Stop Unfair Practices in Credit Cards Act of 2007

To prevent unfair practices in credit card accounts, and for other purposes.

2/7/2008--Introduced.
Stop Unfair Practices in Credit Cards Act of 2007 - Amends the Truth in Lending Act regarding open-end consumer credit plans. Prohibits imposition of an interest charge upon debt paid on time and in full. Sets restrictions upon interest rate increases. Limits penalty rate increases to:
(1) seven percentage points above the current interest rate; and
(2) future credit extensions only. Prohibits interest charges on fees. Specifies restrictions upon over-the-limit fees. Requires the primary federal regulator of a card issuer to conduct annual audits of the credit card operations and procedures used by the issuer. Requires the card issuer to:
(1) apply payment first to the card balance bearing the highest rate of interest, and then to each successive balance bearing the next highest rate of interest, until the payment is exhausted; and
(2) apply the payment in the most effective way to minimize the imposition of any finance charge. Requires a card issuer to define and display the term "prime rate" or similar rate or index as the bank prime loan rate posted by a majority of the top 25 U.S. chartered commercial banks, as published by the Board of Governors of the Federal Reserve System (Board). Revises requirements governing credit card information collected by the Board. Directs the Board to report annually to Congress its assessment of the profitability of credit card operations of depository institutions.

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Sponsor

• Rep. Lincoln Davis [D, TN-4]

Committees

• House Financial Services

Amendments

This bill has no amendments.

Amendments to H.R.5280

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
February 07, 2008

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All Bill Actions

• Feb 07, 2008: Referred to the House Committee on Financial Services.
• Introduced on Feb 07, 2008.

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Related Bills:

• S.1395

Data from the Congressional Research Service

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February 06, 2008 HR 5280, To prevent unfair practices in credit card accounts, and ...

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February 06, 2008 Bill Introduced: HR5280 To prevent unfair practices in credit card ...

To prevent unfair practices in credit card accounts, and for other purposes.

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