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#1604458 - 09/16/11 01:25 PM Credit Card Right of Offset for a Business?
iliniyak Offline
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Joined: Jan 2008
Posts: 285
In my inbox from the credit card department:
12 CFR 226.12(d) "states that the credit card issuer cannot offset a consumer's deposit account to pay an outstanding credit card balance"; but what about a card that is to a business?

I'm assuming it's the same if the card is to a business, but I haven't found anything explicitly saying that. (I cannot find anything in Illinois (GO ILLINI) state law either)

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Lending Compliance
#1604506 - 09/16/11 02:04 PM Re: Credit Card Right of Offset for a Business? iliniyak
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,180
Toano, VA
Read the definition of "cardholder", Section 226.2(a)(8), and then read Section 226.12(d).
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#1604678 - 09/16/11 03:56 PM Re: Credit Card Right of Offset for a Business? Richard Insley
iliniyak Offline
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Joined: Jan 2008
Posts: 285
Thank you

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