Open End Credit Act Of 2009

Under the Credit Card Act and recent amendments to Regulation Z, financial institutions must mail or deliver periodic statements for open-end consumer credit plans @ least 21 days before the payment due date.  Congress established an August 20, 2009, effective date for this requirement.  In its new regulation implementing the Credit Card Act, the Federal Reserve Board acknowledged that some creditors may experience difficulties for open-end credit plans other than credit cards with revising their billing systems by August 20 in order to mail or deliver the statement @ least 21 days in advance of the due date.   ALL LOANS (except mortgage and home equity loans), your due date will now be on the last day of the month.  If your payment is made through ACH(direct deposit) or through payroll deduction, it will remain the same.