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Simple English definitions for legal terms

Credit Card Accountability Responsibility and Disclosure Act of 2009

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A quick definition of Credit Card Accountability Responsibility and Disclosure Act of 2009:

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act) is a law that helps protect people who use credit cards. It makes credit card companies tell customers more about their fees and interest rates. The law also stops credit card companies from raising interest rates without telling customers first. It limits the amount of fees that credit card companies can charge. The Credit CARD Act also helps young adults by setting a minimum age to open a credit card account without a cosigner. The law helps people make better choices about using credit cards.

A more thorough explanation:

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (also known as the Credit CARD Act of 2009) is a federal law that was enacted to protect consumers from unfair practices by credit card issuers. The law requires credit card companies to be more transparent in their terms and conditions and adds limits to charges and interest rates associated with credit card use.

For example, the CARD Act requires credit card companies to inform consumers on every statement how long it would take to pay off their debt if they only made the minimum payment. Additionally, the CARD Act requires credit card companies to inform consumers on how they can access their annual credit report.

Prior to the enactment of the CARD Act, credit card companies were free to raise interest rates prospectively on future purchases as well as retroactively on existing balances without notifying borrowers in advance. Under the CARD Act of 2009, credit card issuers must generally wait until an account is at least one year old before raising interest rates and must give notice to the cardholder 45 days before making such an increase, during which the cardholder is free to cancel the account.

Furthermore, the CARD Act requires that all consumer fees be “reasonable and proportional” by adding limits to late fees, annual fees, monthly fees, activation fees, and set-up fees and changing the way companies charge over-limit fees. The CARD Act also introduced rules for young adults seeking to open credit card accounts by setting a general minimum age requirement to open a credit card without a cosigner - to the age of 21 - subject to exceptions for young adults who prove they are independently able to repay their credit card debt.

Overall, the Credit CARD Act of 2009 aims to provide more protection and transparency for consumers when it comes to credit card use and to prevent unfair practices by credit card issuers.

Credit Card Accountability Responsibility and Disclosure Act (2009) | Credit CARD Act

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14:22
Might have to send in addendums for that
Dkk
14:26
No wave, so sad.
WorthlessAttractiveZombie
14:28
What are the odds that berk releases later today?
babycat
14:28
@Dkk: And here I thought you were a prophet. Smh.
14:33
@WorthlessAttractiveZombie: 4
WorthlessAttractiveZombie
14:35
@EvolBunny: I will take the odds of 4, very promising
14:38
I'm too drunk to taste this chicken
Dkk
14:38
Lol, I suck I guess. @babycat
14:40
suck what? (:
Dkk
14:42
suck at predicting
14:43
boooooo
1a2b3c4d26z
14:45
hi guys
1a2b3c4d26z
14:45
how is everyone doing this fine friday
1a2b3c4d26z
14:46
Tonight im going to go for a run and lift some weights and then eat some dinner (probably a burrito) and then I'm going to watch a scary movie with my girlfriend (probably Longlegs). I'm so excited :)
1a2b3c4d26z
14:46
What is everyone else doing tonight
1a2b3c4d26z
14:47
Besides YM of course
14:47
Yoooo I’m a lifter too
14:47
I'm all good, I'm tipsy in Zanzibar finishing an app and laughing my ass off to this:
babycat
14:48
renard what are you drinking?
BulbasaurNoLikeCardio
14:50
Feeling like sad drinking tonight, wife accidentally tossed out my truck keys and those are expensive as fuck to replace. The crappiest part is that the key chain had the "remove before flight" tab from my first aircraft's rocket pods overseas from 6 years ago. Then find out people fucked around and back dated reports at work making me look like a shit bag so I am working later tonight and missing range time which is my weekly relax/me time. Add in my sleep meds stopped working, so I am thinking vodka (so I stay skinny and hot) and pizza by the fireplace kind of friday.
1a2b3c4d26z
14:51
Renard if you're not drinking margs Im gonna throw hands
14:51
Was at a restaurant and they decided to have me try something called "Double Kick" free of charge, it's like a sugar cane liquor with pineapple flavor
1a2b3c4d26z
14:51
missing range time :(
1a2b3c4d26z
14:52
That sounds good renard but unfortunately I'll still have to throw hands
Tonight I’m Having a date with this guy who asked me out couple times
BulbasaurNoLikeCardio
14:54
What made you give in and go out after he asked a couple times?
Other failed dates
babycat
14:55
That’ll do it
Question, how many of u would sleep on first date
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