Public Law 93-495


 * Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

Sec. 301. Short Title

 * This title may be cited as the ``Fair Credit Billing Act´´.

Sec. 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.´´

Sec. 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 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 or not the amount due is payable by agreement in more than four 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.´´

Sec. 304. Disclosure of fair credit billing rights

 * (a) Section 127(a) of the Truth in Lending Act (15 U.S.C. 1637(a)) is amended by adding at the end thereof a new paragraph as follows:

Sec. 305. Disclosure of billing contact

 * Section 127(b) of the Truth in Lending Act (15 U.S.C. 1637(b)) is amended by adding at the end thereof a new paragraph as follows:
 * ``(11) The address to be used by the creditor for the purpose of receiving billing inquiries from the obligor.´´

Sec. 306. Billing practices

 * The Truth in Lending Act (15 U.S.C. 1601-1665) is amended by adding at the end thereof a new chapter as follows:


 * ``Chapter 4—CREDIT BILLING
 * Sec.
 * 161. Correction of billing errors.
 * 162. Regulation of credit reports.
 * 163. Length of billing period.
 * 164. Prompt crediting of payments.
 * 165. Crediting excess payments.
 * 166. Prompt notification of returns.
 * 167. Use of cash discounts.
 * 168. Prohibition of tie-in services.
 * 169. Prohibition of offsets.
 * 170. Rights of credit card customers.
 * 171. Relation to State laws.

Sec. 307. Conforming amendments

 * (a) The table of chapter of the Truth in Lending Act is amended by adding immediately under item 3 the following:
 * ``4. CREDIT BILLING . . . . . . . . . . . . . . . . . . . . . . . . . 161´´
 * (b) Section 111(d) of such Act (15 U.S.C. 1610(d)) is amended by striking out ``and 130´´ and inserting in lieu thereof a comma and the following: ``130, and 166´´
 * (c) Section 121(a) of such Act (15 U.S.C. 1631(a)) is amended—
 * (1) by striking out ``and upon whom a finance charge is or may be imposed´´; and
 * (2) by inserting ``or chapter 4´´ immediately after ``this chapter´´.
 * (d) Section 121(b) of such Act (15 U.S.C. 1631(b)) is amended by inserting ``or chapter 4´´ immediately after ``this chapter´´.
 * (e) Section 122(a) of such Act (15 U.S.C. 1632(a)) is amended by inserting ``or chapter 4´´ immediately after ``this chapter´´.
 * (f) Section 122(b) of such Act (15 U.S.C. 1632(b)) is amended by inserting ``or chapter 4´´ immediately after ``this chapter´´.

Sec. 308. Effective date

 * This title takes effect upon the expiration of one year after the date of its enactment.

Title VI — Disposition of Abandoned Money Orders and Traveler's Checks
Approved October 28, 1974.

Legislative History

 * Public Law 93-495
 * CONGRESSIONAL RECORD, Vol. 88 (1974):
 * considered and passed Senate.
 * considered and passed House.
 * considered and passed House.