[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2724 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 2724

   To amend the Fair Credit Reporting Act to prohibit the use of any 
 information in any consumer report by any credit card issuer that is 
 unrelated to the transactions and experience of the card issuer with 
   the consumer to increase the annual percentage rate applicable to 
        credit extended to the consumer, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 14, 2003

 Mr. Sanders introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To amend the Fair Credit Reporting Act to prohibit the use of any 
 information in any consumer report by any credit card issuer that is 
 unrelated to the transactions and experience of the card issuer with 
   the consumer to increase the annual percentage rate applicable to 
        credit extended to the consumer, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Credit Bait and Switch Prevention 
Act''.

SEC. 2. LIMITATION ON USE OF CONSUMER REPORTS.

    (a) In General.--Section 604(d) of the Fair Credit Reporting Act 
(15 U.S.C. 1681b(d)) is amended to read as follows:
    ``(d) Limitation on Use of Consumer Report.--
            ``(1) In general.--No credit card issuer may use any 
        negative information contained in a consumer report to increase 
        any annual percentage rate applicable to a credit card account, 
        or to remove or increase any introductory annual percentage 
        rate of interest applicable to such account, for reasons other 
        than actions or omissions of the card holder that are directly 
        related to such account.
            ``(2) Notice to consumer.--The limitation under paragraph 
        (1) on the use by a credit card issuer of information in a 
        consumer report shall be clearly and conspicuously described to 
        the consumer by the credit card issuer in any disclosure or 
        statement required to be made to the consumer under this 
        Act.''.
    (b) Technical and Conforming Amendment.--Section 604(a)(3)(F)(ii) 
of the Fair Credit Reporting Act (15 U.S.C. 1681b(a)(3)(F)(ii)) is 
amended by inserting ``subject to subsection (d),'' before ``to 
review''.
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