Florida's credit card laws

On behalf of Bankruptcy Law Firm of Clare Casas on Wednesday, October 15, 2014.

Florida consumers may benefit from learning more about the laws outlined by the provisions included under the Credit Card Bank Act in the 2014 Florida Statutes. The provisions of the act define and outline all the common terminology that is involved with using credit cards. Under the Credit Card Bank Act, the term "credit card" is described as a loan arrangement from a credit card bank or domestic lender that affords a borrower access to a credit device that completes financial transactions, thus creating debt.

Credit cards exist when the lender is willing to honor an order of payment that the borrower has accepted or when the lender agrees to pay the borrower's debt obligations. Credit card accounts are described as agreements in which the credit card bank permits the borrower to create debt periodically. The unpaid portion of the principle debt is to be debited into an account. An interest rate or finance charge is applied to the unpaid balance on the borrower's account periodically.

Credit card accounts also require the lender to issue bills and statements to the borrower on a routine basis. The amount owed for service is to be due on a specified date or if the borrower chooses, and the lender approves, the bill may be paid in installments. State law requires credit card banks, domestic lenders and several other types of lenders to comply with a litany of relatively specific criteria.

Consumers suffering from high amounts of credit card debt may benefit from contacting legal counsel as soon as possible. Lawyers may be able to provide guidance and help debtors explore alternative debt relief remedies for rectifying the problem.

Source: Online Sunshine, "658.995 Credit Card Bank Act.—", October 13, 2014