California has several different laws aimed on protecting consumers when it comes to credit cards. In general, there are laws on disclosures, layaway practices, how credit card information can be treated and stored, commercial credit reports, credit denial, collection practices, electronic commerce, retail practices and liens and mortgages. There are also several federal credit card laws which also grant you protection.
Credit in General
Credit cards allow consumers to purchase goods without having to actually pay for them at the time of purchase. Credit cards are generally issued by financial institutions such as MasterCard and Visa, but several merchants issue their own independent credit cards as well. Be sure to check your agreement with your card issuer as it may grant you some protections and rights not guaranteed by state law.
Song-Beverly Act
The Song-Beverly Act of 1971 is a California specific consumer credit card statute aimed at protecting consumers. The act deals with how credit cards can be issued, what information can be collected when accepting a credit card, mail offers, what information may be requested when applying for a credit card, liability for unauthorized use of credit cards, billing errors and surcharges.
Credit Card Full Disclosure Act
Another California-specific credit card law is the Areias Credit Card Full Disclosure Act Of 1986. The Full Disclosure Act requires that companies offering credit cards to consumers disclose all of the pertinent information related to the rates for the card including how much the consumer will be charged in annual fees and interest for a balance remaining on the card at the end of the month.
Other Laws
California has several other consumer credit card laws, including the Areias-Robbins Charge Card Full Disclosure Act of 1986, California Civil Code Section 1785.41 on commercial credit reports and The Holden Credit Denial Disclosure Act of 1976. Keep in mind that there are also several federal credit card laws such as the Fair Credit Reporting Act, the Consumer Credit Protection Act and the Credit Card Accountability, Responsibility and Disclosure Act.
0 comments:
Post a Comment