Procedure for timely settlement of estates of decedent obligors

  1. Law
  2. USC 15
  3. Commerce And Trade
  4. CONSUMER CREDIT PROTECTION
  5. CONSUMER CREDIT COST DISCLOSURE
  6. Credit Transactions
  7. Procedure for timely settlement of estates of decedent obligors

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§1651. Procedure for timely settlement of estates of decedent obligors

The Bureau, in consultation with the Bureau 1 and each other agency referred to in section 1607(a) of this title, shall prescribe regulations to require any creditor, with respect to any credit card account under an open end consumer credit plan, to establish procedures to ensure that any administrator of an estate of any deceased obligor with respect to such account can resolve outstanding credit balances in a timely manner.

(Pub. L. 90–321, title I, §140A, as added Pub. L. 111–24, title V, §504(a), May 22, 2009, 123 Stat. 1756 ; amended Pub. L. 111–203, title X, §1100A(2), (3), July 21, 2010, 124 Stat. 2107 .)

Amendments

2010-Pub. L. 111–203, §1100A(3), substituted "the Bureau" for "the Federal Trade Commission".

Pub. L. 111–203, §1100A(2), substituted "The Bureau" for "The Board".

Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

Effective Date

Section effective 9 months after May 22, 2009, except as otherwise specifically provided, see section 3 of Pub. L. 111–24, set out as an Effective Date of 2009 Amendment note under section 1602 of this title.

1 So in original.


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