This is the second issue of This Week's Receipts. Each week: the rules and numbers from the source pages we published, each one quoting its source word for word.
This week's receipts
1. Credit card companies aren't required to give a grace period
Most cards offer one on purchases. Here's what the CFPB says ends it — and what happens to new purchases after.
Source: CFPB, "What is a grace period for a credit card?" · CFPB, Consumer Credit Card Market Report (2025)
2. PMI Cancellation: A Written Request at 80%, Automatic Termination at 78%, With Conditions
The Homeowners Protection Act sets two different numbers. Here's the text, word for word.
Source: CFPB, "When can I remove PMI from my loan?" · 12 U.S.C. § 4902 (Homeowners Protection Act)
3. You have 3 business days to cancel a door-to-door sale
The FTC's Cooling-Off Rule sets two price thresholds — and puts the cancellation form on the seller, not you.
Source: 16 CFR Part 429 — Rule Concerning Cooling-Off Period for Sales Made at Homes or at Certain Other Locations (eCFR)
4. An escrow shortage can be spread over 12 months — at the servicer's option
Regulation X lists the 12-month repayment as one of the servicer's choices, not the borrower's. Here's the text.
Source: 12 CFR § 1024.17 (Regulation X) · CFPB, "On a mortgage, what's the difference between my principal and interest payment and my total monthly payment?"
5. 82% of payday loans were renewed within 14 days — the CFPB data
What the CFPB's 2014 payday lending report actually measured, how it defines "renewal," and how old the data is.
Source: CFPB, Data Point: Payday Lending (2014)
Word of the week: grace period
Grace period is the stretch of time between the end of a billing cycle and the payment due date during which new purchases don't accrue interest — provided you pay your statement balance in full. Card issuers aren't required to offer one, according to the CFPB — though most credit cards provide one on purchases.
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The Fine Print Cheat Sheet puts six of these on one page, each with its source listed.
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Consumer information — not financial or legal advice.