HR 3142
106th Congress
House
Finance and Financial Sector
Advertising
College students
Commerce
Consumer credit
Consumer education
Consumer protection
Credit cards
Debt
Education
Families
Higher education
Income
Law
Liability (Law)
Parents
College Student Credit Card Protection Act
Introduced: October 25, 1999
See on congress.gov
Everywhere this bill has been
4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 18, 1999
Sponsor introductory remarks on measure. (CR E2439)
Oct 25, 1999
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Oct 25, 1999
Referred to the House Committee on Banking and Financial Services.
Oct 25, 1999
Introduced in House
Plain-English summary
College Student Credit Card Protection Act - Amends the Truth in Lending Act to limit the total credit extended under a credit card account to a full time, traditional-aged college student (unless the student's parent or guardian assumes joint liability) to the greater of: (1) 20 percent of the students' most recent annual gross income; or (2) the product of $500 and the number of years since the account was opened (but not more than $2,000). Provides that "traditional-aged" is to be determined by the educational institution involved. Prohibits increasing the credit limit on an account for which a parent or guardian has assumed joint liability without the parent's or guardian's approval of such increase.
Prohibits a creditor from opening a credit card account for any full time, traditional-aged college student who has no annual gross income and already has a credit card account under an open end consumer credit plan.
Requires that mandated disclosures in any open end consumer credit application and solicitation be in a typeface at least as large as the largest typeface otherwise used in the application or solicitation.
What's happening now
Sponsor introductory remarks on measure. (CR E2439)
Committees of jurisdiction
2