http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/history/111_SN_235.html?rev=44221 <p>S. 235 would amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan.</p> <h2 id="toc0"> Detailed Summary </h2> <p>Credit Cardholders' Bill of Rights Act of 2009 - Amends the Truth in Lending Act to prohibit a creditor from increasing any annual percentage rate of interest (APR) applicable to the existing balance on an open end credit card account unless specified conditions are met.</p> <p>Allows a creditor to increase an APR on the existing credit card balance only if the increase is due solely to one of three specified circumstances.</p> <p>Requires a 45-day advance notice of credit card account rate increases.</p> <p>Prohibits imposition of a finance charge, with certain exceptions, upon a credit card account balance that is based on balances for days in billing cycles preceding the most recent billing cycle (double cycle billing).</p> <p>Prohibits the imposition of a fee on an outstanding credit card balance, at the end of a billing period, that is attributable only to interest accrued during the preceding billing period on an outstanding balance fully repaid during that preceding billing period.</p> <p>Requires each periodic statement of account to provide the telephone number, Internet address, and website at which the payoff balance may be requested.</p> <p>Grants a consumer the right to reject a new credit card before the creditor notifies a consumer reporting agency of its corresponding account.</p> <p>Sets forth special rules for accounts with promotional rate balances or deferred interest balances.</p> <p>Prohibits a creditor from denying a cardholder a specified payment grace period if the cardholder takes advantage of a promotional rate balance or deferred interest rate balance.</p> <p>Requires creditors to send a periodic credit card statement of account to the consumer at least 25 calendar days before the due date for the next payment on the outstanding balance.</p> <p>Authorizes a consumer to opt-out of creditor authorization of over-the-limit transactions if fees are imposed.</p> <p>Prohibits imposition of any over-the-limit fee if the credit limit was exceeded due to a credit hold, unless the actual amount of the transaction for which the hold was placed would have resulted in the consumer's exceeding such credit limit.</p> <p>Prescribes the contents of credit card price and availability information which the Board of Governors of the Federal Reserve System (Board) must collect and make public semiannually.</p> <p>Prescribes a standard for the initial issuance of subprime or &amp;quot;fee harvester&amp;quot; cards (accounts requiring first-year fee payments in excess of 25% of the total amount of credit authorized).</p> <p>Prohibits extensions of credit to consumers under age 18, unless they are emancipated under state law.</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: 1/14/2009: 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> 44221@http://www.washingtonwatch.com Wed, 08 Apr 2009 00:00:00 EDT http://www.washingtonwatch.com/bills/history/111_SN_235.html?rev=36887 <p>S. 235 would amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan.</p> <h2 id="toc4"> 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="toc5"> Status of the Legislation </h2> <p>(Log in to edit the wiki and be the first to update the status of the bill!)</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> 36887@http://www.washingtonwatch.com Thu, 15 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/history/111_SN_235.html?rev=36888 <p>S. 235 would amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan.</p> <h2 id="toc8"> 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="toc9"> Status of the Legislation </h2> <p>Latest Major Action: 1/14/2009: 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="toc10"> 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="toc11"> 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> 36888@http://www.washingtonwatch.com Thu, 15 Jan 2009 00:00:00 EST http://www.washingtonwatch.com/bills/show/111_SN_235.html 1/14/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 42506@http://www.washingtonwatch.com Wed, 14 Jan 2009 00:00:00 EST