H.R. 5383 · 109th Congress
Credit Card Accountability Responsibility and Disclosure Act of 2006
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
UdallSponsor8 cosponsors · 8 D
6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Credit Card Accountability Responsibility and Disclosure Act of 2006, or the Credit CARD Act of 2006 - Amends the Truth in Lending Act to require advance notice of any increase in the annual percentage rate (APR) of interest pertaining a credit card account under an open end consumer credit plan.
What it does: CRS summary · Introduced in House · May 11, 2006
Credit Card Accountability Responsibility and Disclosure Act of 2006, or the Credit CARD Act of 2006 - Amends the Truth in Lending Act to require advance notice of any increase in the annual percentage rate (APR) of interest pertaining a credit card account under an open end consumer credit plan.
Imposes a freeze on interest rate terms and fees on canceled cards.
Prohibits: (1) penalties for on-time payments; and (2) over-the-limit fees for creditor-approved transactions.
Requires disclosure of: (1) the repayment information applicable to the outstanding balance; and (2) late payment deadlines, postmark dates, and any increase in interest rates for late payments.
Increases the civil penalty against any creditor who fails to comply with specified requirements in the case of an individual action relating to an open end credit plan that is not secured by real property or a dwelling.
Prohibits issuance of: (1) a credit card under an open end credit plan on behalf of a consumer who has not attained the age of 21, unless the consumer has submitted a written application meeting specified requirements; or (2) certain affinity cards to students unless certain requirements have been met.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Credit Card Accountability Responsibility and Disclosure Act of 2006
Also known as: Credit CARD Act of 2006
Latest action (Jul 28, 2006): Sponsor introductory remarks on measure. (CR H6023, E1585)
Policy area: Finance and Financial Sector · Origin: House · Introduced: May 11, 2006
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.