S. 1925 would amend the Truth in Lending Act, to prevent credit card issuers from taking unfair advantage of college students and their parents.

== Detailed Summary ==

<summary>
(LogStudent Credit Card Protection Act of 2007 - Amends the Truth in Lending Act to editlimit by a specified formula the wiki andtotal credit which may be the firstextended by a creditor during any full calendar year to provide a detailed summaryfull time, traditional-aged college student under a college student credit card account, unless a parent, legal guardian, or spouse of the bill!)student assumes joint liability for debts incurred.

Prohibits increasing the credit limit on an account for which a parent, guardian, or spouse has assumed joint liability without that person's written approval.

States that a creditor must require adequate proof of income, income history, and credit history, before any such college student credit card account may be opened.

Prohibits a creditor from opening a credit card account for, or issue any credit card to, any college student who: (1) has no verifiable annual gross income; and (2) already maintains a credit card account under an open end consumer credit plan with the same creditor or any affiliate.

Directs the Board of Governors of the Federal Reserve System to promulgate implementing regulations.
</summary>

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== Status of the Legislation ==

<status>
Latest Major Action: 8/1/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
</status>

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== Points in Favor ==

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== Points Against ==

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