12 CFR 1026.21 - Treatment of credit balances.

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There is 1 rule appearing in the Federal Register for 12 CFR 1026. View below or at eCFR (GPOAccess)
§ 1026.21 Treatment of credit balances.
When a credit balance in excess of $1 is created in connection with a transaction (through transmittal of funds to a creditor in excess of the total balance due on an account, through rebates of unearned finance charges or insurance premiums, or through amounts otherwise owed to or held for the benefit of a consumer), the creditor shall:
(a) Credit the amount of the credit balance to the consumer's account;
(b) Refund any part of the remaining credit balance, upon the written request of the consumer; and
(c) Make a good faith effort to refund to the consumer by cash, check, or money order, or credit to a deposit account of the consumer, any part of the credit balance remaining in the account for more than 6 months, except that no further action is required if the consumer's current location is not known to the creditor and cannot be traced through the consumer's last known address or telephone number.

Title 12 published on 2015-01-01

The following are only the Rules published in the Federal Register after the published date of Title 12.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2015-02-19; vol. 80 # 33 - Thursday, February 19, 2015
    1. 80 FR 8767 - Amendments to the 2013 Integrated Mortgage Disclosures Rule Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z) and the 2013 Loan Originator Rule Under the Truth in Lending Act (Regulation Z)
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      BUREAU OF CONSUMER FINANCIAL PROTECTION
      Final rule; Official Interpretations.
      The rule is effective August 1, 2015. The final rule applies to transactions for which the creditor or mortgage broker receives an application on or after August 1, 2015.
      12 CFR Parts 1024 and 1026

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United States Code

Title 12 published on 2015-01-01

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

  • 2015-02-26; vol. 80 # 38 - Thursday, February 26, 2015
    1. 80 FR 10417 - Submission of Credit Card Agreements Under the Truth In Lending Act (Regulation Z)
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      BUREAU OF CONSUMER FINANCIAL PROTECTION
      Proposed rule; request for public comment.
      Comments must be received on or before March 13, 2015.
      12 CFR Part 1026