As used in this part, unless the context otherwise requires: “Account” means the account between a card issuer and one (1) or more cardholders reflecting the outstanding balance of card transactions; “Account agreement” means the contract between the card issuer and the cardholder(s) governing the parties’ respective rights and obligations respecting the account and transactions […]
A cardholder may terminate a multiple-party account to which the cardholder is a party by: Delivery to the issuer of written notice of termination, which shall include: The account number; The name(s) and current address(es) of all cardholders and card users on the account; and The cardholder’s certification that the cardholder has sent or delivered […]
A cardholder’s notice of termination is delivered to the issuer when received at the address designated in the card issuer’s most recent billing statement for receipt of notices of billing errors, or, if no such address is designated, at the address designated therein for receipt of payments on the account.
Termination by a cardholder of an account is effective on the second business day (as to the card issuer) following delivery to the issuer of the notice of termination or on such later date as is specified in the notice. From and after termination, no cardholder or card user may initiate transactions under the account, […]
