1512
PUBLIC LAW 93-495-OCT. 28, 1974
[88 STAT.
"(11) The address to be used by the creditor for the purpose of receiving billin<>j inquiries from the obligor." § 306. Billing practices The Truth in Lending Act (15 U.S.C. 1601-1665) is amended by adding at the end thereof a new chapter as follows: "Chapter 4—CREDIT BILLING "Sec.
"161. "162. "163. "164. "165. "166. "167. "168. "169. "170. "171.
15 USC 1666. Ante, p. 1511. Ante,
p. 1511.
Correction of billing errors. Regulation of credit reports. Length of billing period. Prompt crediting of payments. Crediting excess payments. Prompt notification of returns. Use of cash discounts. Prohibition of tie-in services. Prohibition of offsets. Rights of credit card customers. Relation to State laws,
"§ 161. Correction of billing errors " (a) If a creditor, within sixty days after having transmitted to an obligor a statement of the obligor's account in connection with an extension of consumer credit, receives at the address disclosed under section 127(b) (11) a written notice (other than notice on a payment stub or other payment medium supplied by the creditor if the creditor so stipulates with the disclosure required under section 127(a)(8)) from the obligor in which the obligor— "(1) sets forth or otherwise enables the creditor to identify the name and account number (if any) of the obligor, "(2) indicates the obligor's belief that the statement contains a billing error and the amount of such billing error, and "(3) sets forth the reasons for the obligor's belief (to the extent applicable) that the statement contains a billing error, the creditor shall, unless the obligor has, after giving such written notice and before the expiration of the time limits herein specified, agreed that the statement was correct— " (A) not later than thirty days after the receipt of the notice, send a written acknowledgement thereof to the obligor, unless the action required in subparagraph (B) is taken within such thirtyday period, and " (B) not later than two complete billing cycles of the creditor (in no event later than ninety days) after the receipt of the notice and prior to taking any action to collect the amount, or any part thereof, indicated by the obligor under paragraph (2) either— " (i) make appropriate corrections in the account of the obligor, including the crediting of any finance charges on amounts erroneously billed, and transmit to the obligor a notification of such corrections and the creditor's explanation of any change in the amount indicated by the obligor under paragraph (2) and, if any such change is made and the obligor so requests, copies of documentary evidence of the obligor's indebtedness; or "(ii) send a written explanation or clarification to the obligor, after having conducted an investigation, setting forth to the extent applicable the reasons why the creditor believes the account of the obligor was correctly shown in the statement and. upon request of the obligor, provide copies of documentary evidence of the obligor's indebtedness. I n the case of a billing error where the obligor alleges that the creditor's billing statement reflects goods not delivered to
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