S. 1833 would amend the Credit Card Accountability Responsibility and Disclosure Act of 2009 to establish an earlier effective date for various consumer protections.
Detailed Summary
Expedited CARD Reform for Consumers Act of 2009 - Amends the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act of 2009) to move up the effective date of the Act from February 20, 2010, to December 1, 2009.
Amends the Truth in Lending Act to move up also to December 1, 2009: (1) the deadline by which the Board of Governors of the Federal Reserve System must issue final implementing rules for required creditor reviews of changes in factors considered in past consumer annual percentage interest rate (APR) increases when determining whether to reduce the APR; and (2) the effective date of the creditor review requirement.
Moves up to the same date: (1) the effective date of the requirement that any penalty fee or charge that a credit card issuer may impose, including a late payment fee, over-the-limit fee, or any other penalty fee or charge, be reasonable and proportional to the omission or violation to which it relates; and (2) the deadline for the Board to issue final implementing rules establishing standards for assessing whether any such penalty fee or charge is reasonable and proportional.
Amends the Electronic Fund Transfer Act to move up to December 1, 2009, as well the effective dates of the Act's: (1) prohibition against the imposition of a dormancy fee, an inactivity charge or fee, or a service fee with respect to general use prepaid cards, certificates, and store gift cards; and (2) the deadline by which the Board must issue final implementing regulations.
Status of the Legislation
Latest Major Action: 10/21/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Points in Favor
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Points Against
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Visitor Comments
WE NEED HELP
November 30, 2009, 10:24pm (report abuse)WE NEED THIS PASSED!!! AND RIGHT NOW PUT THE HEALTH CARE BILL ON HOLD AND PASS THIS. THE CREDIT CARDS COMPANY ARE TAKING ADVANTAGE OF US. PLEASE PASS ASAP. IT IS ALREADY DECEMBER.ROLL IT BACK TO THE ORG BILL WAS SIGNED.