§1651. Procedure for timely settlement of estates of decedent obligors

The Board, in consultation with the Federal Trade Commission and each other agency referred to in section 1607(a) of this title, shall prescribe regulations to require any creditor, with respect to any credit card account under an open end consumer credit plan, to establish procedures to ensure that any administrator of an estate of any deceased obligor with respect to such account can resolve outstanding credit balances in a timely manner.

(Pub. L. 90–321, title I, §140A, as added Pub. L. 111–24, title V, §504(a), May 22, 2009, 123 Stat. 1756 ; amended Pub. L. 111–203, title X, §1100A(2), (3), July 21, 2010, 124 Stat. 2107 .)

Amendment of Section

Pub. L. 111–203, title X, §§1100A(2), (3), 1100H, July 21, 2010, 124 Stat. 2107 , 2113, provided that, effective on the designated transfer date, this section is amended by striking "Board" each place that term appears and inserting "Bureau" and by striking "Federal Trade Commission" each place that term appears and inserting "Bureau". See Effective Date of 2010 Amendment note below.

Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

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.