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#52862 - 01/08/03 07:04 PM Fair Credit Act Billing Rights
La. Lady Offline
Diamond Poster
La. Lady
Joined: May 2001
Posts: 1,873
I am confused and embarassed that I am.....But I feel as thought I missed something...........Were there revisions to Fair Credit that I am not aware of? One of our employees gave me a notice that her bank sent in her bank statement entitled "Billing Error Rights". Did we have to disclose this separately from other disclosures that we have in our Truth in Savings. I'm not sure what to do.........
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General Discussion
#52863 - 01/08/03 07:32 PM Re: Fair Credit Act Billing Rights
Bear Collector, CRCM Offline
Diamond Poster
Bear Collector, CRCM
Joined: Nov 2000
Posts: 1,830
District of Columbia
I think you may be referring to the FCBA,(15 USC 1637)which is part of TILA (and Reg Z). For additional information, go to http://www.ftc.gov/bcp/conline/pubs/credit/fcb.htm
Leslie
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#52864 - 01/08/03 07:48 PM Re: Fair Credit Act Billing Rights
Anonymous
Unregistered

Thanks Leslie....That is exactly what I am referring to....I have a copy of that section, however, (please excuse my stupidity) I am still not sure if the bank is to send such a disclosure....or is the credit card company's responsibility.

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#52865 - 01/08/03 08:26 PM Re: Fair Credit Act Billing Rights
Bear Collector, CRCM Offline
Diamond Poster
Bear Collector, CRCM
Joined: Nov 2000
Posts: 1,830
District of Columbia
I am not sure I understand your question. Thie statement of billing rights applies to credit card or other lines (open-end) accounts. According to Reg Z, Sec. 226.9 Subsequent disclosure requirements.
(a) Furnishing statement of billing rights--(1) Annual statement. The creditor shall mail or deliver the billing rights statement required by Sec. 226.6(d) at least once per calendar year, at intervals of not less than 6 months nor more than 18 months, either to all consumers or
to each consumer entitled to receive a periodic statement under Sec. 226.5(b)(2) for any one billing cycle.
(2) Alternative summary statement. As an alternative to paragraph (a)(1) of this section, the creditor may mail or deliver, on or with each periodic statement, a statement substantially similar to that in appendix G.
This is not part of your TISA disclosures.
We used to provide our overdraft line of credit customers a statement of the amount they owed as part of their checking account statement each month. We opted to provide the billing rights statement monthly, but it was provided separately and not combined with the TISA or other information included with the statement.
Leslie
PS - your question is NOT stupid! You don't think I really have this information in my head do you? (I've got a loooong way to go before I am an Andy or a Lucy!)I had to look it up!

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