The provision of the rule that requires a creditor of any “credit card account under an open-end consumer credit plan” covered by TILA to provide to each affected consumer written notice of any “significant change” in the terms, an increase in the minimum periodic payment, or an increase in rate due to
default, delinquency or penalty, at least 45 days prior to the effective date of the change or increase.
In addition, the Act and Rule give consumers a right to reject the change before the effective date of the change,
unless the account is more than 60 days delinquent or the change is an increase in minimum period payment amount. We are looking for a consistent format that other banks might be considering where the above applicable changes may be conveyed and where a customer "rejection" could be recorded.