When a credit balance
in excess of $1 is created on a credit account (through transmittal of
funds to a creditor in excess of the total balance due on an account, through
rebates of unearned finance charges or insurance premiums, or through amounts
otherwise owed to or held for the benefit of a consumer), the creditor
shall:
(a) Credit the amount of the credit balance
to the consumer's account;
(b) Refund any part of the remaining credit
balance within 7 business days from receipt of a written request from the
consumer; and
(c) Make a good faith effort to refund to
the consumer by cash, check, or money order, or credit to a deposit account
of the consumer, any part of the credit balance remaining in the account
for more than 6 months. No further action is required if the consumer's
current location is not known to the creditor and cannot be traced through
the consumer's last known address or telephone number.
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