3.0.0 1395 2023-01-11T16:47:42Z 2023-01-11T16:47:42Z Senate S S 2007-05-15 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2007-05-15T17:09:03Z Stop Unfair Practices in Credit Cards Act of 2007 110 5280 HR 2008-02-07 Referred to the House Committee on Financial Services. Identical bill CRS 2007-05-15 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 S6135-6137) IntroReferral 2007-05-15 Sponsor introductory remarks on measure. (CR S6131-6135) IntroReferral B00100 9 Library of Congress 2007-05-15 Introduced in Senate IntroReferral 10000 9 Library of Congress L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON N M001170 Sen. McCaskill, Claire [D-MO] Claire McCaskill D MO 2007-05-15 True L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2007-05-21 False D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2007-06-04 False B000468 Sen. Bingaman, Jeff [D-NM] JESSE BINGAMAN D NM FRANCIS 2007-06-27 False C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA 2007-10-15 False W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2007-10-23 False K000305 Sen. Kohl, Herb [D-WI] HERBERT KOHL D WI H. 2007-12-03 False B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2007-12-05 False K000105 Sen. Kennedy, Edward M. [D-MA] EDWARD KENNEDY D MA MOORE 2008-01-22 False S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2008-02-27 False Finance and Financial Sector Auditing Commerce Congress Congressional reporting requirements Consumer education Credit cards Fees Government Operations and Politics Government paperwork Interest rates Finance and Financial Sector 00 2007-05-15 Introduced in Senate 2007-06-28T14:53:21Z Stop Unfair Practices in Credit Cards Act of 2007 - Amends the Truth in Lending Act regarding open-end consumer credit plans.

Prohibits imposition of an interest charge upon debt paid on time and in full. Sets restrictions upon interest rate increases.

Limits penalty rate increases to: (1) seven percentage points above the current interest rate; and (2) future credit extensions only.

Prohibits interest charges on fees. Specifies restrictions upon over-the-limit fees.

Requires the primary federal regulator of a card issuer to conduct annual audits of the credit card operations and procedures used by the issuer.

Requires the card issuer to: (1) apply payment first to the card balance bearing the highest rate of interest, and then to each successive balance bearing the next highest rate of interest, until the payment is exhausted; and (2) apply the payment in the most effective way to minimize the imposition of any finance charge.

Requires a card issuer to define and display the term "prime rate" or similar rate or index as the bank prime loan rate posted by a majority of the top 25 U.S. chartered commercial banks, as published by the Board of Governors of the Federal Reserve System (Board).

Revises requirements governing credit card information collected by the Board.

Directs the Board to report annually to Congress its assessment of the profitability of credit card operations of depository institutions.

]]> Stop Unfair Practices in Credit Cards Act of 2007 Display Title Stop Unfair Practices in Credit Cards Act of 2007 Official Title as Introduced A bill to prevent unfair practices in credit card accounts, and for other purposes. Introduced in Senate IS Short Titles as Introduced Stop Unfair Practices in Credit Cards Act of 2007 Introduced in Senate 2007-05-15T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1395is/xml/BILLS-110s1395is.xml 2007-05-15 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6135-6137) 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.