Summary: H.R.5383 — 109th Congress (2005-2006)All Information (Except Text)

There is one summary for H.R.5383. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/11/2006)

Credit Card Accountability Responsibility and Disclosure Act of 2006, or the Credit CARD Act of 2006 - Amends the Truth in Lending Act to require advance notice of any increase in the annual percentage rate (APR) of interest pertaining a credit card account under an open end consumer credit plan.

Imposes a freeze on interest rate terms and fees on canceled cards.

Prohibits: (1) penalties for on-time payments; and (2) over-the-limit fees for creditor-approved transactions.

Requires disclosure of: (1) the repayment information applicable to the outstanding balance; and (2) late payment deadlines, postmark dates, and any increase in interest rates for late payments.

Increases the civil penalty against any creditor who fails to comply with specified requirements in the case of an individual action relating to an open end credit plan that is not secured by real property or a dwelling.

Prohibits issuance of: (1) a credit card under an open end credit plan on behalf of a consumer who has not attained the age of 21, unless the consumer has submitted a written application meeting specified requirements; or (2) certain affinity cards to students unless certain requirements have been met.