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S 1925 110th Congress Senate Finance and Financial Sector Administrative procedure Credit cards Education Federal Reserve System Government Operations and Politics Higher education Law Students

Student Credit Card Protection Act of 2007

Introduced: August 1, 2007 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 1, 2007
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Aug 1, 2007
Sponsor introductory remarks on measure. (CR S10614)
Aug 1, 2007
Introduced in Senate
 Plain-English summary Congressional Research Service

Student Credit Card Protection Act of 2007 - Amends the Truth in Lending Act to limit by a specified formula the total credit which may be extended by a creditor during any full calendar year to a full time, traditional-aged college student under a college student credit card account, unless a parent, legal guardian, or spouse of the student assumes joint liability for debts incurred.

Prohibits increasing the credit limit on an account for which a parent, guardian, or spouse has assumed joint liability without that person's written approval.

States that a creditor must require adequate proof of income, income history, and credit history, before any such college student credit card account may be opened.

Prohibits a creditor from opening a credit card account for, or issue any credit card to, any college student who: (1) has no verifiable annual gross income; and (2) already maintains a credit card account under an open end consumer credit plan with the same creditor or any affiliate.

Directs the Board of Governors of the Federal Reserve System to promulgate implementing regulations.

What's happening now August 1, 2007

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

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 2 Independent 1