A bill to amend the Truth in Lending Act, to prevent credit card issuers from taking unfair advantage of college students and their parents, and for other purposes.
Actions Overview (1)
Date
Actions Overview
01/07/2009
Introduced in Senate
01/07/2009 Introduced in Senate
All Actions (2)
Date
All Actions
01/07/2009
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Action By: Senate
01/07/2009
Sponsor introductory remarks on measure. (CR S174-175) Action By: Senate
01/07/2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
01/07/2009 Sponsor introductory remarks on measure. (CR S174-175)
Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.
Committee / Subcommittee
Date
Activity
Related Documents
Senate Banking, Housing, and Urban Affairs
01/07/2009
Referred to
Related Bills (0)
No related bill information was received for S.165.
Student Credit Card Protection Act of 2009 - Amends the Truth in Lending Act to limit by a specified formula the total credit which may be extended by a creditor during any full calendar year to a full time, traditional-aged college student under a college student credit card account, unless a parent, legal guardian, or spouse of the student assumes joint liability for debts incurred.
Prohibits increasing the credit limit on an account for which a parent, guardian, or spouse has assumed joint liability without that person's written approval.
States that a creditor must require adequate proof of income, income history, and credit history, before any such college student credit card account may be opened.
Prohibits a creditor from opening a credit card account for, or issue any credit card to, any college student who: (1) has no verifiable annual gross income; and (2) already maintains a credit card account under an open end consumer credit plan with the same creditor or any affiliate.
Directs the Board of Governors of the Federal Reserve System to promulgate implementing regulations.
All Summaries (1)
Shown Here: Introduced in Senate (01/07/2009)
Student Credit Card Protection Act of 2009 - Amends the Truth in Lending Act to limit by a specified formula the total credit which may be extended by a creditor during any full calendar year to a full time, traditional-aged college student under a college student credit card account, unless a parent, legal guardian, or spouse of the student assumes joint liability for debts incurred.
Prohibits increasing the credit limit on an account for which a parent, guardian, or spouse has assumed joint liability without that person's written approval.
States that a creditor must require adequate proof of income, income history, and credit history, before any such college student credit card account may be opened.
Prohibits a creditor from opening a credit card account for, or issue any credit card to, any college student who: (1) has no verifiable annual gross income; and (2) already maintains a credit card account under an open end consumer credit plan with the same creditor or any affiliate.
Directs the Board of Governors of the Federal Reserve System to promulgate implementing regulations.
