[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3421 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 3421

  To amend the Truth in Lending Act to prohibit universal defaults on 
  credit card accounts and to require minimum payment disclosures for 
    accounts under an open end consumer credit plan, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 3, 2007

  Mrs. Lowey introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Truth in Lending Act to prohibit universal defaults on 
  credit card accounts and to require minimum payment disclosures for 
    accounts under an open end consumer credit plan, 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 Protection Act of 2007''.

SEC. 2. PROHIBIT UNIVERSAL DEFAULTS ON CREDIT CARD ACCOUNTS.

    Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended 
by adding at the end the following new subsection:
    ``(i) Universal Defaults Prohibited.--No creditor may use any 
adverse information concerning any consumer, including any information 
in any consumer report (as defined in section 603) or any change in the 
credit score of the consumer, as the basis for increasing any annual 
percentage rate of interest or introductory annual percentage rate of 
interest applicable to a credit card account of the consumer under an 
open end consumer credit plan for reasons other than actions or 
omissions of the consumer that are directly related to such account.''.

SEC. 3. MINIMUM PAYMENT DISCLOSURES.

    (a) In General.--Section 127(b) of the Truth in Lending Act (15 
U.S.C. 1637(b)) is amended by adding at the end the following new 
paragraph:
            ``(13) Minimum payment disclosures.--Any other repayment 
        information the Board determines to be appropriate, including 
        the following:
                    ``(A) The required minimum monthly payment on the 
                outstanding balance in the account at the end of the 
                period, represented as both a dollar amount and as a 
                percentage of the outstanding balance.
                    ``(B) The number of months that it would take to 
                pay the entire amount of the current outstanding 
                balance at the current applicable annual percentage 
                rate if only the required minimum monthly payment is 
                paid and no further charges are made.
                    ``(C) The total cost to the consumer to pay the 
                remaining balance at the current applicable annual 
                percentage rate if only the required minimum monthly 
                payment is paid and no further charges are made.''.
    (b) Format for Disclosures.--Section 122 of the Truth in Lending 
Act (15 U.S.C. 1632) is amended by adding at the end the following new 
subsection:
    ``(d) Tabular Format Required for Certain Disclosures Under Section 
127(b)(13).--The information required to be included in a periodic 
statement under section 127(b)(13) shall--
            ``(1) be disclosed in a tabular format in the form and 
        manner which the Board shall prescribe by regulations;
            ``(2) appear in at least 10-point type; and
            ``(3) be placed in a conspicuous and prominent location on 
        the first page of the statement.''.
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