Credit Card Accountability, Responsibility and Disclosure Act of 2009

Signed into law on May 22, 2009, the federal act limits when credit card interest rates can be increased on existing balances, requires 45 days’ advance notice of significant changes in credit card terms and gives consumers at least 21 days to pay their monthly bills. The bulk of the provisions took effect Feb. 22, 2010. It is also known as the Credit CARD Act of 2009.