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|Arnold Ramirez, Research and Information Consultant for the California and Nevada Credit Union Leagues|
According to Regulation E §1005.20, there are certain conditions that must be met for an issuer or seller of a general-use prepaid card which determine whether an expiration date may be applied.
Before a general-use prepaid card is purchased, the issuer or seller must disclose to the consumer the information about dormancy, inactivity, service fee, expiration date, and the toll-free telephone number. If the issuer or seller has a website, it must also disclose that site so the consumer can obtain fee information.
These disclosures must be made on the card. A disclosure made in an accompanying terms-and-conditions document—or on the packaging surrounding a certificate or card, or on a sticker or other label affixed to the certificate or card—does not constitute a disclosure on the certificate or card.
The fees—and terms and conditions of expiration—that are required to be disclosed prior to purchase may not be changed after purchase.
UNCLAIMED PROPERTY REMIT. REPORT DUE
updated 05/31/16 09:51 AM
Also: Controls, Accounting Webinar
The upcoming report-and-remit period is the second of a two-part process which includes reporting unclaimed property to the California State Controller’s Office on Nov. 1, and then—between June 1 and June 15 of the following year—reporting and remitting any property that has not been reunited with its owner.
CONFERENCE CALL: CHANGES TO REG Z
updated 05/23/16 03:02 PM
OT Rules, Deposit Recon. Practices
Credit union professionals can join a conference call briefing on May 25 by the Consumer Financial Protection Bureau (CFPB) regarding changes to Regulation Z implementing the Helping Expand Lending Practices in Rural Communities Act (HELP Rural Communities Act) contained in the Fixing America’s Surface Transportation Act (Public Law 114-94).