15 U.S. Code § 1666d - Treatment of credit balances
Whenever a credit balance in excess of $1 is created in connection with a consumer credit transaction through
(B) refund any part of the amount of the remaining credit balance, upon request of the consumer; and
(C) make a good faith effort to refund to the consumer by cash, check, or money order any part of the amount of the credit balance remaining in the account for more than six months, except that no further action is required in any case in which the consumer’s current location is not known by the creditor and cannot be traced through the consumer’s last known address or telephone number.
Source(Pub. L. 90–321, title I, § 165, as added Pub. L. 93–495, title III, § 306,Oct. 28, 1974, 88 Stat. 1514; amended Pub. L. 96–221, title VI, § 621(a),Mar. 31, 1980, 94 Stat. 184.)
1980—Pub. L. 96–221substituted provisions relating to duties of creditor whenever a credit balance in excess of $1 is created in connection with a consumer credit transaction, for provisions relating to duties of creditor whenever an obligor transmits funds to creditor in excess of the total balance due on an open end consumer credit account.
Effective Date of 1980 Amendment
Amendment by Pub. L. 96–221effective on expiration of two years and six months after Mar. 31, 1980, with all regulations, forms, and clauses required to be prescribed to be promulgated at least one year prior to such effective date, and allowing any creditor to comply with any amendments, in accordance with the regulations, forms, and clauses prescribed by the Board prior to such effective date, see section 625 ofPub. L. 96–221, set out as a note under section 1602 of this title.