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Credit Card Rule Changes
December 8, 2009 – 5:48 pm
Watch for new Credit Card Act of 2009 to go into effect in 2010
Understanding the Credit Card Accountability Responsibility and Disclosure Act
By Gerri Detweiler for Credit.com
On May 22, 2009, the Credit CARD Act of 2009 was signed into law by President Barack Obama. The full title of the law — Public Law 111-24 — is the Credit Card Accountability Responsibility and Disclosure Act of 2009. It amends the Truth In Lending Act, the Federal Trade Commission Act and the Electronic Funds Transfer Act.
Following is a description of the main provisions of this important consumer protection legislation. Keep in mind that there are numerous sections of the law where the Federal Reserve Board — called the “Board” from here on — often with the cooperation of other regulatory agencies, will be required to develop rules that describe how the law will work in “real life.” In other words, this is not the final word on this legislation, and is meant to help you understand it, not provide a legal interpretation.
Most of the provisions in this bill go into effect February 22, 2010.
Attention First-time Homebuyers
December 8, 2009 – 12:07 pm
THE TAX CREDIT
- Available to first-time home buyers
- Credit amount up to $8,000
- Mortgage loan must be approved on or before April 30, 2010 and must close on or before June 30, 2010
- Available on single-family detached homes, townhomes and condominiums—newly constructed or pre-existing homes
- The tax credit does not need to be repaid unless the home is sold within the first three years after purchase
Put The Newly Extended Tax Credit Legislation To Work For You!
Thinking about buying your first home? Good news—now may be a great time to make your move!
For a limited time, qualified first-time home buyers may receive a tax credit up to $8,000 as part of the extended First-time Homebuyer Tax Credit and Advance Loan Program.
If you plan to live in the home as your primary residence and have not owned a home during the past three years, you may qualify for the tax credit. As long as the home remains your primary residence for at least three years, you will not have to repay this tax credit.