Credit Card Minimum Payment Warning Act of 2005
Latest action · Feb 16, 2005 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1519-1520)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 16, 2005
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Credit Card Minimum Payment Warning Act of 2005 - Amends the Truth in Lending Act to include among the mandatory disclosures at each billing cycle of open end consumer credit plans: (1) the words "Minimum Payment Warning: Making only the minimum payment will increase the amount of interest that you pay and the time it will take to repay your outstanding balance;" (2) the number of years and months it would take the consumer to pay the entire amount of the balance if the consumer pays only the required minimum monthly payments; (3) the total cost to the consumer, as well as a breakdown in principal and interest payments, of paying that balance in full if the consumer pays only the required minimum monthly payments, and if no further advances are made; (4) the monthly payment amount that would be required to eliminate the outstanding balance in 36 months if no further advances are made; and (5) a toll-free telephone number for information about accessing credit counseling and debt management services.
Directs the Board of Governors of the Federal Reserve System and the Federal Trade Commission to issue jointly guidelines for creditors to establish and maintain a toll-free telephone number for such disclosures.
Cosponsors 4
Members who signed on, in the order they did. All signed on Feb 16, 2005.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Charles E. Schumer | Original | Feb 16, 2005 |
| D-VT | Patrick J. Leahy | Original | Feb 16, 2005 |
| D-MD | Paul S. Sarbanes | Original | Feb 16, 2005 |
| D-IL | Richard J. Durbin | Original | Feb 16, 2005 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Feb 16, 2005 |
Actions 3
Everything that happened, newest first.
- Feb 16, 2005Introduced in Senate
- Feb 16, 2005Sponsor introductory remarks on measure. (CR S1518-1519)
- Feb 16, 2005Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1519-1520)
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S1518, S1519Text printed S1519 | Daniel K. Akaka D-HI (text) | Feb 16, 2005 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 109-1050 | IMPROVING FINANCIAL LITERACY IN THE UNITED STATES71 pages | Banking, Housing, and Urban Affairs Committee | May 23, 2006 |
| S. Hrg. 109-543 | REGULATORY REQUIREMENTS AND INDUSTRY PRACTICES OF CREDIT CARD ISSUERS140 pages | Banking, Housing, and Urban Affairs Committee | May 17, 2005 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 3852 | Credit Card Minimum Payment Warning Act of 2005 | Identical bill | Oct 17, 2005 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to require enhanced disclosure to consumers regarding the consequences of making only minimum required payments in the repayment of credit card debt, and for other purposes.
- Short Titles as Introduced
- Credit Card Minimum Payment Warning Act of 2005
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative procedure
- Commerce
- Consumer education
- Counseling
- Credit cards
- Debt
- Debtor and creditor
- Federal Reserve System
- Federal Trade Commission
- Finance and Financial Sector
- Financial services
- Government Operations and Politics
- Independent regulatory commissions
- Interest
- Interest rates
- Law
- Nonprofit organizations
- Science, Technology, Communications
- Social Welfare
- Telephone
Text 1
Each version as it was printed, newest first.
- Feb 16, 2005Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.