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Latest Action: 07/31/2008 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using revolving credit arrangements and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary. 7/31/2008--Introduced. Amends the Internal Revenue Code to: (1) prohibit tax-exempt employer pension or benefit plans from making a loan to any plan beneficiary through a revolving credit arrangement; and (2) limit to three the number of loans a plan can make to a plan participant or beneficiary without tax consequences.
Latest Action: 07/17/2008 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using a credit card or other intermediary and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary. 7/17/2008--Introduced. Amends the Internal Revenue Code to: (1) prohibit tax-exempt employer pension or benefit plans from making a loan to any plan beneficiary through the use of a credit card or other intermediary; and (2) limit to three the number of loans a plan can make to a plan participant or beneficiary without tax consequences.
Also tagged in: Administrative procedure, Banks and banking, Children, Congressional agencies, Congressional investigations, Consumer credit, Consumer education, Consumers, Debtor and creditor, Education, Elementary and secondary education, Executive departments, Federal Trade Commission, Fees, Finance, Fines (Penalties), Government Accountability Office (GAO), Higher education, Independent regulatory commissions, Interest rates, Law, National Credit Union Administration, Students, Youth
Latest Action: 07/10/2008 - Sponsor introductory remarks on measure. (CR S6572-6574) Bill TextA bill to amend the Consumer Credit Protection Act, to ban abusive credit practices, enhance consumer disclosures, protect underage consumers, and for other purposes. 7/10/2008--Introduced. Credit Card Accountability Responsibility and Disclosure Act of 2008, or the Credit CARD Act of 2008 - Amends the Truth in Lending Act to require advance notice of any increase in the annual percentage rate of interest (APR) pertaining to a credit card account under an open end consumer credit plan. Imposes a freeze on interest rate terms and fees on canceled cards. Sets limits on fees and interest charges, including a prohibition against penalties for on-time payments. Prohibits a creditor from furnishing information to a consumer reporting agency concerning a newly opened credit card account until the credit card has been used or activated by the consumer. Revises requirements for prompt and fair crediting of card payments. Prohibits universal default [...] show full description
Also tagged in: Administrative procedure, Business, Consumer protection, Consumers, Contracts, Debit cards, Electronic funds transfers, Executive departments, Federal Trade Commission, Fees, Finance, Government information, Government paperwork, Government publicity, Independent regulatory commissions, Law, Restrictive trade practices, Technology, Telecommunication
Latest Action: 06/11/2008 - Referred to the House Committee on Financial Services. Bill TextTo amend the Truth in Lending Act to prohibit unfair practices in electronic payment system networks, and for other purposes. 6/11/2008--Introduced. Credit Card Interchange Fees Act of 2008 - Amends the Truth in Lending Act to prohibit specified electronic payment system network practices, including the imposition of: (1) additional charges on merchants and consumers for premium payment cards; (2) certain restrictions on merchants, including chargebacks for transactions on point of sale terminals that exceed the allowable amount on such devices; (3) restrictions upon network routing; and (4) fees for failure of the merchant to provide a particular number of transactions. Requires an electronic payment system network to disclose its contract terms to the merchant, including its complete operating rules, without restricting the merchant's use of such information. Directs the Federal Trade Commission (FTC) to prescribe regulations to: (1) ensure that the rules,[...] show full description
Latest Action: 06/05/2008 - Sponsor introductory remarks on measure. (CR S5208-5210) Bill TextA bill to amend the antitrust laws to ensure competitive market-based fees and terms for merchants' access to electronic payment systems. 6/5/2008--Introduced. Credit Card Fair Fee Act of 2008 - Authorizes providers of a single covered electronic payment system (e.g., Visa or Mastercharge credit cards) and any merchants to jointly negotiate and agree upon the fees and terms for access to such a system. Defines covered electronic payment system as any system that has been used for at least 20% of the combined dollar value of credit and debit card payments processed in the most recent year. Grants limited antitrust immunity to such providers and merchants, as well as to those providers who jointly determine among themselves the proportionate division of paid access fees.Sets forth procedures to determine fees and terms for access to a covered electronic payment system. Creates a panel of three full-time Electronic Payment System Judges, appointed [...] show full description
Latest Action: 05/07/2008 - Referred to the House Committee on Financial Services. Bill TextTo amend the Truth in Lending Act to impose a cap on the rate of interest that may be charged on consumer credit card accounts, and for other purposes. 5/7/2008--Introduced. Fair and Justifiable Credit Card Interest Rate Act of 2008 - Amends the Truth in Lending Act to prohibit the annual percentage rate applicable to any extension of credit on a credit card account under an open end consumer credit plan from exceeding 20%.
Also tagged in: Consumer protection, Consumers, Crime prevention, Criminal justice, Debit cards, Finance, Fraud, Frivolous lawsuits, Government information, Government paperwork, Identity theft, Law
Latest Action: 05/06/2008 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to amend the Fair Credit Reporting Act to make technical corrections to the definition of willful noncompliance with respect to violations involving the printing of an expiration date on certain credit and debit card receipts before the date of the enactment of this Act. 5/6/2008--Introduced. Credit and Debit Card Receipt Clarification Act of 2008 - Amends the Fair Credit Reporting Act (FCRA) to declare that any person who printed an expiration date on any receipt provided to a consumer cardholder at a point of sale (POS) or transaction between December 4, 2004, and the enactment of this Act, but otherwise complied with FCRA requirements for such receipt, shall not be in willful noncompliance by reason of printing such expiration date on it.
Latest Action: 03/12/2008 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to protect consumers, and especially young consumers, from skyrocketing credit card debt, unfair credit card practices, and deceptive credit offers. 3/12/2008--Introduced. Credit Card Reform Act of 2008 - Amends the Fair Credit Reporting Act to permit a consumer reporting agency to furnish a consumer report in connection with any credit or insurance transaction that is not initiated by the consumer only if the report indicates that the consumer is age 21 or older. Allows 18-year olds to elect to have their name and address included in any agency list. Amends the Truth in Lending Act to prohibit a credit card issuer from changing the terms of a credit card under an open end consumer credit plan: (1) before the scheduled contract expiration or renewal date; and (2) until the issuer has published all contract changes in any mandatory disclosures. Establishes a cardholder right to repay all existing balances on a terminated or expired credit card account [...] show full description
Latest Action: 10/03/2008 - Reported (Amended) by the Committee on Judiciary. H. Rept. 110-913. Bill TextTo amend the antitrust laws to ensure competitive market-based rates and terms for merchants' access to electronic payment systems. 10/3/2008--Reported to House amended. (There is 1 other summary) Credit Card Fair Fee Act of 2008 - (Sec. 2) Sets forth a limited antitrust immunity to providers of covered electronic payment systems and merchants for negotiation of access rates and terms. Authorizes providers of a single covered electronic payment system (e.g. Visa or Mastercharge credit cards) and merchants to jointly negotiate and agree upon rates and terms for access to such system. Authorizes such providers to jointly determine the proportionate division among themselves of paid access fees. Denies such immunity during any period in which such a provider or merchant is engaged in any unlawful boycott. Requires the rates and terms of a voluntarily negotiated access agreement to be the same for all merchants and participating providers,[...] show full description
Also tagged in: Agricultural wastes, Agriculture, Air pollution, Alaska, Alcohol as fuel, Alternative energy sources, Animals, Arctic regions, Armed forces, Auctions, Biomass energy, Bonds, Boundaries, Budgets, Business, Carbon dioxide, Cellulose, Chemicals, Climate change, Coal, Coastal zone, Congress, Congressional reporting requirements, Continental shelf, Defense economics, Defense procurement, Depletion allowances, Depreciation and amortization, Electric power production, Electric vehicles, Emissions trading, Energy, Energy conservation, Energy efficiency, Energy prices, Energy research, Energy security, Energy storage, Energy transportation, Environmental protection, Executive departments, Federal advisory bodies, Federal aid to research, Federally-guaranteed loans, Feedstock, Fees, Finance, Forest products, Fuel cells, Gas in submerged lands, Gasoline, Government procurement, Government trust funds, Governmental investigations, Greenhouse gases, Housing, Income tax, Indian lands, Indians, Indigenous peoples, Investment tax credit, Judicial review, Land transfers, Law, Marine resources, Minimum tax, Minorities, Motor vehicle pollution control, Natural gas, Natural resources, Nuclear energy, Nuclear power plants, Oil and gas leases, Options (Contract), Petroleum, Petroleum in submerged lands, Petroleum industry, Petroleum refineries, Petroleum reserves, Profit, Public contracts, Refuse as fuel, Research and development, Restrictive trade practices, Revenue sharing, Right-of-way, Rural affairs, Rural economic development, Solar energy, Solid wastes, State and local government, State laws, Strategic materials, Synthetic fuel, Tax credits, Tax deductions, Taxation, Transportation, Trees, Wildlife refuges, Wind power, Wood
Latest Action: 04/25/2008 - Referred to the Subcommittee on Conservation, Credit, Energy, and Research. Bill TextTo promote alternative and renewable fuels, domestic energy production, conservation, and efficiency, to increase American energy independence, and for other purposes. 2/14/2008--Introduced. American-Made Energy Act of 2008 - Amends the Internal Revenue Code to modify and set forth provisions concerning tax credits for alternative and renewable energy, nuclear power facility construction, and an advanced coal project and deductions for energy efficient commercial buildings, qualified refinery property, and oil and gas well depletion. Establishes the American-Made Energy Trust Fund.Amends the Energy Independence and Security Act of 2007 to repeal a provision that prohibits federal agencies from procuring alternative or synthetic fuel for any mobility-related use unless its life cycle greenhouse gas emissions are less than those for fuel from conventional petroleum sources.Directs the Federal Trade Commission (FTC) to study the effects of state guaranteed profit [...] show full description
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