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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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
08/03/07
 
 
 
 
 
 
 

Official Summary

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 ra

Official Summary

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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