3.0.0 499 2022-02-03T05:27:24Z 2022-02-03T05:27:24Z Senate S S 2005-03-02 109 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2005-03-03T00:05:12Z 2005-03-02 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1950-1952) IntroReferral 2005-03-02 Sponsor introductory remarks on measure. (CR S1950) IntroReferral B00100 9 Library of Congress 2005-03-02 Introduced in Senate IntroReferral 10000 9 Library of Congress D000388 Sen. Dodd, Christopher J. [D-CT] CHRISTOPHER DODD D CT JOHN N S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2005-05-18 False Finance and Financial Sector Bankruptcy Commerce Consumer credit Consumer education Counseling Credit cards Education Families Fees Government Operations and Politics Government paperwork Higher education Interest rates Law Liability (Law) Nonprofit organizations Parent and child Personal budgets Social Welfare Students Youth Finance and Financial Sector 00 2005-03-02 Introduced in Senate 2005-03-29T16:42:10Z Credit Card Accountability Responsibility and Disclosure Act of 2005, or the Credit Card Act of 2005 - Amends the Truth in Lending Act (TILA) to require advance notice of any increase in interest rate regarding a credit card account under an open end consumer credit plan. Grants the credit card holder the right to cancel the account before the effective date of the increase.

Prohibits penalties, finance charges, interest charges, or cancellations from being imposed for: (1) on-time payments; (2) payments in full; or (3) over-the-limit fees for creditor-approved transactions.

Requires specified disclosures for annual percentage rates of interest that only exist for a limited time (introductory or "teaser" rates).

Requires certain disclosures regarding: (1) pay-off timing in connection with repayment of the outstanding balance; and (2) late payment deadlines and relevant postmark dates.

Amends Federal bankruptcy law to provide that debts under an open end credit plan incurred on or within 60 days before the order for relief are not subject to statutory exceptions to a discharge in bankruptcy if the annual rate of interest charged on the account was more than 20 percentage points above the Federal prime lending rate on the last day of month during which the interest was charged (thus providing the debtor with a legal means of avoiding an abusive rate of interest).

Amends TILA to set forth specified requirements governing credit card applications from underage consumers.

Subjects creditor violations relating to an open end credit plan that is not secured by real property or a dwelling to twice the amount of any finance charge in connection with the transaction, or to such amount as may be appropriate in the case of an established pattern or practice of such violations.

]]> Credit CARD Act of 2005 Short Titles as Introduced Credit CARD Act of 2005 Short Titles as Introduced Credit Card Accountability Responsibility and Disclosure Act of 2005 Display Title Credit CARD Act of 2005 Official Title as Introduced A bill to amend the Consumer Credit Protection Act to ban abusive credit practices, enhance consumer disclosures, protect underage consumers, and for other purposes. Introduced in Senate 2005-03-02T05:00:00Z 2005-03-02 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1950-1952) 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.