H.R. 2007 (111th): American Credit Card Reform Act

Introduced:
Apr 21, 2009 (111th Congress, 2009–2010)
Sponsor:
Rep. Eric Massa [D-NY29]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on April 21, 2009, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 21, 2009
Cosponsors
none
Committees

House Financial Services

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

Full Title

To amend the Truth in Lending Act to prevent certain unfair practices by credit card issuers, and for other purposes.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Apr 21, 2009.
4 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.

4/21/2009--Introduced.
American Credit Card Reform Act - Amends the Truth in Lending Act to prohibit the annual percentage rate (APR) applicable to any extension of credit on an open end consumer credit account from exceeding 14%. Prohibits a credit card issuer from imposing any fee or penalty in connection with a transaction initiated by a consumer in which credit extended under such credit plan is applied to reduce an outstanding balance on another credit card account of the consumer. Prohibits a credit card issuer from: (1) advertising any credit card account on the grounds of an institution of higher education through the distribution of written applications or solicitations; or (2) amending or changing the terms of a credit card contract so long as the consumer remains in full compliance with the contract's existing terms. Prohibits the due date for any periodic payment on an outstanding credit card balance from being less than 30 days after: (1) the date of the postmark on the envelope in which the periodic statement was sent to the consumer; or if no postmark appears on the envelope, (2) the date that is three days after the closing date of such periodic statement.

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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