3.0.0 2753 2022-02-03T05:11:26Z 2022-02-03T05:11:26Z Senate S S 2008-03-12 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2008-03-12T23:30:14Z 2008-03-12 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2008-03-12 Introduced in Senate IntroReferral 10000 9 Library of Congress M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ N W000803 Sen. Webb, Jim [D-VA] James Webb D VA H. "Jim" 2008-04-24 False L000123 Sen. Lautenberg, Frank R. [D-NJ] FRANK LAUTENBERG D NJ R. 2008-04-24 False Finance and Financial Sector Commerce Consumer credit Consumer education Contracts Credit cards Families Interest rates Youth Finance and Financial Sector 00 2008-03-12 Introduced in Senate 2008-04-18T14:00:42Z Credit Card Reform Act of 2008 - Amends the Fair Credit Reporting Act to permit a consumer reporting agency to furnish a consumer report in connection with any credit or insurance transaction that is not initiated by the consumer only if the report indicates that the consumer is age 21 or older. Allows 18-year olds to elect to have their name and address included in any agency list.

Amends the Truth in Lending Act to prohibit a credit card issuer from changing the terms of a credit card under an open end consumer credit plan: (1) before the scheduled contract expiration or renewal date; and (2) until the issuer has published all contract changes in any mandatory disclosures.

Establishes a cardholder right to repay all existing balances on a terminated or expired credit card account under the terms of the account in effect before the termination or expiration.

Imposes limits upon increases of interest rates and finance charges on a credit card account before its scheduled renewal date.

Permits an increase in the annual percentage rate (APR) as a penalty only for specific, material contract violations of a consumer directly related to the account that are specified in the contract as grounds for an increase.

Bans retroactive rate increases.

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.

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.

Amends the Fair Credit Reporting Act to redefine "firm offer of credit or insurance" to require the offer to specify all material terms, including APR, fees, and the applicable amount of credit or credit limit.

]]> Credit Card Reform Act of 2008 Short Titles as Introduced Credit Card Reform Act of 2008 Display Title Credit Card Reform Act of 2008 Official Title as Introduced A bill to protect consumers, and especially young consumers, from skyrocketing credit card debt, unfair credit card practices, and deceptive credit offers. Introduced in Senate 2008-03-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2753is/xml/BILLS-110s2753is.xml 2008-03-12 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.