S.1309 - Universal Default Prohibition Act of 2007110th Congress (2007-2008)
|Sponsor:||Sen. Tester, Jon [D-MT] (Introduced 05/03/2007)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||05/03/2007 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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- Finance and Financial Sector
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Summary: S.1309 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in Senate (05/03/2007)
Universal Default Prohibition Act of 2007 - Amends the Truth in Lending Act to prohibit a creditor from: (1) using any adverse information concerning any consumer, including any in a consumer report or any change in the consumer's credit score, as the basis for increasing any annual percentage rate of interest for a credit card account of the consumer's under an open end consumer credit plan; or (2) removing or increasing any introductory annual percentage rate of interest for that account, for reasons other than actions or omissions of the consumer directly related to the account.
Requires such limitation on the use of adverse information to be clearly and conspicuously described to the consumer by the credit card issuer.