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2004 SESSION

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HB 263 Credit card and other open-end accounts; cancellation, notification and liability.

Introduced by: Harvey B. Morgan | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Credit card and other open-end accounts; cancellation, notification, and liability. Requires issuers of credit cards and suppliers of goods and services that provide credit through open-end accounts to cancel a credit card or other open-end account within 48 hours after receiving a request for cancellation from an account holder or within 48 hours after receiving the final payment if the account is not paid in full at the time of the request for cancellation. The measure requires issuers and suppliers to provide written notice of amount due if account has not been paid in full, and requires issuers and suppliers to provide written notification of cancellation within 48 hours of cancellation. Finally, it establishes that account holders are not liable for amounts accruing on the account after cancellation other than amounts charged to the account by, or at the direction of, the account holder.


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