S. 2753 (110th): Credit Card Reform Act of 2008

Introduced:
Mar 12, 2008 (110th Congress, 2007–2009)
Sponsor:
Sen. Robert “Bob” Menéndez [D-NJ]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as S. 392 (111th) on Feb 06, 2009.

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on March 12, 2008, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 12, 2008
Referred to Committee Mar 12, 2008
Cosponsors
2 cosponsors (2D) (show)
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to protect consumers, and especially young consumers, from skyrocketing credit card debt, unfair credit card practices, and deceptive credit offers.

Summary

No summaries available.

Text

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Last updated Mar 12, 2008.
14 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

3/12/2008--Introduced.
Credit Card Reform Act of 2008 - Amends the Fair Credit Reporting Act to permit a consumer reporting agency to furnish a consumer report in connection with any credit or insurance transaction that is not initiated by the consumer only if the report indicates that the consumer is age 21 or older.
Allows 18-year olds to elect to have their name and address included in any agency list.
Amends the Truth in Lending Act to prohibit a credit card issuer from changing the terms of a credit card under an open end consumer credit plan:
(1) before the scheduled contract expiration or renewal date; and
(2) until the issuer has published all contract changes in any mandatory disclosures.
Establishes a cardholder right to repay all existing balances on a terminated or expired credit card account under the terms of the account in effect before the termination or expiration.
Imposes limits upon increases of interest rates and finance charges on a credit card account before its scheduled renewal date.
Permits an increase in the annual percentage rate (APR) as a penalty only for specific, material contract violations of a consumer directly related to the account that are specified in the contract as grounds for an increase.
Bans retroactive rate increases.
Prohibits a credit card issuer from imposing adverse consequences for late payment if the cardholder's payment is postmarked or initiated by electronic funds transfer on or before the required postmark date.
Requires a credit card issuer to verify, when the account is opened or the credit limit increased, that the consumer will be able to make the scheduled payments, based on a consideration of current and expected income, current obligations, and employment status.
Amends the Fair Credit Reporting Act to redefine "firm offer of credit or insurance" to require the offer to specify all material terms, including APR, fees, and the applicable amount of credit or credit limit.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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