2015 US Code
Title 15 - Commerce and Trade (Sections 1 - 8405)
Chapter 41 - Consumer Credit Protection (Sections 1601 - 1693r)
Subchapter I - Consumer Credit Cost Disclosure (Sections 1601 - 1667f)
Part C - Credit Advertising and Limits on Credit Card Fees (Sections 1661 - 1665e)
Sec. 1665c - Interest rate reduction on open end consumer credit plans

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Publication TitleUnited States Code, 2012 Edition, Supplement 3, Title 15 - COMMERCE AND TRADE
CategoryBills and Statutes
CollectionUnited States Code
SuDoc Class NumberY 1.2/5:
Contained WithinTitle 15 - COMMERCE AND TRADE
CHAPTER 41 - CONSUMER CREDIT PROTECTION
SUBCHAPTER I - CONSUMER CREDIT COST DISCLOSURE
Part C - Credit Advertising and Limits on Credit Card Fees
Sec. 1665c - Interest rate reduction on open end consumer credit plans
Containssection 1665c
Date2015
Laws In Effect As Of DateJanuary 3, 2016
Positive LawNo
Dispositionstandard
Source CreditPub. L. 90-321, title I, §148, as added Pub. L. 111-24, title I, §101(c), May 22, 2009, 123 Stat. 1737; amended Pub. L. 111-203, title X, §1100A(2), July 21, 2010, 124 Stat. 2107.
Statutes at Large References123 Stat. 1737
124 Stat. 2107
Public and Private LawsPublic Law 90-321, Public Law 111-24, Public Law 111-203

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15 U.S.C. § 1665c (2015)
§1665c. Interest rate reduction on open end consumer credit plans(a) In general

If a creditor increases the annual percentage rate applicable to a credit card account under an open end consumer credit plan, based on factors including the credit risk of the obligor, market conditions, or other factors, the creditor shall consider changes in such factors in subsequently determining whether to reduce the annual percentage rate for such obligor.

(b) Requirements

With respect to any credit card account under an open end consumer credit plan, the creditor shall—

(1) maintain reasonable methodologies for assessing the factors described in subsection (a);

(2) not less frequently than once every 6 months, review accounts as to which the annual percentage rate has been increased since January 1, 2009, to assess whether such factors have changed (including whether any risk has declined);

(3) reduce the annual percentage rate previously increased when a reduction is indicated by the review; and

(4) in the event of an increase in the annual percentage rate, provide in the written notice required under section 1637(i) of this title a statement of the reasons for the increase.

(c) Rule of construction

This section shall not be construed to require a reduction in any specific amount.

(d) Rulemaking

The Bureau 1 shall issue final rules not later than 9 months after May 22, 2009, to implement the requirements of and evaluate compliance with this section, and subsections (a), (b), and (c) shall become effective 15 months after May 22, 2009.

(Pub. L. 90–321, title I, §148, as added Pub. L. 111–24, title I, §101(c), May 22, 2009, 123 Stat. 1737; amended Pub. L. 111–203, title X, §1100A(2), July 21, 2010, 124 Stat. 2107.)

AMENDMENTS

2010—Subsec. (d). Pub. L. 111–203 substituted "Bureau" for "Board".

EFFECTIVE DATE OF 2010 AMENDMENT

Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

EFFECTIVE DATE

Section effective 9 months after May 22, 2009, except as otherwise specifically provided, see section 3 of Pub. L. 111–24, set out as an Effective Date of 2009 Amendment note under section 1602 of this title.

1 So in original. Probably should be "Board".

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