What US Truth in Lending Act - 15 USC 1666 Correction of Billing Errors on Open-End Consumer Credit Plans requires
15 USC 1666 titled 'Correction of billing errors' is the Truth in Lending Act provision governing the consumer's right to dispute alleged billing errors on open-end consumer credit plans and the creditor's resolution duties. Subsection (a) requires that, after receipt of a written notice from the consumer asserting a billing error, the creditor shall (A) not later than 30 days after the receipt of the notice, send a written acknowledgment of the notice to the obligor (unless the action required by the second sentence is taken within the 30-day period); and (B) not later than two complete billing cycles of the creditor (in no event later than 90 days) after the receipt of the notice, and prior to taking any action to collect the amount, or any part thereof, indicated by the obligor under paragraph (2) to be in error, either correct the account by making appropriate adjustments and transmit notice of the correction to the obligor, or send a written explanation or clarification to the obligor, after having conducted an investigation, setting forth to the extent applicable the reasons why the creditor believes the account was correctly shown in the statement. The consumer's notice must be received within 60 days after having transmitted to the obligor a statement of the obligor's account in which the alleged error is indicated. Subsection (b) defines 'billing error' to include unauthorized extensions of credit, requests for clarification on charges, failure to reflect payment or credit properly, failure of the creditor to mail or deliver a statement to the obligor's last known address, computational errors, and any other error described in regulations of the Bureau. Subsection (c) prohibits the creditor from restricting or closing accounts solely due to nonpayment of disputed amounts, collecting on disputed amounts before compliance, or reporting the amount as delinquent during the resolution period, and requires the creditor to forfeit collection rights for the disputed amount (up to $50) where the creditor fails to comply with this section.
Pillar: Banking & Global Finance · Authority: US Congress / Consumer Financial Protection Bureau / Federal Reserve · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/link/uscode/15/1666
SHA-256 integrity: 5277ff60a867d213440106d134b093d7c8d2ecc8575c37f5b9fe64694bbb8af6
Primary Citations — 7 traced to source
- 15 USC 1666 - Correction of billing errors - statutory text at https://www.govinfo.gov/link/uscode/15/1666
- 15 USC 1666(a) - 60-day consumer notice window, 30-day creditor acknowledgment, and two-billing-cycle / 90-day resolution (correction or written explanation after investigation) prior to any collection action on the disputed amount
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