Common use of Evaluation of in- creased rate Clause in Contracts

Evaluation of in- creased rate. If a card issuer increases an annual percentage rate that applies to a credit card account under an open- end (not home-secured) consumer cred- it plan, based on the credit risk of the consumer, market conditions, or other factors, or increased such a rate on or after January 1, 2009, and 45 days’ ad- xxxxx notice of the rate increase is re- quired pursuant to § 1026.9(c)(2) or (g), the card issuer must: (i) Evaluate the factors described in paragraph (d) of this section; and (ii) Based on its review of such fac- tors, reduce the annual percentage rate applicable to the consumer’s account, as appropriate.

Evaluation of in- creased rate. If a card issuer increases an annual percentage rate that applies to a credit card account under an open- end (not home-secured) consumer cred- it plan, based on the credit risk of the consumer, market conditions, or other factors, or increased such a rate on or after January 1, 2009, and 45 days’ ad- xxxxx notice of the rate increase is re- quired pursuant to § 1026.9(c)(2226.9(c)(2) or (g), the card issuer must: (i) Evaluate the factors described in paragraph (d) of this section; and (ii) Based on its review of such fac- tors, reduce the annual percentage rate applicable to the consumer’s account, as appropriate.