Page:United States Statutes at Large Volume 88 Part 2.djvu/195

 88 STAT. ]

PUBLIC LAW 93-495-OCT. 28, 1974

1511

AUTHORIZATION OF APPROPRIATIONS

SEC. 208. There are authorized to be appropriated without fiscal year limitations such sums, not to exceed $2,000,000, as may be necessary to carry out the provisions of this title. TITLE III—FAIR CREDIT BILLING

12 USC 24os.

^-'^ c;-'^" Billing Act.

§ 301. Short title This title may be cited as the " F a i r Credit Billing Act". J^l use leoi § 302. Declaration of purpose The last sentence of section 102 of the Truth in Lending Act (15 U.S.C. 1601) is amended by striking out the period and inserting in lieu thereof a comma and the following: "and to protect the consumer against inaccurate and unfair credit billing and credit card practices." § 303. Definitions of creditor and open end credit plan The first sentence of section 103(f) of the Truth in Lending Act (15 U.S.C. 1602(f)) is amended to read as follows: "The term 'creditor' refers only to creditors who regularly extend, or arrange for the i extension of, credit which is payable by agreement in more than four installments or for which the payment of a finance charge is or may be required, whether in connection with loans, sales of property or services, or otherwise. For the purposes of the requirements imposed under Chapter 4 and sections 127(a)(6), 127(a)(7), 127(a)(8), 127 (b)(1), 127(b)(2), 127(b)(3), 127(b)(9), and 127(b) (11) of Chapter 2 of this Title, the term 'creditor' shall also include card issuers whether ^°^j' P- ^ ^ ^ ^ • or not the amount due is payable by agreement in more than four 15 USC 1637, installments or the payment of a finance charge is or may be required, and the Board shall, by regulation, apply these requirements to such card issuers, to the extent appropriate, even though the requirements are by their terms applicable only to creditors offering open end credit plans. § 304. Disclosure of fair credit billing rights (a) Section 127(a) of the Truth in l and i n g Act (15 U.S.C. 1637 (a)) is amended by adding at the end thereof a new paragraph as follows: "(8) A statement, in a form prescribed by regulations of the Board of the protection provided by sections 161 and 170 to an Post, pp. 1512, obligor and the creditor's responsibilities under sections 162 and ^^^^' 170. With respect to each of two billing cycles per year, at semiannual intervals, the creditor shall transmit such statement to each obligor to whom the creditor is required to transmit a statement pursuant to section 127(b) for such billing cycle." (b) Section 127(c) of such Act (15 U.S.C. 1637(c)) is amended to read: "(c) I n the case of any existing account under an open end consumer credit plan having an outstanding balance of more than $1 at or after the close of the creditor's first full billing cycle under the plan after the effective date of subsection (a) or any amendments thereto, the items described in subsection (a), to the extent applicable and not previously disclosed, shall be disclosed in a notice mailed or delivered to the obligor not later than the time of mailing the next statement required by subsection (b). " § 305. Disclosure of billing contact Section 127(b) of the Truth in Lending Act (16 U.S.C. 1637(b)) is amended by adding at the end thereof a new paragraph as follows:

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