Source: http://www.law.cornell.edu/uscode/text/15/1666d?qt-us_code_tabs=0
Timestamp: 2014-08-20 18:56:46
Document Index: 444992482

Matched Legal Cases: ['§ 1666', '§ 1666', '§ 1666', '§ 165', '§ 306', '§ 621']

15 U.S. Code § 1666d - Treatment of credit balances | LII / Legal Information Institute
U.S. Code › Title 15 › Chapter 41 › Subchapter I › Part D › § 1666d 15 U.S. Code § 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 otherwise owed to or held for the benefit of an obligor, the creditor shall—
credit the amount of the credit balance to the consumer’s account;
refund any part of the amount of the remaining credit balance, upon request of the consumer; and
make a good faith effort to refund to the consumer by cash, check, or money order any part of the amount of the credit balance remaining in the account for more than six months, except that no further action is required in any case in which the consumer’s current location is not known by the creditor and cannot be traced through the consumer’s last known address or telephone number.
(Pub. L. 90–321, title I, § 165, as added Pub. L. 93–495, title III, § 306,Oct. 28, 1974, 88 Stat. 1514; amended Pub. L. 96–221, title VI, § 621(a),Mar. 31, 1980, 94 Stat. 184.)
1980—Pub. L. 96–221substituted provisions relating to duties of creditor whenever a credit balance in excess of $1 is created in connection with a consumer credit transaction, for provisions relating to duties of creditor whenever an obligor transmits funds to creditor in excess of the total balance due on an open end consumer credit account.