Top Legislation - View All
Also tagged in: Children, Consumer credit, Consumer education, Consumers, Counseling, Credit bureaus, Credit cards, Education, Families, Fees, Finance, Government information, Government paperwork, Higher education, Interest, Interest rates, Law, Liability (Law), Nonprofit organizations, Parent and child, Personal budgets, Social services, Students, Youth
Latest Action: 03/09/2007 - Sponsor introductory remarks on measure. (CR E501-502) Bill TextTo amend the Consumer Credit Protection Act to ban abusive credit practices, enhance consumer disclosures, protect underage consumers, and for other purposes. 3/9/2007--Introduced. Credit Card Accountability Responsibility and Disclosure Act of 2007, or the Credit CARD Act of 2007 - Amends the Truth in Lending Act to require advance notice of any increase in the annual percentage rate (APR) of interest 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. Prohibits: (1) penalties for on-time payments; (2) fees for non-use of credit card; (3) over-the-limit fees for creditor-approved transactions; and (4) use by a credit card issuer of adverse information unrelated to a cardholder's account with that issuer in order to increase the APR under an open-end consumer credit plan. Requires disclosure of: (1) repayment information applicable to the outstanding balance; and [...] show full description
Also tagged in: Actions and defenses, Administrative procedure, Business, Civil rights, Collection of accounts, Consumer credit, Consumer education, Consumer protection, Consumers, Contracts, Credit bureaus, Credit insurance, Criminal justice, Damages, Deceptive advertising, Discrimination in consumer credit, Executive departments, Federal preemption, Federal reserve system, Fees, Finance, Fraud, Government information, Government paperwork, Instalment plan, Insurance premiums, Interest, Interest rates, Law, Lease and rental services, Legal fees, Liability (Law), Restrictive trade practices, Sales promotion, State and local government, State laws, Trade regulation, Warranties
Latest Action: 05/25/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to amend the Consumer Credit Protection Act, to protect consumers from inadequate disclosures and certain abusive practices in rent-to-own transactions, and for other purposes. 5/25/2007--Introduced. Rent-To-Own Reform Act of 2007 - Amends the Consumer Credit Protection Act to prohibit a seller in a rent-to-own transaction from receiving or assessing any interest, finance charge, or other fee for the transaction that exceeds the interest, fees, or finance charges permissible under the laws of the state in which the seller is located which establish: (1) a maximum rate or amount of interest, finance charge, or time-price differential that may be charged in connection with a credit sale or retail installment sale for the same or a similar item; (2) the types of fees and the maximum amount of fees that a seller may so charge; or (3) the types of credit insurance and the maximum amount of premiums that can be charged for credit insurance in such a connection. Permits [...] show full description
Also tagged in: Actions and defenses, Administrative procedure, Budgets, Collection of accounts, Consumer education, Consumers, Debtor and creditor, Education, Executive departments, Federal reserve system, Federally-guaranteed loans, Fees, Finance, Government lending, Higher education, Interest, Interest rates, Law, Liability (Law), Limitation of actions, Student loan funds
Latest Action: 07/19/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to amend the Truth in Lending Act, to improve disclosures for private student loans, and for other purposes. 7/19/2007--Introduced. Private Student Loan Disclosure Enhancement Act of 2007 - Amends the Truth in Lending Act to subject private education loans to its consumer credit disclosure requirements. Sets forth the private student loan terms and conditions which lenders must clearly and conspicuously disclose to borrowers in any application or solicitation for such a loan and contemporaneously with the approval of a private student loan application. Gives private student loan borrowers 30 days after the loan is approved and the required loan disclosure information is received to accept and consummate the loan transaction. Subjects lenders to civil liability for violating such requirements. Requires civil actions to be brought within one year after the first monthly payment on the loan becomes due after the borrower leaves school, unless full repayment [...] show full description
Also tagged in: Administrative procedure, Bank accounts, Bank deposits, Bank loans, Banks and banking, Business, Checks, Consumer education, Consumer protection, Consumers, Contracts, Deceptive advertising, Electronic funds transfers, Federal reserve system, Fees, Finance, Law, Technology, Telecommunication
Latest Action: 04/12/2007 - Referred to the Subcommittee on Financial Institutions and Consumer Credit. Bill TextTo extend the protections of the Truth in Lending Act to overdraft protection programs and services provided by depository institutions, to require customer consent before a depository institution may initiate overdraft protection services and fees, to enhance the information made available to consumers relating to overdraft protection services and fees, to prohibit systematic manipulation in the posting of checks and other debits to a depository account for the purpose of generating overdraft protection fees, and for other purposes. 2/8/2007--Introduced. Consumer Overdraft Protection Fair Practices Act - Amends the Truth in Lending Act to set forth restrictions on: (1) overdraft protection programs or services for consumers; and (2) representations or statements with respect to such a program or service in any advertisement or promotion. Amends the Electronic Fund Transfer Act and the Expedited Funds Availability Act to set forth restrictions on overdraft protection [...] show full description
Also tagged in: Business, Communications, Consumer credit, Consumer education, Consumers, Credit cards, Federal preemption, Finance, Graphs and charts, Interest rates, Retail trade, Signs and signboards, State and local government, State laws
Latest Action: 07/10/2007 - Referred to the House Committee on Financial Services. Bill TextTo amend the Truth in Lending Act to require a store in which a consumer may apply to open a credit or charge card account to display a sign, at each location where the application may be made, containing the same information required by such Act to be prominently placed in a tabular format on the application. 7/10/2007--Introduced. Amends the Truth in Lending Act to require any person selling personal property to consumers on a business premises to display conspicuously, at each location on the premises where a credit or charge card account may be submitted by a consumer, a sign that contains the same information required by the Act to be prominently placed in tabular format on the account application itself.
Also tagged in: Consumer credit, Consumer protection, Consumers, Counseling, Debtor and creditor, Finance, Housing, Housing finance, Insurance premiums, Mortgage banks, Mortgage guaranty insurance, Mortgage interest rates, Mortgages, Property insurance, Property tax, Taxation
Latest Action: 07/18/2007 - Referred to the House Committee on Financial Services. Bill TextTo amend the Truth in Lending Act to protect consumers from certain practices in connection with the origination of consumer credit transactions secured by the consumer's principal dwelling, and for other purposes. 7/18/2007--Introduced. Fairness for Homeowners Act of 2007 - Amends the Truth in Lending Act to prohibit any creditor or mortgage broker from making, providing, or arranging for any consumer credit transaction secured by a consumer's principal dwelling without verifying the consumer's reasonable ability to make the scheduled payments of principal, interest (including variable interest), real estate taxes, homeowner's insurance, assessments, and mortgage insurance premiums. Prescribes criteria for determining the reasonable ability to make such payments. Prohibits steering (arranging for a lower investment grade credit transaction if the consumer qualifies for a higher investment grade transaction) and prepayment penalties for adjustable rate mortgages [...] show full description
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Latest Legislation - View All
Also tagged in: Actions and defenses, Administrative procedure, Budgets, Collection of accounts, Consumer education, Consumers, Debtor and creditor, Education, Executive departments, Federal reserve system, Federally-guaranteed loans, Fees, Finance, Government lending, Higher education, Interest, Interest rates, Law, Liability (Law), Limitation of actions, Student loan funds
Latest Action: 07/19/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to amend the Truth in Lending Act, to improve disclosures for private student loans, and for other purposes. 7/19/2007--Introduced. Private Student Loan Disclosure Enhancement Act of 2007 - Amends the Truth in Lending Act to subject private education loans to its consumer credit disclosure requirements. Sets forth the private student loan terms and conditions which lenders must clearly and conspicuously disclose to borrowers in any application or solicitation for such a loan and contemporaneously with the approval of a private student loan application. Gives private student loan borrowers 30 days after the loan is approved and the required loan disclosure information is received to accept and consummate the loan transaction. Subjects lenders to civil liability for violating such requirements. Requires civil actions to be brought within one year after the first monthly payment on the loan becomes due after the borrower leaves school, unless full repayment [...] show full description
Also tagged in: Consumer credit, Consumer protection, Consumers, Counseling, Debtor and creditor, Finance, Housing, Housing finance, Insurance premiums, Mortgage banks, Mortgage guaranty insurance, Mortgage interest rates, Mortgages, Property insurance, Property tax, Taxation
Latest Action: 07/18/2007 - Referred to the House Committee on Financial Services. Bill TextTo amend the Truth in Lending Act to protect consumers from certain practices in connection with the origination of consumer credit transactions secured by the consumer's principal dwelling, and for other purposes. 7/18/2007--Introduced. Fairness for Homeowners Act of 2007 - Amends the Truth in Lending Act to prohibit any creditor or mortgage broker from making, providing, or arranging for any consumer credit transaction secured by a consumer's principal dwelling without verifying the consumer's reasonable ability to make the scheduled payments of principal, interest (including variable interest), real estate taxes, homeowner's insurance, assessments, and mortgage insurance premiums. Prescribes criteria for determining the reasonable ability to make such payments. Prohibits steering (arranging for a lower investment grade credit transaction if the consumer qualifies for a higher investment grade transaction) and prepayment penalties for adjustable rate mortgages [...] show full description
Also tagged in: Business, Communications, Consumer credit, Consumer education, Consumers, Credit cards, Federal preemption, Finance, Graphs and charts, Interest rates, Retail trade, Signs and signboards, State and local government, State laws
Latest Action: 07/10/2007 - Referred to the House Committee on Financial Services. Bill TextTo amend the Truth in Lending Act to require a store in which a consumer may apply to open a credit or charge card account to display a sign, at each location where the application may be made, containing the same information required by such Act to be prominently placed in a tabular format on the application. 7/10/2007--Introduced. Amends the Truth in Lending Act to require any person selling personal property to consumers on a business premises to display conspicuously, at each location on the premises where a credit or charge card account may be submitted by a consumer, a sign that contains the same information required by the Act to be prominently placed in tabular format on the account application itself.
Also tagged in: Actions and defenses, Administrative procedure, Business, Civil rights, Collection of accounts, Consumer credit, Consumer education, Consumer protection, Consumers, Contracts, Credit bureaus, Credit insurance, Criminal justice, Damages, Deceptive advertising, Discrimination in consumer credit, Executive departments, Federal preemption, Federal reserve system, Fees, Finance, Fraud, Government information, Government paperwork, Instalment plan, Insurance premiums, Interest, Interest rates, Law, Lease and rental services, Legal fees, Liability (Law), Restrictive trade practices, Sales promotion, State and local government, State laws, Trade regulation, Warranties
Latest Action: 05/25/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to amend the Consumer Credit Protection Act, to protect consumers from inadequate disclosures and certain abusive practices in rent-to-own transactions, and for other purposes. 5/25/2007--Introduced. Rent-To-Own Reform Act of 2007 - Amends the Consumer Credit Protection Act to prohibit a seller in a rent-to-own transaction from receiving or assessing any interest, finance charge, or other fee for the transaction that exceeds the interest, fees, or finance charges permissible under the laws of the state in which the seller is located which establish: (1) a maximum rate or amount of interest, finance charge, or time-price differential that may be charged in connection with a credit sale or retail installment sale for the same or a similar item; (2) the types of fees and the maximum amount of fees that a seller may so charge; or (3) the types of credit insurance and the maximum amount of premiums that can be charged for credit insurance in such a connection. Permits [...] show full description
Also tagged in: Children, Consumer credit, Consumer education, Consumers, Counseling, Credit bureaus, Credit cards, Education, Families, Fees, Finance, Government information, Government paperwork, Higher education, Interest, Interest rates, Law, Liability (Law), Nonprofit organizations, Parent and child, Personal budgets, Social services, Students, Youth
Latest Action: 03/09/2007 - Sponsor introductory remarks on measure. (CR E501-502) Bill TextTo amend the Consumer Credit Protection Act to ban abusive credit practices, enhance consumer disclosures, protect underage consumers, and for other purposes. 3/9/2007--Introduced. Credit Card Accountability Responsibility and Disclosure Act of 2007, or the Credit CARD Act of 2007 - Amends the Truth in Lending Act to require advance notice of any increase in the annual percentage rate (APR) of interest 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. Prohibits: (1) penalties for on-time payments; (2) fees for non-use of credit card; (3) over-the-limit fees for creditor-approved transactions; and (4) use by a credit card issuer of adverse information unrelated to a cardholder's account with that issuer in order to increase the APR under an open-end consumer credit plan. Requires disclosure of: (1) repayment information applicable to the outstanding balance; and [...] show full description
Also tagged in: Administrative procedure, Bank accounts, Bank deposits, Bank loans, Banks and banking, Business, Checks, Consumer education, Consumer protection, Consumers, Contracts, Deceptive advertising, Electronic funds transfers, Federal reserve system, Fees, Finance, Law, Technology, Telecommunication
Latest Action: 04/12/2007 - Referred to the Subcommittee on Financial Institutions and Consumer Credit. Bill TextTo extend the protections of the Truth in Lending Act to overdraft protection programs and services provided by depository institutions, to require customer consent before a depository institution may initiate overdraft protection services and fees, to enhance the information made available to consumers relating to overdraft protection services and fees, to prohibit systematic manipulation in the posting of checks and other debits to a depository account for the purpose of generating overdraft protection fees, and for other purposes. 2/8/2007--Introduced. Consumer Overdraft Protection Fair Practices Act - Amends the Truth in Lending Act to set forth restrictions on: (1) overdraft protection programs or services for consumers; and (2) representations or statements with respect to such a program or service in any advertisement or promotion. Amends the Electronic Fund Transfer Act and the Expedited Funds Availability Act to set forth restrictions on overdraft protection [...] show full description
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