Monday, February 22, 2010

New Credit Card Law Goes into Effect Today

As you may recall, last August a portion of the Credit Card Accountability Responsibility and Disclosure Act went into effect. Today, the second round of changes is going into effect that according to the Office of Consumer Affairs and Business Regulations will give consumers significantly more information regarding their accounts than ever before.

OCABR says this second round largely focuses on three areas: notice and billing for consumers, consumer protective rules on payments and restrictions on marketing to college students and younger adults.

For more on the new regulations taking effect, please click here.