H.R.5060 - College Student Credit Card Protection Act108th Congress (2003-2004)
|Sponsor:||Rep. Slaughter, Louise McIntosh [D-NY-28] (Introduced 09/09/2004)|
|Committees:||House - Financial Services|
|Latest Action:||10/07/2004 Referred to the Subcommittee on Financial Institutions and Consumer Credit. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5060 — 108th Congress (2003-2004)All Bill Information (Except Text)
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.