U.S. Congress - S.1395 Stop Unfair Practices in Credit Cards Act of 2007
S.1395 - Stop Unfair Practices in Credit Cards Act of 2007
A bill to prevent unfair practices in credit card accounts, and for other purposes. view all titles (2)
All Bill Titles
- Short: Stop Unfair Practices in Credit Cards Act of 2007 as introduced.
- Official: A bill to prevent unfair practices in credit card accounts, and for other purposes. as introduced.
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Official Summary
5/15/2007--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 penaltyOfficial Summary
5/15/2007--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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Recent Blog Coverage
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A questionable pick - Truckingboards Truck Drivers Forum
Salazar voted in favor of the Menendez Amedment (SA 1194) to S. 1395. The Menedez Amendment would not only increase near-term legal immigration by more than 100000 each year, it would remove even the façade that the bill would end chain ...
Consumer Action :: 2008 Summer Issue
(Senator Carl Levin's credit card bill, S.1395, also includes this provision). The Credit Card Reform Act would prohibit late fees if a payment were postmarked by a certain date, regardless of when it was actually received. ...
Americans for Fairness in Lending - Speak Up on Credit-Card Rules
introduced S. 1395, which proposed a cap on "penalty" interest-rate increases at no more than seven percentage points above the previous rate. And it would prohibit interest on fees, among other provisions. ...
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