H.R. 3421 · 110th Congress
Credit Protection Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
LoweySponsorNo cosponsors.
Credit Protection Act of 2007 - Amends the Truth in Lending Act to prohibit a creditor from using adverse information concerning any consumer, including information in any consumer report or any change in the consumer's credit score, as the basis for increasing the annual percentage rate of interest (APR) or introductory APR applicable to a credit card…
What it does: CRS summary · Introduced in House · Aug 3, 2007
Credit Protection Act of 2007 - Amends the Truth in Lending Act to prohibit a creditor from using adverse information concerning any consumer, including information in any consumer report or any change in the consumer's credit score, as the basis for increasing the annual percentage rate of interest (APR) or introductory APR applicable to a credit card account under an open end consumer credit plan for reasons other than actions or omissions of the consumer that are directly related to such account.
Requires conspicuous payment disclosures on a creditor's billing cycle statement, including: (1) the minimum monthly payment on the outstanding balance; (2) the number of months that it would take to pay the entire amount of the outstanding balance at the current APR if only the required minimum monthly payment is paid; and (3) the total cost to the consumer to pay the remaining balance.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Credit Protection Act of 2007
Latest action (Sep 5, 2007): Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Aug 3, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.