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H.R. 5280, The Stop Unfair Practices in Credit Cards Act of 2007
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
Comparing original version (created by webmaster) with revision saved on April 1, 2008, 19:33:05 (webmaster):
H.R. 5280 would prevent unfair practices in credit card accounts.
== Detailed Summary ==
<summary>
(LogStop Unfair Practices in Credit Cards Act of 2007 - Amends the Truth in Lending Act regarding open-end consumer credit plans.
Prohibits imposition of an interest charge upon debt paid on time and in full. Sets restrictions upon interest rate increases.
Limits penalty rate increases to: (1) seven percentage points above the current interest rate; and (2) future credit extensions only.
Prohibits interest charges on fees. Specifies restrictions upon over-the-limit fees.
Requires the primary federal regulator of a card issuer to editconduct annual audits of the wikicredit card operations and beprocedures used by the issuer.
Requires the card issuer to: (1) apply payment first to providethe card balance bearing the highest rate of interest, and then to each successive balance bearing the next highest rate of interest, until the payment is exhausted; and (2) apply the payment in the most effective way to minimize the imposition of any finance charge.
Requires a detailed summarycard issuer to define and display the term "prime rate" or similar rate or index as the bank prime loan rate posted by a majority of the bill!)top 25 U.S. chartered commercial banks, as published by the Board of Governors of the Federal Reserve System (Board).
Revises requirements governing credit card information collected by the Board.
Directs the Board to report annually to Congress its assessment of the profitability of credit card operations of depository institutions.
</summary>
<!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. -->
== Status of the Legislation ==
<status>
(Log inLatest Major Action: 2/7/2008: Referred to edit the wiki and be the firstHouse committee. Status: Referred to update the status of the bill!)House Committee on Financial Services.
</status>
<!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. -->
== Points in Favor ==
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== Points Against ==
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Visitor Comments
Brent
July 19, 2008, 10:27pm (report abuse)This bill needs to be approved. I'm a victim of one of these companies that does everything in their power to skirt the law and overcharge their customers. The companies hide behind arbitration because they know what they are doing is wrong. There is nothing a customer can do because arbitration works like 2% of the time. This is the only way to protect the consumer.
HSBC charges a fee to make your payment be applied on time, even when the payment is submitted online before the due date. There is no way it should be legal to be forced to pay a fee for a payment being submitted on time. Please do something about these unethical companies.