H.R. 3977 (111th): Credit Card Fee Limitation and Accountability Act

Oct 29, 2009 (111th Congress, 2009–2010)
Died (Referred to Committee)
Betty Sutton
Representative for Ohio's 13th congressional district
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Last Updated
Oct 29, 2009
5 pages

This bill was introduced on October 29, 2009, in a previous session of Congress, but was not enacted.

Introduced Oct 29, 2009
Referred to Committee Oct 29, 2009
Full Title

To amend the Truth in Lending Act to establish limits on certain fees with regard to credit card accounts under open end consumer credit plans, and for other purposes.


No summaries available.

15 cosponsors (15D) (show)

House Financial Services

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Primary Source

THOMAS.gov (The Library of Congress)

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H.R. stands for House of Representatives bill.

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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.

Credit Card Fee Limitation and Accountability Act - Amends the Truth in Lending Act, as amended by the Credit CARD Act of 2009, to prohibit a creditor from imposing upon an open-end consumer credit account any fee related to failure of the consumer to: (1) use the credit card to obtain an extension of credit; (2) carry an outstanding balance from any billing cycle to another; and (3) obtain a minimum amount of credit under such account during any specified period.
Permits a consumer to: (1) cancel an account within 45 days of receiving notice of an annual fee if no such fee existed upon the account's initial opening; and (2) pay any outstanding account balance at the time of cancellation in accordance with the terms in effect at the time of such cancellation.
Prohibits a creditor, as a result of such cancellation, from taking action against a consumer which would adversely affect the consumer's ability to obtain credit under open-end consumer credit plan.
Requires any annual fee that a card issuer may impose with respect to a credit card account under an open-end consumer credit plan to be reasonable.
Directs the Board of Governors of the Federal Reserve System to issue final rules, within six months after the enactment of this Act, to establish standards for assessing whether the amount of any annual fee is reasonable.
Amends the Fair Credit Reporting Act to prohibit a consumer credit reporting entity from taking action or making any determination based upon consumer cancellation of a credit card account which would result in a consumer credit score lower than that which would result without taking such cancellation into account.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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