HR 3492 109th Congress House Finance and Financial Sector Commerce Consumer credit Consumer education Consumer protection Credit cards Fees Interest rates

Consumer Credit Card Protection Act of 2005

Introduced: July 27, 2005 Introduced by: Sanders, Bernard Independent · Vermont See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Aug 24, 2005

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Jul 27, 2005

Referred to the House Committee on Financial Services.

Jul 27, 2005

Introduced in House

Plain-English summary Congressional Research Service

Consumer Credit Card Protection Act of 2005 - Amends the Truth in Lending Act to prohibit a creditor from using adverse information concerning a consumer as the basis for increasing any annual percentage rate of interest applicable to a credit card account of the consumer under an open end consumer credit plan, 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 consumer that are directly related to such account (universal default).

Expands mandatory disclosures governing an open end consumer credit plan to include clear and conspicuous minimum payment terms with respect to the outstanding balance on the account, including prescribed details expressed in tabular format and in close proximity.

Requires a creditor to furnish advance notice as a prerequisite to increasing rates or imposing fees on a consumer credit card account.

What's happening now August 24, 2005

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Committees of jurisdiction 2