HR 5244

 
To 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, and for other purposes.
Sponsor: Carolyn B. Maloney (D) NY
 
Status: Passed
 
Govit Voted Yes 95%
S600400M
Gov Voted Yes 77%
S600400G
 
 
 
 
 
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Summary:
2/7/2008--Introduced.Credit Cardholders' Bill of Rights Act of 2008 - Amends the Truth in Lending Act to prohibit a creditor from using certain adverse information, including information in a consumer report or any change in a consumer's credit score, as the basis for increasing any annual percentage rate (APR) of interest on the consumer's outstanding balance under an open end consumer credit plan, except for actions or omissions of the consumer directly related to such account. (Thus eliminates the universal default for credit already outstanding.) Bars a creditor from changing any term of the contract or agreement of an open end consumer credit plan until contract renewal, except for specific material reasons already contained in the contract or agreement. Requires advance notice of credit card account rate increases. Authorizes a consumer who receives such notice to: (1) cancel the credit card without penalty or the imposition of any fee; and (2) pay any outstanding balance that accrued before the effective date of the increase at the APR and in the repayment period in effect before notice was received. Prohibits a creditor from imposing interest on credit repaid within the interest-free repayment time period. (Thus prohibits double cycle billing). Prohibits the imposition of fees on any outstanding balance on a credit card account attributable only to accrued interest on previously repaid credit. Requires each periodic statement of account to provide specified information on obtaining the payoff balance. Prohibits a creditor from furnishing information to a consumer reporting agency concerning a newly opened credit card account until the consumer has used or activated the credit card.Details mandatory pro rata payment allocations by a creditor.Authorizes a consumer to opt-out of creditor authorization of over-the-limit transactions if fees are imposed. Restricts the frequency of over-the-limit fees. Specifies the contents of credit card price and availability information the Board of Governors of the Federal Reserve System must collect and make public semiannually. Prescribes a standard for the initial issuance of subprime or "fee harvester" cards (accounts requiring first-year fee payments in excess of 25% of the total amount of credit authorized).
 
Text of Legislation:
Text of Legislation not available.
 
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All Actions:

Actions Date
Action Text
2/7/2008
Referred to the House Committee on Financial Services.
4/17/2008
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
4/17/2008
Subcommittee Hearings Held.
7/31/2008
Subcommittee on Financial Institutions and Consumer Credit Discharged.
7/31/2008
Committee Consideration and Mark-up Session Held.
9/16/2008
Reported (Amended) by the Committee on Financial Services. H. Rept. 110-857.
9/22/2008
Rules Committee Resolution H. Res. 1476 Reported to House. Rule provides for consideration of H.R. 5244 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. The amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill shall be considered as adopted.
9/23/2008
Rule H. Res. 1476 passed House.
9/23/2008
Considered under the provisions of rule H. Res. 1476.
9/23/2008
Rule provides for consideration of H.R. 5244 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. The amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill shall be considered as adopted.
9/23/2008
DEBATE - The House proceeded with one hour of debate on H.R. 5244.
9/23/2008
The previous question was ordered pursuant to the rule.
9/23/2008
Mr. Castle moved to recommit with instructions to Financial Services.
9/23/2008
DEBATE - The House proceeded with 10 minutes of debate on the Castle motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment inserting a new section providing a trigger for enactment.
9/23/2008
The previous question on the motion to recommit with instructions was ordered without objection.
9/23/2008
On motion to recommit with instructions Failed by the Yeas and Nays: 198 - 219 (Roll no. 622).
9/24/2008
Received in the Senate.
10/2/2008
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
9/23/2008
9/23/2008
On passage Passed by recorded vote: 312 - 112 (Roll no. 623).
 
Titles:

Credit Cardholders' Bill of Rights Act of 2008
To 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, and for other purposes.
 
Committee:

Referral, Markup, Reporting
Referral, Hearings, Discharged
Referral, In Committee
 
Related Bill Details:

 
Amendments

 
 
Co-sponsors
 
 
 
 
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