Credit Card Accountability Responsibility and Disclosure Act (2009)

{
  "id": "MLC-T-LAW-001387",
  "term": "Credit Card Accountability Responsibility and Disclosure Act (2009)",
  "field": "Law",
  "definition": "A federal law in the United States that instituted broad reforms to credit card industry practices to increase transparency and protect consumers. The Credit Card Accountability Responsibility and Disclosure Act, also known as the CARD Act, restricts retroactive interest rate increases on existing balances and requires card issuers to provide clear, advance notice of any changes to account terms. It also mandates that issuers give 45 days' notice before raising interest rates and limits certain fees charged to consumers.",
  "see_also": [
    "Credit Card Accountability Responsibility and Disclosure Act of 2009"
  ],
  "url": "https://mlchart.com/terminology/law/credit-card-accountability-responsibility-and-disclosure-act-2009/"
}