(a) General rule. A creditor shall credit a
payment to the consumer's account as of the date of receipt, except when
a delay in crediting does not result in a finance or other charge or except
as provided in paragraph (b) of this section.
(b) Specific requirements for payments. If
a creditor specifies, on or with the periodic statement, requirements for
the consumer to follow in making payments, but accepts a payment that does
not conform to the requirements, the creditor shall credit the payment
within 5 days of receipt.
(c) Adjustment of account. If a creditor fails
to credit a payment, as required by paragraphs (a) and (b) of this section,
in time to avoid the imposition of finance or other charges, the creditor
shall adjust the consumer's account so that the charges imposed are credited
to the consumer's account during the next billing cycle.
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