3.0.0 2655 2023-01-13T04:48:35Z 2023-01-13T04:48:35Z Senate S S 2006-04-26 109 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2006-04-26T19:12:20Z 2006-04-26 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2006-04-26 Sponsor introductory remarks on measure. (CR S3592-3593) IntroReferral B00100 9 Library of Congress 2006-04-26 Introduced in Senate IntroReferral 10000 9 Library of Congress M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ N Finance and Financial Sector Administrative procedure Commerce Consumer credit Consumer education Credit cards Federal Reserve System Fees Government Operations and Politics Interest rates Law Loan defaults Finance and Financial Sector 00 2006-04-26 Introduced in Senate 2006-05-24T15:51:44Z Credit Card Reform Act of 2006 - Amends the Truth in Lending Act to prohibit a credit card issuer from using any adverse information concerning any consumer (including information contained in any consumer report, or any change in the consumer's credit score) as the basis for increasing any annual percentage rate of interest (APR) applicable to a credit card account under an open end consumer credit plan, or from removing or increasing any introductory APR.

Prohibits a credit card issuer, also, from changing the terms of a credit card contract or agreement under an open end consumer credit plan without written consumer consent.

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 in accordance with this Act.

Limits late payment and related fees to an amount reasonably related to the cost to the card issuer of consumer default, omission, or violation of the credit plan agreement.

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.

]]> Credit Card Reform Act of 2006 Display Title Credit Card Reform Act of 2006 Official Title as Introduced A bill to amend the Truth in Lending Act, to prohibit universal default practices by credit card issuers, to limit fees that may be imposed on credit card accounts, and to require credit card issuers to verify a prospective consumer's ability to pay before extending credit to the consumer, and for other purposes. Introduced in Senate IS Short Titles as Introduced Credit Card Reform Act of 2006 Introduced in Senate 2006-04-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s2655is/xml/BILLS-109s2655is.xml 2006-04-26 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.