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HR 3860 102th Congress House Commerce Advertising Competition Consumer credit Consumer education Consumer protection Credit cards Finance and Financial Sector House rules and procedure Interest rates Legislation Senate rules and procedure Telephone

Credit and Charge Card Disclosure and Interest Rate Amendments Act of 1991

Introduced: November 21, 1991 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
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This bill died when the 102nd Congress ended
It never became law before the 102nd Congress (1991–1992) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 21, 1991
Referred to the Subcommittee on Consumer Affairs and Coinage.
Nov 21, 1991
Referred to the House Committee on Rules.
Nov 21, 1991
Referred to the House Committee on Banking, Finance + Urban Affrs.
Nov 21, 1991
Introduced in House
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 Plain-English summary Congressional Research Service

Credit and Charge Card Disclosure and Interest Rate Amendments Act of 1991 - Expresses the sense of the Congress that: (1) credit card annual charges should be reduced; and (2) a cap on such charges should be imposed if the credit card market remains uncompetitive.

Amends the Truth in Lending Act to set forth additional disclosure requirements relating to credit card accounts, including advertising related to such accounts. Directs the Board of Governors of the Federal Reserve System to establish and publicize a toll-free telephone line for consumers to call for free information on the availability of low-rate credit cards.

Requires as a prerequisite to any increase in credit card fees and rates consumer notification and accompanying opportunity to rescind further use of a credit card account.

Requires the Comptroller General to report to the Congress the results of a mandated study regarding the competitiveness of the credit card market.

Authorizes the President to establish by Executive Order the maximum annual percentage rate applicable to open end consumer credit plans.

Sets forth the conditions for congressional consideration of a joint resolution to repeal the cap on credit card interest rates.

What's happening now November 21, 1991

Referred to the Subcommittee on Consumer Affairs and Coinage.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 3
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APA
U.S. Congress. (2026). H.R. 3860: Credit and Charge Card Disclosure and Interest Rate Amendments Act of 1991. 102nd Congress. Open America. https://openamerica.io/bill/102-HR-3860/
MLA
"H.R. 3860: Credit and Charge Card Disclosure and Interest Rate Amendments Act of 1991." 102nd Congress, 2026, Open America, https://openamerica.io/bill/102-HR-3860/.
Bluebook (legal)
H.R. 3860, 102nd Cong. (2026), https://openamerica.io/bill/102-HR-3860/.
Markdown link
[H.R. 3860: Credit and Charge Card Disclosure and Interest Rate Amendments Act of 1991](https://openamerica.io/bill/102-HR-3860/)
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