15 USC 1666c: Prompt crediting of payments; imposition of finance charge
Text contains those laws in effect on January 8, 2008
From Title 15-COMMERCE AND TRADECHAPTER 41-CONSUMER CREDIT PROTECTIONSUBCHAPTER I-CONSUMER CREDIT COST DISCLOSUREPart D-Credit Billing
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§1666c. Prompt crediting of payments; imposition of finance charge
Payments received from an obligor under an open end consumer credit plan by the creditor shall be posted promptly to the obligor's account as specified in regulations of the Board. Such regulations shall prevent a finance charge from being imposed on any obligor if the creditor has received the obligor's payment in readily identifiable form in the amount, manner, location, and time indicated by the creditor to avoid the imposition thereof.
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