Wednesday, April 7, 2010

Credit Card Act

The Credit Card Act of 2009, which took effect February 22, 2010, aims to reform the credit card industry and halt abusive credit card practices. It makes changes to the credit card provisions of the Truth-in-Lending Act, and amendments to the Fair Credit Reporting Act and the Electronic Fund Transfer Act. The new law requires credit card companies to give 45 days notice before making significant changes to the terms of the card, changing fees associated with the card, or increasing the interest rate. The new law also bans retroactive interest rate hikes on existing balances. For an explanation of the new Credit Card Act protections read, What You Need to Know: New Credit Card Rules from the Federal Reserve Board.
Following is a selected list of State Law Library resources on the topics of consumer credit and debt collection that may be useful for doing further research. Wisconsin-specific resources have a “W” in front of the title. For assistance in accessing these or other materials, please contact our Reference Desk.
Remember that printable and online versions of all our Start Here guides are available through the Learning Center section of our website! Print a copy of our most recent guide now: Start Here: Credit/Debt

article from WSLL 4/10

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