Common use of Section 22.6 Clause in Contracts

Section 22.6. 11(a). This section applies when a card issuer receives a payment or other credit that exceeds by more than $1 the amount due, as shown on the transaction invoice. The requirement to credit amounts to an account may be complied with by other reasonable means, such as by a credit memo- randum. Since no periodic statement is pro- vided, a notice of the credit balance shall be sent to the consumer within a reasonable pe- riod of time following its occurrence unless a refund of the credit balance is mailed or de- livered to the consumer within seven busi- ness days of its receipt by the card issuer.