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Overview of Changes Effective February 22, 2010
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Section of Regulation Z32
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Description*
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Coverage
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§226.5(a)(2)(iii)
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The term fixed, or a similar term, may not be used unless the creditor specifies
a time period the rate will be fixed and the rate will not increase
during that period or, if no time period is provided, the rate will
not increase while the plan is open.
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All open-end (not home-secured) consumer credit plans
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§226.5(b)(2)(ii)
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Periodic statements
Reasonable procedures designed to ensure periodic statements
are mailed or delivered at least 21 days before the payment due date
disclosed on the statement, and payments are not treated as late
for any purpose if received within 21 days after mailing or delivery
of the periodic statement.
Interest grace periods
Reasonable procedures designed to ensure
periodic statements are mailed or delivered at least 21 days before
the expiration of any interest grace period, and no finance charges
are imposed if a payment satisfying the grace period is received
within 21 days of mailing or delivery of the periodic statement.
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§226.5(b)(2)(ii)(A) – Credit card accounts under an open-end (not home-secured)
consumer credit plan
§226.5(b)(2)(ii)(B) – All open-end consumer credit plans
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§226.7(b)(11)
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Due date same day of the month and disclosure of late payment costs, such
as a late payment fee or increased periodic rate(s). Same day of
the month can mean same calendar day (15th day) or the last day of
the month.
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Credit card accounts under an open-end (not home-secured) consumer credit
plan
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§226.7(b)(12)
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Repayment disclosures such as minimum payment warnings, repayment estimate,
and a toll-free number for credit counseling services
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Credit card accounts under an open-end (not home-secured) consumer credit
plan
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§226.7(b)(13)
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Format requirements of due date, late payment fees, and penalty rates
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All open-end (not home-secured) consumer credit plans, except requirements
relating to §226.7(b)(11) and (b)(12) which apply only to credit
card accounts under an open-end (not home-secured) consumer credit
plan
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§226.9(c)(2)
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Changes requiring advance notice (NOTE: the format requirements in §226.9(c)(2)(iv)(D)
are effective July 1, 2010)
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All open-end (not home-secured) consumer credit plans
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§226.9(e)
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Renewal of credit or charge card
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Credit or charge card accounts subject to §226.5a
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§226.9(g)
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Increase in rates due to delinquency or default or as a penalty (NOTE: §226.9(g)(3)(ii)
which covers tabular format requirements is effective July 1, 2010)
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All open-end (not home-secured) consumer credit plans
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§226.9(h)
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Right to reject certain significant changes in terms
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Credit card accounts under an open-end (not home secured) consumer credit
plan
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§226.10
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Payments including crediting, cut-off time, and payments due on dates the
creditor does not receive or accept payments
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All open-end consumer credit plans
§226.10(b)(3), (e), & (f) - Credit card accounts under an
open-end (not home-secured) consumer credit plan
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§226.11(c)
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Timely settlement of estates
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Credit card accounts under an open-end (not home-secured) consumer credit
plan
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§226.16(f)
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Use of the term “fixed” in advertising
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All open-end consumer credit plans
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§226.51
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Ability to pay (opening and increasing credit limits) on credit cards
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Credit card accounts under an open-end (not home-secured) consumer credit
plan
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§226.52
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Limitations on fees during the first year after account opening
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Credit card accounts under an open-end (not home-secured) consumer credit
plan
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§226.53
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Allocation of payments in excess of the minimum payment
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Credit card accounts under an open-end (not home-secured) consumer credit
plan
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§226.54
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Limitations on the imposition of finance charges – “double-cycle” billing
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Credit card accounts under an open-end (not home-secured) consumer credit
plan
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§226.55
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Limitations on increasing APRs, fees, and charges
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Credit card accounts under an open-end (not home-secured) consumer credit
plan
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§226.56
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Opt-in requirements and other limitations regarding overlimit transactions
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Credit card accounts under an open-end (not home-secured) consumer credit
plan
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§226.57(a), (b), & (d)
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Reporting and marketing rules for college student open-end credit
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Credit card accounts under an open-end (not home-secured) consumer credit
plan
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§226.57(c)
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Restrictions on offering college students inducements to apply for an open-end
consumer credit plan
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All open-end consumer credit plans
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§226.58
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Internet posting of credit card agreements
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Credit card accounts under an open-end (not home-secured) consumer credit
plan
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*Refer to the regulation for
a complete description and requirements.
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| 32 Although
Subpart B – Open-End Credit contains most Regulation Z provisions
governing open-end credit, Subpart G – Special Rules Applicable
to Credit Card Accounts and Open-end Credit Offered to College Students
includes additional provisions relating to credit card accounts. |
