3.0.0 1925 2023-01-11T20:36:31Z 2023-01-11T20:36:31Z Senate S S 2007-08-01 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2007-08-01T21:02:24Z Student Credit Card Protection Act of 2007 110 3347 HR 2007-09-05 Referred to the Subcommittee on Financial Institutions and Consumer Credit. Related bill CRS 2007-08-01 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2007-08-01 Sponsor introductory remarks on measure. (CR S10614) IntroReferral B00100 9 Library of Congress 2007-08-01 Introduced in Senate IntroReferral 10000 9 Library of Congress K000305 Sen. Kohl, Herb [D-WI] HERBERT KOHL D WI H. N S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2007-08-01 True M001170 Sen. McCaskill, Claire [D-MO] Claire McCaskill D MO 2007-08-01 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2007-08-01 True S001142 Sen. Smith, Gordon H. [R-OR] GORDON SMITH R OR H. 2007-08-01 True W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR 2007-09-27 False Finance and Financial Sector Administrative procedure Credit cards Education Federal Reserve System Government Operations and Politics Higher education Law Students Finance and Financial Sector 00 2007-08-01 Introduced in Senate 2007-12-27T22:36:46Z Student Credit Card Protection Act of 2007 - Amends the Truth in Lending Act to limit by a specified formula the total credit which may be extended by a creditor during any full calendar year to a full time, traditional-aged college student under a college student credit card account, unless a parent, legal guardian, or spouse of the student assumes joint liability for debts incurred.

Prohibits increasing the credit limit on an account for which a parent, guardian, or spouse has assumed joint liability without that person's written approval.

States that a creditor must require adequate proof of income, income history, and credit history, before any such college student credit card account may be opened.

Prohibits a creditor from opening a credit card account for, or issue any credit card to, any college student who: (1) has no verifiable annual gross income; and (2) already maintains a credit card account under an open end consumer credit plan with the same creditor or any affiliate.

Directs the Board of Governors of the Federal Reserve System to promulgate implementing regulations.

]]> Student Credit Card Protection Act of 2007 Official Title as Introduced A bill to amend the Truth in Lending Act, to prevent credit card issuers from taking unfair advantage of college students and their parents, and for other purposes. Introduced in Senate IS Display Title Student Credit Card Protection Act of 2007 Short Titles as Introduced Student Credit Card Protection Act of 2007 Introduced in Senate 2007-08-01T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1925is/xml/BILLS-110s1925is.xml 2007-08-01 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.