Fair Credit Billing Act

Fair Credit Billing Act definition - business

Fair Credit Billing Act

Federal legislation that provides settlement procedures for billing disputes regarding open-end credit arrangements, including credit card and revolving charge accounts. For example, a borrower's responsibility for unauthorized charges is limited to $50. The act does not apply to installment credit.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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