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The payment card interchange fee and merchant discount antitrust litigation is a United States class-action lawsuit filed in 2005 by merchants and trade associations against Visa, Mastercard, and numerous financial institutions that issue payment cards. The suit was filed because of price fixing and other allegedly anti-competitive trade ...
Durbin amendment. The Durbin amendment, implemented by Regulation II, [ 1] is a provision of United States federal law, 15 U.S.C. § 1693o-2, that requires the Federal Reserve to limit fees charged to retailers for debit card processing. It was passed as part of the Dodd–Frank financial reform legislation in 2010, as a last-minute addition by ...
Credit card issuers are still able to charge certain additional fees, such as "setup fees" or "program fees." The Act also restricts the fees that can be charged for gift cards and other prepaid cards. Eliminates excessive marketing to young adults. Consumers under the age of 21 must prove that they have an independent income or get a co-signer ...
When a business charges a fee for a form of payment, whether in person, online or by phone, it’s called a surcharge. Credit card surcharges are applied when you use your credit card to make a ...
Key takeaways. Loans, medical debt and credit card debt are generally all able to be discharged through bankruptcy. Tax debt, alimony, spousal or child support and student loans are all typically ...
The Consumer Financial Protection Bureau finalized a rule limiting credit card late fees to $8. The move could save 45 million people an average $220 per year on late fees.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ( BAPCPA) ( Pub. L. 109–8 (text) (PDF), 119 Stat. 23, enacted April 20, 2005) is a legislative act that made several significant changes to the United States Bankruptcy Code . Referred to colloquially as the "New Bankruptcy Law", the Act of Congress attempts to, among other ...
The frequency of applying for bankruptcy depends on which type of bankruptcy you’re filing, something known as the 2-4-6-8 rule. Filing Chapter 13 after Chapter 13: Two years. Filing Chapter 13 ...