U.S. Congress - H.R.3421 Credit Protection Act of 2007
H.R.3421 - Credit Protection Act of 2007
To amend the Truth in Lending Act to prohibit universal defaults on credit card accounts and to require minimum payment disclosures for accounts under an open end consumer credit plan, and for other purposes. view all titles (2)
All Bill Titles
- Official: To amend the Truth in Lending Act to prohibit universal defaults on credit card accounts and to require minimum payment disclosures for accounts under an open end consumer credit plan, and for other purposes. as introduced.
- Short: Credit Protection Act of 2007 as introduced.
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Official Summary
8/3/2007--Introduced.Credit Protection Act of 2007 - Amends the Truth in Lending Act to prohibit a creditor from using adverse information concerning any consumer, including information in any consumer report or any change in the consumer's credit score, as the basis for increasing thOfficial Summary
8/3/2007--Introduced.Credit Protection Act of 2007 - Amends the Truth in Lending Act to prohibit a creditor from using adverse information concerning any consumer, including information in any consumer report or any change in the consumer's credit score, as the basis for increasing the annual percentage rate of interest (APR) or introductory APR applicable to a credit card account under an open end consumer credit plan for reasons other than actions or omissions of the consumer that are directly related to such account. Requires conspicuous payment disclosures on a creditor's billing cycle statement, including:
(1) the minimum monthly payment on the outstanding balance;
(2) the number of months that it would take to pay the entire amount of the outstanding balance at the current APR if only the required minimum monthly payment is paid; and
(3) the total cost to the consumer to pay the remaining balance.
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Recent Blog Coverage
H.R.3421: Medical Debt Relief Act of 2010 - U.S. Congress ...
Medical Debt Relief Act of 2010 - Amends the Fair Credit Reporting Actto prohibit a consumer reporting agency from making any report containing information related to a fully paid or settled medical debt that had ... This bill called the Medical Debt Relie
11 credit card reform bills you can support
s. 1309 and hr 2146, universal default prohibition act of 2007 hr 1461, credit card act of 2007 hr 3421, credit protection act of 2007 s. 1176, credit card minimum payment warning act of 2007 hr 1510, credit card repayment act of 2007.
bill introduced: hr3421 credit protection act of 2007
to amend the truth in lending act to prohibit universal defaults on credit card accounts and to require minimum payment disclosures for accounts under an open end consumer credit plan, and for other purposes.
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