88 STAT. ]
PUBLIC LAW 93-495-OCT. 28, 1974
the obligor or his designee in accordance with the agreement made at the time of the transaction, a creditor may not construe such amount to be correctly shown unless he determines that such goods were actually delivered, mailed, or otherwise sent to the obligor and provides the obligor with a statement of such determination. After complying with the provisions of this subsection with respect to an alleged billing error, a creditor has no further responsibility under this section if the obligor continues to make substantially the same allegation with respect to such error. " (b) For the purpose of this section, a 'billing error' consists of any of the following: " (1) A reflection on a statement of an extension of credit which was not made to the obligor or, if made, was not in the amount reflected on such statement. "(2) A reflection on a statement of an extension of credit for which the obligor requests additional clarification including documentary evidence thereof. "(3) A reflection on a statement of goods or services not accepted by the obligor or his designee or not delivered to the obligor or his designee in accordance with the agreement made at the time of a transaction. "(4) The creditor's failure to reflect properly on a statement a payment made by the obligor or a credit issued to the obligor. "(5) A computation error or similiar error of an accounting nature of the creditor on a statement. " (6) Any other error described in regulations of the Board. "(c) For the purposes of this section, 'action to collect the amount, or any part thereof, indicated by an obligor under paragraph (2) ' does not include the sending of statements of account to the obligor following written notice from the obligor as specified under subsection (a), if— "(1) the obligor's account is not restricted or closed because of the failure of the obligor to pay the amount indicated under paragraph (2) of subsection (a), and "(2) the creditor indicates the payment of such amount is not required pending the creditor's compliance with this section. Nothing in this section shall be construed to prohibit any action by a creditor to collect any amount which has not been indicated by the obligor to contain a billing error. " (d) Pursuant to regulations of the Board, a creditor operating an open end consumer credit plan may not, prior to the sending of the written explanation or clarification required under paragraph (B) (ii), restrict or close an account with respect to which the obligor has indicated pursuant to subsection (a) that he believes such account to contain a billing error solely because of the obligor's failure to pay the amount indicated to be in error. Nothing in this subsection shall be deemed to prohibit a creditor from applying against the credit limit on the obliefor's account the amount indicated to be in error. "(e) Any creditor who fails to comply with the requirements of this section or section 162 forfeits any right to collect from the obligor the amount indicated by the obligor under paragraph (2) of subsection (a) of this section, and any finance charges thereon, except that the amount required to be forfeited under this subsection may not exceed $50.
- '§ 162. Regulation of credit reports
" (a) After receiving a notice from an obligor as provided in section 161(a), a creditor or his agent may not directly or indirectly threaten
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Definitions.
Noncompliance.
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