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HR 5383 109th Congress House Finance and Financial Sector Commerce Consumer credit Consumer education Counseling Credit cards Education Families Fees Finance charges Government Operations and Politics Government paperwork Higher education Interest Interest rates Law Liability (Law) Nonprofit organizations Parent and child Personal budgets

Credit CARD Act of 2006

Introduced: May 11, 2006 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 28, 2006
Sponsor introductory remarks on measure. (CR H6023, E1585)
May 12, 2006
Sponsor introductory remarks on measure. (CR E817)
May 11, 2006
Referred to the House Committee on Financial Services.
May 11, 2006
Introduced in House
 Plain-English summary Congressional Research Service

Credit Card Accountability Responsibility and Disclosure Act of 2006, or the Credit CARD Act of 2006 - Amends the Truth in Lending Act to require advance notice of any increase in the annual percentage rate (APR) of interest pertaining a credit card account under an open end consumer credit plan.

Imposes a freeze on interest rate terms and fees on canceled cards.

Prohibits: (1) penalties for on-time payments; and (2) over-the-limit fees for creditor-approved transactions.

Requires disclosure of: (1) the repayment information applicable to the outstanding balance; and (2) late payment deadlines, postmark dates, and any increase in interest rates for late payments.

Increases the civil penalty against any creditor who fails to comply with specified requirements in the case of an individual action relating to an open end credit plan that is not secured by real property or a dwelling.

Prohibits issuance of: (1) a credit card under an open end credit plan on behalf of a consumer who has not attained the age of 21, unless the consumer has submitted a written application meeting specified requirements; or (2) certain affinity cards to students unless certain requirements have been met.

What's happening now July 28, 2006

Sponsor introductory remarks on measure. (CR H6023, E1585)

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1