H.R. 3977 · 111th Congress
Credit Card Fee Limitation and Accountability Act
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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SuttonSponsor15 cosponsors · 15 D
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Brown
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Courtney
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Grijalva
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Hastings
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Hare
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Hirono
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Kaptur
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Markey
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Stupak
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Sires
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Braley
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Carney
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Filner
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Moran
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Miller10 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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…
What it does: CRS summary · Introduced in House · Oct 29, 2009
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Credit Card Fee Limitation and Accountability Act
Latest action (Oct 29, 2009): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Oct 29, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.