S.2411 - Credit Card Safety Star Act of 2007

A bill to require the establishment of a credit card safety star rating system for the benefit of consumers, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Credit Card Safety Star Act of 2007 as introduced.
  • Official: A bill to require the establishment of a credit card safety star rating system for the benefit of consumers, and for other purposes. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
12/05/07
 
 
 
 
 
 
 

Official Summary

Credit Card Safety Star Act of 2007 - Amends the Truth in Lending Act to direct the Board of Governors of the Federal Reserve System to promulgate rules to implement a Safety Star System, with one to five stars, to allow consumers to compare quickly and easily the terms, conditions, and lev

Official Summary

Credit Card Safety Star Act of 2007 - Amends the Truth in Lending Act to direct the Board of Governors of the Federal Reserve System to promulgate rules to implement a Safety Star System, with one to five stars, to allow consumers to compare quickly and easily the terms, conditions, and levels of safety associated with various open end credit plan agreements. Specifies a point structure for rating credit cards. Assigns an automatic one-star rating (the lowest level of safety) to any open end credit plan:
(1) that allows the card issuer to modify the terms of the agreement with a cardholder at any time or periodically for unspecified or unstated reasons; or
(2) under which other accounts, or changes by a third party in the cardholder's credit rating, are used as a basis for adverse changes in the agreement (including universal default). Establishes the Credit Card Safety Star Advisory Commission.

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