12 CFR 1026.54 - Limitations on the imposition of finance charges.

§ 1026.54 Limitations on the imposition of finance charges.
(a) Limitations on imposing finance charges as a result of the loss of a grace period.
(1) General rule. Except as provided in paragraph (b) of this section, a card issuer must not impose finance charges as a result of the loss of a grace period on a credit card account under an open-end (not home-secured) consumer credit plan if those finance charges are based on:
(i) Balances for days in billing cycles that precede the most recent billing cycle; or
(ii) Any portion of a balance subject to a grace period that was repaid prior to the expiration of the grace period.
(2) Definition of grace period. For purposes of paragraph (a)(1) of this section, “grace period” has the same meaning as in § 1026.5(b)(2)(ii)(B)(3).
(b) Exceptions. Paragraph (a) of this section does not apply to:
(1) Adjustments to finance charges as a result of the resolution of a dispute under § 1026.12 or § 1026.13; or
(2) Adjustments to finance charges as a result of the return of a payment.

Title 12 published on 2014-01-01

no entries appear in the Federal Register after this date.

Title 12 published on 2014-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 1026 after this date.

  • 2014-05-06; vol. 79 # 87 - Tuesday, May 6, 2014
    1. 79 FR 25730 - Amendments to the 2013 Mortgage Rules Under the Truth in Lending Act (Regulation Z)
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      BUREAU OF CONSUMER FINANCIAL PROTECTION
      Proposed rule with request for public comment.
      Comments regarding the proposed amendments to 12 CFR 1026.41(e)(4), 1026.43(a)(3), and 1026.43(e)(3) must be received on or before June 5, 2014. For the requests for comment regarding correction or cure of debt-to-income ratio overages and the credit extension limit for the small creditor definition, comments must be received on or before July 7, 2014.
      12 CFR Part 1026