http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/history/110_SN_1395.html?rev=2704 <p>S. 1395 would prevent unfair practices in credit card accounts.</p> <h2 id="toc0"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--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. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 5/15/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.</p> <!-- 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. --> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 2704@http://www.washingtonwatch.com Thu, 28 Jun 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_SN_1395.html?rev=2705 <p>S. 1395 would prevent unfair practices in credit card accounts.</p> <h2 id="toc4"> Detailed Summary </h2> <p>Stop Unfair Practices in Credit Cards Act of 2007 - Amends the Truth in Lending Act regarding open-end consumer credit plans.</p> <p>Prohibits imposition of an interest charge upon debt paid on time and in full. Sets restrictions upon interest rate increases.</p> <p>Limits penalty rate increases to: (1) seven percentage points above the current interest rate; and (2) future credit extensions only.</p> <p>Prohibits interest charges on fees. Specifies restrictions upon over-the-limit fees.</p> <p>Requires the primary federal regulator of a card issuer to conduct annual audits of the credit card operations and procedures used by the issuer.</p> <p>Requires the card issuer to: (1) apply payment first to the 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.</p> <p>Requires a card issuer to define and display the term &amp;quot;prime rate&amp;quot; or similar rate or index as the bank prime loan rate posted by a majority of the top 25 U.S. chartered commercial banks, as published by the Board of Governors of the Federal Reserve System (Board).</p> <p>Revises requirements governing credit card information collected by the Board.</p> <p>Directs the Board to report annually to Congress its assessment of the profitability of credit card operations of depository institutions.</p> <!--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. --> <h2 id="toc5"> Status of the Legislation </h2> <p>Latest Major Action: 5/15/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.</p> <!-- 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. --> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 2705@http://www.washingtonwatch.com Thu, 28 Jun 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_1395.html 5/15/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 21606@http://www.washingtonwatch.com Tue, 15 May 2007 00:00:00 EDT