s 12 49657 1205294400 false 1205294400 2753 1534 110 400272

3/12/2008--Introduced.<br/>Credit Card Reform Act of 2008 - Amends the Fair Credit Reporting Act to permit a consumer reporting agency to furnish a consumer report in connection with any credit or insurance transaction that is not initiated by the consumer only if the report indicates that the consumer is age 21 or older. Allows 18-year olds to elect to have their name and address included in any agency list. Amends the Truth in Lending Act to prohibit a credit card issuer from changing the terms of a credit card under an open end consumer credit plan: (1) before the scheduled contract expiration or renewal date; and (2) until the issuer has published all contract changes in any mandatory disclosures. Establishes a cardholder right to repay all existing balances on a terminated or expired credit card account under the terms of the account in effect before the termination or expiration. Imposes limits upon increases of interest rates and finance charges on a credit card account before its scheduled renewal date. Permits an increase in the annual percentage rate (APR) as a penalty only for specific, material contract violations of a consumer directly related to the account that are specified in the contract as grounds for an increase. Bans retroactive rate increases.<br/>Prohibits a credit card issuer from imposing adverse consequences for late payment if the cardholder's payment is postmarked or initiated by electronic funds transfer on or before the required postmark date. Requires a credit card issuer to verify, when the account is opened or the credit limit increased, that the consumer will be able to make the scheduled payments, based on a consideration of current and expected income, current obligations, and employment status. Amends the Fair Credit Reporting Act to redefine &quot;firm offer of credit or insurance&quot; to require the offer to specify all material terms, including APR, fees, and the applicable amount of credit or credit limit.<br/>

1205294400 2008-03-12 Fri Nov 07 17:59:20 -0600 2008 introduced 49657 'bill':2 'card':13,17 'debt':14 'offer':22 'young':8 'consum':5,9 'credit':12,16,21 'decept':20 'especi':7 'unfair':15 'practic':18 'protect':4 'skyrocket':11 57791 false official introduced 49657 'act':4 '2008':6 'card':2 'credit':1 'reform':3 59446 false short introduced 49657 'act':4 '2008':6 'card':2 'credit':1 'reform':3 58690 true popular introduced 49657 1205294400 Wed Mar 12 00:00:00 -0500 2008 147466 M000639 1954-01-01 5376 528 Hart Senate Office Building http://menendez.senate.gov/contact/contact.cfm 202-228-2197 Robert 'd':4 'nj':5 'bob':8 'sen':1 'robert':2,6,9 'menendez':10 'menéndez':3,7 M 400272 Menéndez Robert_Menendez Sen. Robert Menéndez [D, NJ] 2852 Bob N00000699 14100 Democrat 202-224-4744 Roman Catholic NJ Robert Menendez 2.24324324324324 http://menendez.senate.gov/ SenatorMenendezNJ L000123 1924-01-23 7323 324 Hart Senate Office Building http://lautenberg.senate.gov/contact/routing.cfm 202-228-4054 Frank 'd':4 'nj':5 'sen':1 'frank':2,6,8 'lautenberg':3,7,9 M 300064 Lautenberg Frank_Lautenberg R. Sen. Frank Lautenberg [D, NJ] 3941 N00000659 11713 Democrat 202-224-3224 Jewish NJ Frank Lautenberg 2.2093023255814 http://lautenberg.senate.gov/ franklautenberg W000803 1946-02-09 10628 144 Russell Senate Office Building http://webb.senate.gov/contact/ 202-228-6363 Jim 'd':4 'va':5 'jim':2,6,8 'sen':1 'webb':3,7,9 M 412249 Webb James_Webb Sen. Jim Webb [D, VA] 3770 N00028058 13453 Democrat 202-224-4024 VA Jim Jim Webb 3.90540540540541 http://webb.senate.gov/ SenatorWebb introduced 49657 1205294400 Wed Mar 12 00:00:00 -0500 2008 147466 action 49657 1205294400 Wed Mar 12 00:00:00 -0500 2008 147467 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.