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Credit Cards
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October 22, 2008 |
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Virginia's Attorney General, Robert McDonnell, issued a formal opinion on Monday that lawyers who accept credit cards may pass along to their clients the transaction fees the lawyers are charged by their bank to accept credit cards. McDonnell's opinion states that passing along these charges is not prohibited by federal or state law, though McDonnell does not address whether it may be prohibited under the terms of the contract between the lawyer and the credit card bank. |
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Last Updated August 4, 2008 |
Credit card issuers are prohibited by the Truth in Lending Act from sending unsolicited credit cards to consumers. There are exceptions, however, and these exceptions have been at the heart of some recent controversies. The ExceptionsUnder TILA, unsolicited credit cards may be issued to consumers as a "renewal" or as a "substitute" for an already accepted credit card. The "renewal" exception helps ensure a seamless transition from an expiring credit card to a card with a new expiration date. The "substitute" exception can be useful where, for example, the original card's account number has been comprised and the card issuer needs to reissue a card with a new account number. |
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Last Updated August 4, 2008 |
Credit card customers have special protections under federal law in the event of billing disputes. For these protections to apply, however, consumers must follow dispute procedures and meet deadlines set by the Fair Credit Billing Act and Regulation Z. Billing ErrorsExamples of billing errors covered by the FCBA and Reg. Z include: - unauthorized charges
- failure to promptly post payment or other credits on the account
- charges for goods or services that were not delivered as agreed
Disputes over the quality of merchandise are not considered billing errors, but consumers may be entitled to withhold payment from the credit card issuer if the transaction was over $50 and occurred in their home state or within 100 miles of their billing address under the "claims and defenses" section of Regulation Z. |
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