1. Whenever a credit balance in excess of $1 is created in connection with a consumer credit transaction through transmittal of funds to a creditor in excess of the total balance due on an account, rebates of unearned finance charges or insurance premiums or amounts otherwise owed to or held for the benefit of an obligor, the creditor shall:
A. Credit the amount of the credit balance to the consumer's account; [1981, c. 243, §25 (NEW).]
B. Refund any part of the amount of the remaining credit balance, upon request of the consumer; and [1981, c. 243, §25 (NEW).]
C. Make a good faith effort to refund to the consumer by cash, check or money order any part of the amount of the credit balance remaining in the account for more than 6 months, except that no further action is required in any case in which the consumer's current location is not known by the creditor and cannot be traced through the consumer's last known address or telephone number. [1981, c. 243, §25 (NEW).]
[ 1981, c. 243, §25 (NEW) .]
2. With respect to any sales transactions where a credit card has been used to obtain credit, where the seller is a person other than the card issuer, and where the seller accepts or allows a return of the goods or forgiveness of a debt for services which were the subject of such sale, the seller shall promptly transmit to the credit card issuer, a credit statement with respect thereto and the credit card issuer shall credit the account of the obligor for the amount of the transaction.
[ 1981, c. 243, §25 (NEW) .]
SECTION HISTORY
1981, c. 243, §§25,26 (NEW). 1981, c. 551, §3 (AMD).
1. Whenever a credit balance in excess of $1 is created in connection with a consumer credit transaction through transmittal of funds to a creditor in excess of the total balance due on an account, rebates of unearned finance charges or insurance premiums or amounts otherwise owed to or held for the benefit of an obligor, the creditor shall:
A. Credit the amount of the credit balance to the consumer's account; [1981, c. 243, §25 (NEW).]
B. Refund any part of the amount of the remaining credit balance, upon request of the consumer; and [1981, c. 243, §25 (NEW).]
C. Make a good faith effort to refund to the consumer by cash, check or money order any part of the amount of the credit balance remaining in the account for more than 6 months, except that no further action is required in any case in which the consumer's current location is not known by the creditor and cannot be traced through the consumer's last known address or telephone number. [1981, c. 243, §25 (NEW).]
[ 1981, c. 243, §25 (NEW) .]
2. With respect to any sales transactions where a credit card has been used to obtain credit, where the seller is a person other than the card issuer, and where the seller accepts or allows a return of the goods or forgiveness of a debt for services which were the subject of such sale, the seller shall promptly transmit to the credit card issuer, a credit statement with respect thereto and the credit card issuer shall credit the account of the obligor for the amount of the transaction.
[ 1981, c. 243, §25 (NEW) .]
SECTION HISTORY
1981, c. 243, §§25,26 (NEW). 1981, c. 551, §3 (AMD).
1. Whenever a credit balance in excess of $1 is created in connection with a consumer credit transaction through transmittal of funds to a creditor in excess of the total balance due on an account, rebates of unearned finance charges or insurance premiums or amounts otherwise owed to or held for the benefit of an obligor, the creditor shall:
A. Credit the amount of the credit balance to the consumer's account; [1981, c. 243, §25 (NEW).]
B. Refund any part of the amount of the remaining credit balance, upon request of the consumer; and [1981, c. 243, §25 (NEW).]
C. Make a good faith effort to refund to the consumer by cash, check or money order any part of the amount of the credit balance remaining in the account for more than 6 months, except that no further action is required in any case in which the consumer's current location is not known by the creditor and cannot be traced through the consumer's last known address or telephone number. [1981, c. 243, §25 (NEW).]
[ 1981, c. 243, §25 (NEW) .]
2. With respect to any sales transactions where a credit card has been used to obtain credit, where the seller is a person other than the card issuer, and where the seller accepts or allows a return of the goods or forgiveness of a debt for services which were the subject of such sale, the seller shall promptly transmit to the credit card issuer, a credit statement with respect thereto and the credit card issuer shall credit the account of the obligor for the amount of the transaction.
[ 1981, c. 243, §25 (NEW) .]
SECTION HISTORY
1981, c. 243, §§25,26 (NEW). 1981, c. 551, §3 (AMD).
