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What is the maximum number of days allowed by banks and credit unions to allow for first payment on a new loan?

With the new credit card bill passed by congress, as a credit union, we want to know what is the maximum amount of days the banks and credit unions will allow by law to extend the first payment on an open end loan. Is there a regulation that cites this?

Public Comments

1. I sincerely doubt that there is any law regulating when the first payment is due for a line of credit. There really isn't any need for a law to regulate when the first payment is due.
2. Since our consumer financial system is based on monthly payments, you'll have 30 days when the billing cycle closes PLUS about 21 days to make your payment. Then everything is on a 30 day payment cycle. The new bill does not change payment due dates. I don't believe there is any law that addresses your specific question (I couldn't find one). Mortgage payments are usually due on the 1st of each month. Some CC issuers stagger their due dates so that they don't have to process a million payments before they become late - they can't charge late fees for their problems.
3. None of the "reforms" dealt with when the first payment was due. The only requirement is that they mail out the statements at least 25 days before the due date. So technically the shortest time you would have is 25 days if you made the charge on the date they would mail out your statement. But if you made the charge the day after your billing period would have closed you would then have the number of days in the billing cycle(25-28 days) in addition to the 25 days. However, I can almost guarantee you that since it is your first statement, they will put you in what ever billing cycle you make the first charge. So you may get between 25-32 days, but not much beyond that. If you want to extend this first payment out you would have to talk to the bank and see if they can work your billing cycle in such a way to accomplish it. Yes this is a lot of numbers, and if you have a particualar reason you want to extend out the payment, you need to call the bank before you spend any of the credit.
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