S. 393 · 109th Congress
Credit Card Minimum Payment Warning Act of 2005
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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
AkakaSponsor4 cosponsors · 4 D
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Credit Card Minimum Payment Warning Act of 2005 - Amends the Truth in Lending Act to include among the mandatory disclosures at each billing cycle of open end consumer credit plans: (1) the words "Minimum Payment Warning: Making only the minimum payment will increase the amount of interest that you pay and the time it will take to repay your outstanding…
What it does: CRS summary · Introduced in Senate · Feb 16, 2005
Credit Card Minimum Payment Warning Act of 2005 - Amends the Truth in Lending Act to include among the mandatory disclosures at each billing cycle of open end consumer credit plans: (1) the words "Minimum Payment Warning: Making only the minimum payment will increase the amount of interest that you pay and the time it will take to repay your outstanding balance;" (2) the number of years and months it would take the consumer to pay the entire amount of the balance if the consumer pays only the required minimum monthly payments; (3) the total cost to the consumer, as well as a breakdown in principal and interest payments, of paying that balance in full if the consumer pays only the required minimum monthly payments, and if no further advances are made; (4) the monthly payment amount that would be required to eliminate the outstanding balance in 36 months if no further advances are made; and (5) a toll-free telephone number for information about accessing credit counseling and debt management services.
Directs the Board of Governors of the Federal Reserve System and the Federal Trade Commission to issue jointly guidelines for creditors to establish and maintain a toll-free telephone number for such disclosures.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Credit Card Minimum Payment Warning Act of 2005
Latest action (Feb 16, 2005): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1519-1520)
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Feb 16, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.