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Product Directory A - Z Policy Packages Job Description Packages Form Packages New/Updated Products Regulatory Hot Topics Discount Programs Client Services Client Tools Company Resources Faithfully Serving the Financial Institution Industry Since 1999 © Copyright 1999 - 2012. All rights reserved. Website Updated 1/21/2012 |
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Product Update Notification - 02/08/10 Regulation Z Policy Update Details What's New Topic 30 - Special Rules for Credit Card Accounts and Open End Credit - College Students. Includes the following subtopics: Ability to Pay Limitations on Fees Allocation of Payments Limitations on the imposition of Finance Charges Limitations on Increasing Annual Percentage Rate, Fees and Charges Requirements for Over the Limit Transactions Reporting and Marketing Rules Internet posting of Credit Card Agreements Posting of Agreements Offered to the Public Agreements for All Open Accounts E-Sign Act Requirements What's Revised Topic 2 - Policy Statement. The paragraph following bullet point 6 was revised within the "General" subtopic. In addition, the final paragraph was also revised. Topic 3 - Definitions. The following definitions were added: Affiliated Organization College Credit Card Agreement College Student College Student Credit Card Credit Card Agreement Credit Card Agreement Amendment Offers Open Account Private Label Credit Card Account Private Credit Card Plan Topic 5 - Finance Charge. Bullet point 3 within the "Insurance and Debt Cancellation Coverage" subtopic was revised. Topic 6 - Open End Credit - General Disclosure Requirements. The following subtopics were revised: Form of Disclosures - Bullet points E - G were revised and a new bullet point H was added. Time of Disclosures - New bullet points 1D and E were added, and the entire contents of bullet point 2 were revised. Topic 7 - Open End Credit - Credit and Charge Card Applications and Solicitations. The following subtopics were revised: Required Disclosures - Bullet points 1B and C were revised, and bullet point 1G was deleted. Balance Computation Methods - All bullet points were revised. Topic 9 - Open End Credit - Account Opening Disclosures. A new final paragraph was added to bullet point 4 of the "Rules Affecting Open End (Not Home Secured) Plans" subtopic. Topic 10 - Open End Credit - Periodic Statement Requirements. Bullet points 11 and 12 were completely revised within the "Rules Affecting Open End (Not Home Secured) Plans subtopic. In addition, a new bullet point 14 was added. Topic 12 - Open End Credit - Subsequent Disclosure Requirements. The following subtopics were revised: Disclosures for Supplemental Credit Access Devices and Additional Features - The last paragraph of bullet point 1 was revised. Rules Affecting Home Equity Plans - Formerly entitled "Change in Terms", the entire contents were revised. Rules Affecting Open End (Not Home Secured) - Formerly entitled "Rules Affecting Credit Card Accounts that are not Home Secured", the entire contents were revised. Disclosures Upon Renewal of Credit or Charge Card - Entire contents. Increase in Rates Due to Delinquency or Default or as a Penalty - Entire Contents. Customer Rejection of Certain Significant Change in Terms - Entire contents. Topic 13 - Open End Credit - Prompt Crediting of Payments. The following subtopics were added: Limitations on Fees Related to Method of Payment Changes by Card Issuer The following subtopics were revised: Specific Requirements for Payments - Entire contents. Crediting of Payments When the Bank Does Not Receive or Accept Payments on Due Date - Entire contents. Topic 14 - Open End Credit - Treatment of Credit Balances and Account Termination. A new subtopic entitled "Timely Settlement of Estate Debts" was added. Topic 15 - Open End Credit - Special Credit Card Provisions. The following subtopics were revised: Issuance of Credit Cards - Bullet point 2 was revised. Liability of Cardholder for Unauthorized Use - Bullet point 1 was revised. Topic 19 - Open End Credit - Advertising. A new subtopic entitled "Deferred Interest or Similar Offers" was added. The following subtopics were revised: Advertisement of Terms that Require Additional Disclosures - First paragraph was revised. Additional Requirements for Home Equity Plans - Bullet point 7 was revised. Ordering Information This product is available to purchase from Bankpolicies.com for: $425.00 - List Price - or - $50.00* - Update Price *Applies only to clients who have purchased the Regulation Z Policy Template within the last three years including the following updates (if applicable): Regulation Z Policy Template Update - 01/11/10 - $25.00 Regulation Z Policy Template Update - 09/28/09 - $50.00 Regulation Z Policy Template Update - 08/03/09 - $25.00 Regulation Z Policy Template Update - 06/22/09 - $25.00 Regulation Z Policy Template Update - 03/16/09 - $100.00 Regulation Z Policy Template Update - 08/12/08 - $75.00 Regulation Z Policy Template Update - 12/18/07 - $50.00 If you have ordered this product after 01/08/10 you are eligible to receive the product update at no charge. Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price (whichever applies). 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