What is the fair loan law?

The Act on Invoicing of a fair loan (FCBA) is the US Federal Law, which was created to protect US consumers from unfair billing procedures imposed by creditors. It specifically applies to "open end" accounts, such as credit cards and revolving accounts of fees, as opposed to installment agreements or payment plans at a fixed rate associated with certain types of loans. In addition, the law provides a place to resolve disputes for consumers. Since FCBA is a change in the US Loan Act, specific rights of consumers and procedures of dispute is outlined and managed under the head of the United States, Section 1601. This includes errors relating to incorrect fees There are also several protective guarantees. Podostoj, the consumer can only be responsible for unauthorized fees up to the first $ 50 (USD) initially, and not at all if fees show upthe one. In addition, the consumer cannot be responsible for charges for goods or services that have never been received or rejected due to failure to meet expectations. Finally, the fees cannot be enforced for the items for which the consumer has submitted a written request for verification or proof of purchase.

In order for the consumer to first initiate a billing dispute under the Act on Billing a fair loan, he must first inform the creditor about the details of the dispute in writing within 60 days of the date of sending the law at which the error first appeared. The letter should be sent via certified mail, confirmed delivery or other method that causes receipt of delivery or acceptance. It should also be accompanied by copies of any relevant documentation supporting Claim, such as payment confirmation or returned goods. While the consumer is responsible for paying any part of the bill that is not affected by the error, there is noNo obligation to pay questionable fees.

In response to the billing dispute, the creditor must conduct an investigation and recognize the receipt of a dispute within 30 days in writing. Then the creditor must solve the matter within two consecutive billing cycles, or not more than 90 days after receiving the consumer's headquarters. If the creditor fails to comply with these instructions or imposes or threatens to save the collection procedures during the investigation period, the consumer is entitled to file a civil law against the creditor. According to the Act on Billing of a fair loan, the consumer may be granted twice the above financial fees as well as monetary damage and legal fees.