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SB-1871 Credit cards: disclosure.(1995-1996)

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SB1871:v97#DOCUMENT

Senate Bill No. 1871
CHAPTER 180

An act to repeal and add Section 1748.5 of the Civil Code, relating to consumer credit.

[ Filed with Secretary of State  July 17, 1996. Approved by Governor  July 16, 1996. ]

LEGISLATIVE COUNSEL'S DIGEST


SB 1871, Wright. Credit cards: disclosure.
Existing law requires a card issuer to furnish each cardholder with an annual statement of the amount of interest or finance charges which a cardholder paid during the preceding calendar year, as specified.
This bill would repeal that provision. The bill would instead authorize a cardholder to request information regarding the total amount of finance charges no more than once a year, and would require the card issuer to furnish the information without charge within 30 days of receiving the request, as specified.

The people of the State of California do enact as follows:


SECTION 1.

 Section 1748.5 of the Civil Code is repealed.

SEC. 2.

 Section 1748.5 is added to the Civil Code, to read:

1748.5.
 (a)  A cardholder may request, not more frequently than once a year, that the card issuer inform the cardholder of the total amount of finance charges assessed on the account during the preceding calendar year and the card issuer shall provide that information to the cardholder within 30 days of receiving the request, without charge.
If the cardholder’s request for the information is made in writing, the card issuer shall provide the information in writing. However, if the card issuer is required to furnish the cardholder with a periodic billing or periodic statement of account or furnishes the billing or statement of account, the requested statement of finance charges may be furnished along with the periodic billing or periodic statement of account.
(b)  This section shall not apply to card issuers or cardholders who issue or use credit cards in connection with a retail installment account, as defined by Section 1802.7.