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S 1309 110th Congress Senate Finance and Financial Sector Commerce Consumer credit Credit cards Interest rates

Universal Default Prohibition Act of 2007

Introduced: May 3, 2007 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 3, 2007
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 3, 2007
Introduced in Senate
 Plain-English summary Congressional Research Service

Universal Default Prohibition Act of 2007 - Amends the Truth in Lending Act to prohibit a creditor from: (1) using any adverse information concerning any consumer, including any in a consumer report or any change in the consumer's credit score, as the basis for increasing any annual percentage rate of interest for a credit card account of the consumer's under an open end consumer credit plan; or (2) removing or increasing any introductory annual percentage rate of interest for that account, for reasons other than actions or omissions of the consumer directly related to the account.

Requires such limitation on the use of adverse information to be clearly and conspicuously described to the consumer by the credit card issuer.

What's happening now May 3, 2007

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Independent 1