WASHINGTON – Lawmakers are expected this week to approve a measure to clarify the Credit Card Act’s 21-day notice requirement by stating the rule only applies to credit cards.
The House has set a vote on the clarification for Tuesday for its suspension calendar, where non-controversial votes are scheduled.
The 21-day provision requires all lenders to mail out bills for credit card and other open-ended consumer credit at least 21 days before the due date, as opposed to the previous 14-day requirement.
CUNA and NAFCU have been working with lawmakers for the clarification because the 21-day notice had created confusion for other types of open-ended credit, which also includes some auto loans and signature loans, as well as the targeted credit card accounts.
