Comment for 1026.61 - Hybrid Prepaid-Credit Cards
Credit extended on a credit subaccount or a separate credit account.
- 1026 (Regulation Z)
Search for terms in the sections, interpretations, and appendices in the Bureau regulations we currently have online.
Credit extended on a credit subaccount or a separate credit account.
(b) Structure of credit features accessible by hybrid prepaid-credit cards.
Consumer-purpose credit cards - extensions of credit for business purposes.
Sale credit.
(i) Credit card means any card, plate, or other single credit device that may be used from time to time
Hybrid prepaid-credit cards and covered separate credit features accessible by hybrid prepaid-credit
Traditional credit card.
(ii) Credit card account under an open-end (not home-secured) consumer credit plan means any open-end
To apply the same limits on liability for unauthorized extensions of credit from the credit card account
(10) Closed-end credit means consumer credit other than “open-end credit” as defined in this section.
Nonsale credit. The term “nonsale credit” refers to any form of loan credit including, for example:
(1) College student credit card.
(1) The credit card account is a credit card account under an open-end (not home-secured) consumer credit
regulation, except as provided in paragraph (a)(4) of this section, a prepaid card is a hybrid prepaid-credit
Addition of credit features.
A prepaid card is a hybrid prepaid-credit card with respect to a covered separate credit feature regardless
Credit card account under an open-end (not home-secured) consumer credit plan. i.
Verification of credit history.
Converting closed-end to open-end credit.
(i) The credit card is an accepted credit card;
Which credit card accounts issued by a particular issuer constitute a private label credit card plan
(6) Credit terms.
Credit.
Definition of “accepted credit card”.
Even if a prepaid card is a hybrid prepaid-credit card with respect to a covered separate credit feature