Summary: S.900 — 111th Congress (2009-2010)All Information (Except Text)

There is one summary for S.900. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (04/27/2009)

Credit Card Safety Star Act of 2009 - Amends the Truth in Lending Act to direct the Board of Governors of the Federal Reserve System to promulgate rules to implement a Safety Star System, with one to five stars, to allow consumers to compare quickly and easily the terms, conditions, and levels of safety associated with various open end credit plan agreements.

Specifies a point structure for rating credit cards.

Assigns an automatic one-star rating (the lowest level of safety) to any open end credit plan that allows the card issuer to modify the terms of the agreement with a cardholder at any time or periodically for unspecified or unstated reasons.

Establishes the Credit Card Safety Star Advisory Commission.