Fair Credit Billing Act
E618777
The Fair Credit Billing Act is a U.S. federal law that protects consumers from unfair billing practices and provides a mechanism for addressing errors in credit card and other open-end credit accounts.
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal law
ⓘ
consumer protection law ⓘ |
| allows |
consumers to challenge charges for goods not as described
ⓘ
consumers to challenge charges for goods not received ⓘ withholding payment for defective goods under certain conditions ⓘ |
| amends | Truth in Lending Act NERFINISHED ⓘ |
| appliesTo |
charge card accounts
ⓘ
credit card accounts ⓘ open-end credit accounts ⓘ revolving charge accounts ⓘ |
| consumerLiabilityCap | 50 USD for unauthorized credit card use ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| currentlyImplementedBy | Consumer Financial Protection Bureau regulations ⓘ |
| doesNotApplyTo |
closed-end credit
ⓘ
installment loans ⓘ |
| enactedBy | United States Congress ⓘ |
| enforcedBy |
Consumer Financial Protection Bureau
NERFINISHED
ⓘ
Federal Trade Commission NERFINISHED ⓘ federal banking regulators ⓘ |
| grantsRight |
dispute billing errors
ⓘ
receive investigation of billing disputes ⓘ withhold payment on disputed amounts ⓘ |
| implementedBy | Federal Reserve Board regulations ⓘ |
| legalArea |
banking law
ⓘ
consumer credit law ⓘ |
| limits | consumer liability for unauthorized use of credit cards ⓘ |
| partOf | Truth in Lending Act NERFINISHED ⓘ |
| prohibits |
creditors from reporting disputed amounts as delinquent during investigation
ⓘ
retaliatory actions against consumers who exercise dispute rights ⓘ |
| provides |
procedures for resolving charges not properly identified
ⓘ
procedures for resolving failure to post payments or credits ⓘ procedures for resolving mathematical or clerical errors ⓘ procedures for resolving unauthorized charges ⓘ |
| purpose |
protect consumers from unfair billing practices
ⓘ
provide a mechanism for resolving billing errors ⓘ |
| regulates |
billing error resolution procedures
ⓘ
credit card billing practices ⓘ creditor responsibilities in disputes ⓘ periodic billing statements ⓘ |
| requires |
clear disclosure of consumers’ rights on billing statements
ⓘ
consumers to send written notice of billing errors ⓘ creditors to acknowledge billing error notices within 30 days ⓘ creditors to correct confirmed billing errors ⓘ creditors to resolve billing errors within a maximum of 90 days ⓘ creditors to resolve billing errors within two billing cycles ⓘ |
| sector | financial services ⓘ |
| shortName | FCBA NERFINISHED ⓘ |
| signedBy | Richard Nixon NERFINISHED ⓘ |
| timeLimitForConsumerNotice | 60 days from transmission of the first statement containing the error ⓘ |
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.