Summary: H.R.5060 — 108th Congress (2003-2004)All Information (Except Text)

There is one summary for H.R.5060. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (09/09/2004)

College Student Credit Card Protection Act - Amends the Truth in Lending Act to limit by a specified formula the total credit extended under a credit card account to a full time, traditional-aged college student (unless the student's parent or guardian assumes joint liability).

Prohibits increasing the credit limit on an account for which a parent or guardian has assumed joint liability without the parent's or guardian's approval.

Prohibits a creditor from opening a credit card account for any such college student who: (1) has no annual gross income; and (2) already has a credit card account under an open end consumer credit plan.