3.0.0 2542 2023-01-11T13:15:12Z 2023-01-11T13:15:12Z Senate S S 2008-01-22 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2008-01-22T23:24:18Z 2008-01-22 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 S107) IntroReferral 2008-01-22 Sponsor introductory remarks on measure. (CR S105-107) IntroReferral B00100 9 Library of Congress 2008-01-22 Introduced in Senate IntroReferral 10000 9 Library of Congress F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA N Finance and Financial Sector Commerce Consumer credit Consumer education Credit cards Customer service Interest Retail trade Science, Technology, Communications Telephone Finance and Financial Sector 00 2008-01-22 Introduced in Senate 2008-04-01T16:54:44Z Credit Card Minimum Payment Notification Act of 2008 - Amends the Truth in Lending Act regarding disclosures required with each billing cycle under an open end consumer credit plan to require a credit card issuer to include in specified type a written statement in the following form: "Minimum Payment Warning: Making only the minimum payment will increase the interest you pay and the time it takes to repay your balance."

Prescribes additional three-line statements disclosing the length of time it will take to pay off balances and the final cost to the consumer of interest rates charged.

Requires disclosure of a toll-free telephone number to obtain an estimate in person rather than a recording of the time to repay the balance making only minimum payments and the total amount of those payments.

Directs the Federal Trade Commission (FTC) to establish a detailed table illustrating the approximate number of months that it would take and the approximate total cost to repay an outstanding balance if the consumer pays only the required minimum monthly payments and if no other additional charges or fees are incurred on the account.

Exempts from such disclosure requirements any billing cycle in which: (1) the account agreement requires a minimum payment of not less than 10% of the outstanding balance; and (2) finance charges are not imposed.

]]> Credit Card Minimum Payment Notification Act of 2008 Display Title Credit Card Minimum Payment Notification Act of 2008 Official Title as Introduced A bill to amend the Truth in Lending Act to provide for enhanced disclosure under an open end credit plan. Introduced in Senate IS Short Titles as Introduced Credit Card Minimum Payment Notification Act of 2008 Introduced in Senate 2008-01-22T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2542is/xml/BILLS-110s2542is.xml 2008-01-22 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S107) 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.