Credit Cardholders' Bill of Rights Act of 2009 (H.R.627) - USAKMT Civic Watch

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Credit Cardholders' Bill of Rights Act of 2009 (H.R.627)

2009/05/24 07:18:24瀏覽550｜回應0｜推薦0

Congress has taken historic action to help protect consumers who use credit cards. The Credit Cardholders' Bill of Rights Act of 2009 (H.R.627) passed both the House and Senate and has been sent to President Obama for his signature to make it law.

For too many years, credit card issuers have been taking advantage of the fine print in their contracts to charge consumers outrageous fees and “any time, any reason” interest rate increases. When this bill takes effect early next year, they will no longer be able to engage in these and other abusive practices. Among other things, this new law will:

Require advance notice of any interest rate increases;
Prohibit interest rate increases on an existing credit card balance because the cardholder misses a payment on an unrelated debt;
Prohibit interest rate increases on any existing balance unless payments for on that card are at least 60 days overdue;
Protect consumers from arbitrary fee and finance charge increases;
Prohibit interest charges on balances that have already been paid off;
Require payments to be applied first to the account with the highest interest rate;
Protect students and other young people from aggressive credit card solicitations;
Require greater disclosure of rates, terms and billing details by credit card companies; and
Establish tougher penalties for companies that violate the law.

I was proud to work for the passage of this important legislation. This new law represents a victory for American consumers and will prevent the unfair practices that many consumers have faced. By reducing credit card payments, it also will help consumers invest and save more -- thus helping to make our economy stronger.

Sincerely,

Barbara Boxer
United States Senator

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