[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2007 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 2007

 To amend the Truth in Lending Act to prevent certain unfair practices 
            by credit card issuers, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 21, 2009

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

_______________________________________________________________________

                                 A BILL


 
 To amend the Truth in Lending Act to prevent certain unfair practices 
            by credit card issuers, 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 ``American Credit Card Reform Act''.

SEC. 2. LIMIT ON CREDIT CARD INTEREST RATES.

    Section 107 of the Truth in Lending Act (U.S.C. 1606) is amended by 
adding at the end the following new subsection:
    ``(f) Consumer Credit Card Interest Rate Cap.--The annual 
percentage rate applicable to any extension of credit on a credit card 
account under an open end consumer credit plan may not exceed 14 
percent.''.

SEC. 3. PROHIBITION ON TRANSFER FEES.

    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) Prohibition on Credit Card Transfer Fees.--No credit card 
issuer under an open end consumer credit plan may impose any fee or 
penalty in connection with a transaction initiated by a consumer in 
which the applies credit extended under such credit plan to reduce an 
outstanding balance on another credit card account held by such 
consumer.''.

SEC. 4. PROHIBITION ON PREDATORY ADVERTISING ON COLLEGE CAMPUSES.

    (a) In General.--Chapter 3 of the Truth in Lending Act (15 U.S.C. 
1661 et seq.) is amended by adding at the end the following new 
section:
``Sec. 148. Advertising on college campuses prohibited
    ``(a) In General.--No credit card issuer under an open end consumer 
credit plan may advertise any credit card account on any grounds of an 
institution of higher education through the distribution of written 
applications or solicitations on such grounds.
    ``(b) Institution of Higher Education.--The term `institution of 
higher education' has the same meaning as in section 101(a) of the 
Higher Education Act of 1965 (20 U.S.C. 1001(a)).''.
    (b) Clerical Amendment.--The table of sections for chapter 3 of the 
Truth in Lending Act is amended by inserting after the item relating to 
section 147 the following new item:

``148. Advertising on college campuses prohibited.''.

SEC. 5. PROHIBITION ON CHANGING TERMS OF CREDIT CARD ACCOUNT IF 
              CONSUMER IS IN FULL COMPLIANCE WITH SUCH TERMS.

    Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended 
by inserting after subsection (i) (as added by section 3 of this Act) 
the following new subsection:
    ``(j) Prohibition on Changing Terms of Credit Card Account With 
Which Consumer Is in Compliance.--A credit card issuer may not amend or 
change the terms of a credit card contract or agreement under an open 
end consumer credit plan so long as the consumer remains in full 
compliance with the existing terms of such contract or agreement.''.

SEC. 6. ESTABLISHMENT OF DUE DATES FOR PERIODIC PAYMENTS ON CONSUMER 
              CREDIT CARD ACCOUNTS.

    Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended 
by inserting after subsection (j) (as added by section 5 of this Act) 
the following new subsection:
    ``(k) Due Date for Periodic Payment.--The due date for any periodic 
payment on an outstanding balance on a credit card account under an 
open end consumer credit plan may not be less than 30 days after--
            ``(1) the date of the postmark on the envelope in which the 
        periodic statement provided under subsection (b) applicable to 
        such period was sent to the consumer; or
            ``(2) if no postmark appears on the envelope, the date that 
        is 3 days after the closing date of such periodic statement.''.
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