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Reg Z Violation? Acknowledging Dispute Letter

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Question: 
Is it a Reg Z violation to not acknowledge a a customer's dispute letter within 30 days of receipt? ​
Answer: 

Billing error resolutions are discussed in 1026.13.

(c) Time for resolution; general procedures. (1) The creditor shall mail or deliver written acknowledgment to the consumer within 30 days of receiving a billing error notice, unless the creditor has complied with the appropriate resolution procedures of paragraphs (e) and (f) of this section, as applicable, within the 30-day period; and

(2) The creditor shall comply with the appropriate resolution procedures of paragraphs (e) and (f) of this section, as applicable, within 2 complete billing cycles (but in no event later than 90 days) after receiving a billing error notice.

First published on 01/14/2018

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