H.R.1975 - Credit Card Consumer Protection Act of 1997105th Congress (1997-1998)
|Sponsor:||Rep. Kennedy, Joseph P., II [D-MA-8] (Introduced 06/19/1997)|
|Committees:||House - Banking and Financial Services|
|Latest Action:||07/14/1997 Referred to the Subcommittee on Financial Institutions and Consumer Credit.|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.1975 — 105th Congress (1997-1998)All Bill Information (Except Text)
Introduced in House (06/19/1997)
Credit Card Consumer Protection Act of 1997 - Amends the Truth in Lending Act to: (1) prohibit fee assessment against a credit card account under an open-end consumer credit plan solely on the basis of on-time payments; (2) require advance notice of any interest rate increase for a credit card account, and of the consumer's right to cancel such account before the effective date of that increase; and (3) prohibit post-cancellation increases in interest rates and fees on the outstanding balance of any canceled cards.
Mandates disclosure to a credit card account holder of the fees and interest rates imposed upon credit advances through the use of third party checks.
Proscribes over-the-limit fees in creditor-approved transactions, and two-cycle billing.
Prescribes additional notice requirements governing introductory rates to identify the fixed and variable interest rate which will apply following the introductory period.