HR 2724
108th Congress
House
Finance and Financial Sector
Commerce
Consumer credit
Consumer education
Consumer protection
Credit cards
Interest rates
Credit Bait and Switch Prevention Act
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 4, 2003
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Jul 14, 2003
Referred to the House Committee on Financial Services.
Jul 14, 2003
Introduced in House
Plain-English summary
Credit Bait and Switch Prevention Act - Amends the Fair Credit Reporting Act to prohibit a credit card issuer from using any negative information contained in a consumer report to increase the annual percentage rate applicable to a credit card account, or to remove or increase any introductory annual percentage rate of interest applicable to such account, for reasons other than actions or omissions of the card holder that are directly related to such account.
Requires such prohibition to be clearly and conspicuously described to the consumer by the credit card issuer in any mandatory disclosure or statement.
What's happening now
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Committees of jurisdiction
2