Underage Consumer Credit Protection Act of 2001 - Amends the Truth in Lending Act to prescribe application requirements for the issuance of a credit card to an underage (under age 21) consumer, which include: (1) signature indicating joint liability for debts in connection with the account by another individual having the means to repay debts incurred by the underage consumer; (2) submission of financial information indicating an independent means of repayment by the consumer; or (3) proof of completion by the consumer of a specified credit counseling course.
Authorizes the Board of Governors of the Federal Reserve system to promulgate the attendant rules and model forms.
Actions
May 15, 2001
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4958)
May 15, 2001
Sponsor introductory remarks on measure. (CR S4957-4958)