ 15 U.S.C. § 1607 Jump up ^ 15 U.S.C. § 1640 Sources and external links Wikisource has original text related to this article : Fair Credit Billing Act Full text of the FCBA in pdf format - Federal Trade Commission Bank regulation in the United States Federal authorities Consumer Financial Protection Bureau Farm Credit Administration Federal Deposit Insurance Corporation Federal Financial Institutions Examination Council Federal Housing Finance Agency Federal Reserve Board of Governors Financial Stability Oversight Council National Credit Union Administration Office of the Comptroller of the Currency Major federal legislation Independent Treasury Act National Bank Act Federal Reserve Act McFadden Act 1933 Banking Act Glass -- Steagall Act Federal Credit Union Act Bank Holding Company Act Interest Rate Control Act of 1966 Truth in Lending Act Bank Secrecy Act Fair Credit Reporting Act Home Mortgage Disclosure Act Community Reinvestment Act Electronic Fund Transfer Act Financial Institutions Regulatory and Interest Rate Control Act of 1978 Monetary Control Act Depository Institutions Act Competitive Equality Banking Act of 1987 FIRREA FDICIA Truth in Savings Act Riegle - Neal IBBEA Gramm -- Leach -- Bliley Act Fair and Accurate Credit Transactions Act Emergency Economic Stabilization Act Credit CARD Act Dodd - Frank Federal Reserve Board regulations Extensions of Credit by Federal Reserve Banks ( Reg A ) Equal Credit Opportunity ( Reg B) Home Mortgage Disclosure ( Reg C ) Reserve Requirements for Depository Institutions ( Reg D ) Electronic Fund Transfer ( Reg E ) Limitations on Interbank Liabilities ( Reg F ) International Banking Operations ( Reg K ) Consumer Leasing ( Reg M ) Loans to Insiders ( Reg O ) Privacy of Consumer Financial Information ( Reg P ) Prohibition Against the Paying of Interest on Demand Deposits ( Reg Q ) Credit by Brokers and Dealers ( Reg T ) Credit by Banks and Persons Other Than Brokers or Dealers for the Purpose of Purchasing or Carrying Margin Stock ( Reg U ) Transactions Between Member Banks and Their Affiliates ( Reg W ) Borrowers of Securities Credit ( Reg X ) Truth in Lending ( Reg Z ) Unfair or Deceptive Acts or Practices ( Reg AA ) Community Reinvestment ( Reg BB ) Availability of Funds and Collection of Checks ( Reg CC ) Truth in Savings ( Reg DD ) Types of bank charter Credit union Federal savings association Federal savings bank National bank State bank State authorities California Colorado Florida Illinois Maryland Michigan New Jersey New York Ohio Oklahoma Oregon Pennsylvania Tennessee Virginia Terms Call report CAEL Rating CAMELS rating system Thrift Financial Report Other topics Banking in the United States Fair debt collection History of central banking in the United States Wildcat banking Portal Retrieved from `` https://en.wikipedia.org/w/index.php?title=Fair_Credit_Billing_Act&oldid=802648430 '' Categories : United States federal banking legislation Credit Consumer protection law Consumer protection legislation Hidden categories : All articles with unsourced statements Articles with unsourced statements from April 2013 Talk Contents About Wikipedia Add links This page was last edited on 27 September 2017, at 15 : 14. 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Question: when was the fair credit billing act enacted
Answer: 1974