H.R.2724 - Credit Bait and Switch Prevention Act108th Congress (2003-2004)
|Sponsor:||Rep. Sanders, Bernard [I-VT-At Large] (Introduced 07/14/2003)|
|Committees:||House - Financial Services|
|Latest Action:||08/04/2003 Referred to the Subcommittee on Financial Institutions and Consumer Credit.|
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- Finance and Financial Sector
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Summary: H.R.2724 — 108th Congress (2003-2004)All Bill Information (Except Text)
Introduced in House (07/14/2003)
Credit Bait and Switch Prevention Act - Amends the Fair Credit Reporting Act to prohibit a credit card issuer from using any negative information contained in a consumer report to increase the annual percentage rate applicable to a credit card account, or to remove or increase any introductory annual percentage rate of interest applicable to such account, for reasons other than actions or omissions of the card holder that are directly related to such account.
Requires such prohibition to be clearly and conspicuously described to the consumer by the credit card issuer in any mandatory disclosure or statement.