FEDERAL · 15 U.S.C. · Chapter 41
Consideration of ability to repay
Current through Pub. L. 119-102
A card issuer may not open any credit card account for any consumer under an open end consumer credit plan, or increase any credit limit applicable to such account, unless the card issuer considers the ability of the consumer to make the required payments under the terms of such account.
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15 U.S.C. § 1665e (Consideration of ability to repay) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
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History
(Pub. L. 90–321, title I, §150, as added Pub. L. 111–24, title I, §109(a), May 22, 2009, 123 Stat. 1743.)
Editorial Notes
Statutory Notes and Related Subsidiaries
Effective Date
Section effective 9 months after May 22, 2009, except as otherwise specifically provided, see section 3 of Pub. L. 111–24, set out as an Effective Date of 2009 Amendment note under section 1602 of this title.
Effective Date
Section effective 9 months after May 22, 2009, except as otherwise specifically provided, see section 3 of Pub. L. 111–24, set out as an Effective Date of 2009 Amendment note under section 1602 of this title.