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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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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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