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—
(A)credit the amount of the credit balance to the consumer’s account;
(B)refund any part of the amount of the remaining credit balance, upon request of the consumer; and
(C)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.
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.
Effective Date of 1980 Amendment
Amendment by Pub. L. 96–221effective on expiration of two years and six months after Mar. 31, 1980, with all regulations, forms, and clauses required to be prescribed to be promulgated at least one year prior to such effective date, and allowing any creditor to comply with any amendments, in accordance with the regulations, forms, and clauses prescribed by the Board prior to such effective date, see section 625 ofPub. L. 96–221, set out as a note under section
1602 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.