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2015 SESSION

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SB 859 Open-end lending by banks, savings institutions, etc.; determining grace period.

Introduced by: A. Benton "Ben" Chafin | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Open-end lending by banks, savings institutions, and credit unions; credit cards; grace period. Adjusts the period used in determining whether a borrower has repaid his open-end credit card balance in full and therefore is exempt from a finance charge on purchases of merchandise or services. The measure provides that a bank, savings institution, or credit union shall not impose a finance charge on purchases of merchandise or services by credit card if payment in full of the unpaid balance owing for extensions of credit is received prior to the payment due date and requires the payment due date to be at least 25 days later than the billing date. The requirement for a 25-day grace period for payments on an open-end credit plan by a credit union that does not involve a credit card is deleted. Under existing law, the next billing date, rather than the payment due date, applies. This bill is identical to HB 1800.


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