US Laws, Codes, Statutes & Cases

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[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 15USC1666b]

 
                      TITLE 15--COMMERCE AND TRADE
 
                 CHAPTER 41--CONSUMER CREDIT PROTECTION
 
              SUBCHAPTER I--CONSUMER CREDIT COST DISCLOSURE
 
                         Part D--Credit Billing
 
Sec. 1666b. Length of billing period in credit statement for 
        imposition of finance charge; effect of failure of timely 
        mailing or delivery of statement
        

(a) Additional finance charge

    If an open end consumer credit plan provides a time period within 
which an obligor may repay any portion of the credit extended without 
incurring an additional finance charge, such additional finance charge 
may not be imposed with respect to such portion of the credit extended 
for the billing cycle of which such period is a part unless a statement 
which includes the amount upon which the finance charge for that period 
is based was mailed at least fourteen days prior to the date specified 
in the statement by which payment must be made in order to avoid 
imposition of that finance charge.

(b) Excusable cause

    Subsection (a) of this section does not apply in any case where a 
creditor has been prevented, delayed, or hindered in making timely 
mailing or delivery of such periodic statement within the time period 
specified in such subsection because of an act of God, war, natural 
disaster, strike, or other excusable or justifiable cause, as determined 
under regulations of the Board.

(Pub. L. 90-321, title I, Sec. 163, as added Pub. L. 93-495, title III, 
Sec. 306, Oct. 28, 1974, 88 Stat. 1514.)