California Consumer Finance Litigation : California Consumer Finance Litigation Lawyer & Attorney : O'Rielly & Roche Law Firm : San Francisco, Oakland, Bay Area, Los Angeles

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Although most provisions of the Credit CARD Act of 2009 become effective in February and July 2010, pursuant to an interim final rule announced by the Fed to amend Regulation Z as phase one of the Act's three implementation periods, certain provisions of the Act are effective today:

* Creditors must provide written notice to consumers 45 days before the creditor increases an annual percentage rate on a credit card account or makes a significant change to the terms of a credit card account;
* Creditors must inform consumers in the same notice of their right to cancel the credit card account before the increase or change goes into effect. If a consumer does so, the creditor is generally prohibited from applying the increase or change to the account; and
* Creditors generally must mail or deliver periodic statements for credit cards and other open-end consumer credit accounts at least 21 days before payment is due.