12 C.F.R. § 226.21

Treatment of credit balances

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When a credit balance in excess of $1 is created in connection with a transaction (through transmittal of funds to a creditor in excess of the total balance due on an account, through rebates of unearned finance charges or insurance premiums, or through amounts otherwise owed to or held for the benefit of a consumer), the creditor shall:

(a) Credit the amount of the credit balance to the consumer's account;

(b) Refund any part of the remaining credit balance, upon the written request of the consumer; and

(c) Make a good faith effort to refund to the consumer by cash, check, or money order, or credit to a deposit account of the consumer, any part of the credit balance remaining in the account for more than 6 months, except that no further action is required if the consumer's current location is not known to the creditor and cannot be traced through the consumer's last known address or telephone number.

Notes of Decisions

Cited in 4 cases, 2004–2013 · leading case: Vincent v. The Money Store, 736 F.3d 88 (2d Cir. 2013).

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Vincent v. The Money Store, 736 F.3d 88 (2d Cir. 2013). · cites it 2× “”); see also 12 C.F.R. § 226.21 (implementing regulation).”

Vincent v. Money Store, 402 F. Supp. 2d 501 (S.D.N.Y. 2005). · cites it 3× “§ 1666d and 12 CFR § 226.21 .” Compl. ¶ 48. 15 U.S.C.”

Mazzei v. Money Store, 349 F. Supp. 2d 651 (S.D.N.Y. 2004). “§ 1666d and 12 C.F.R. § 226.21 , based on defendants’ collection of a returned check fee in excess of that permitted by plaintiffs loan documents, and on defendants’ charging for “Attorney Outsourcing Fees” and “Unpaid Other Fees,” fees plaintiff says defendants had no right to…”

Mazzei v. Money Store, 288 F.R.D. 45 (S.D.N.Y. 2012). “§ 1666d, TILA Regulation Z, 12 C.F.R. § 226.21 , and California Business & Professional Code § 17200 et seq.”

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