Credit CARD Act of 2007
Latest action · Mar 9, 2007 Referred to the House Committee on Financial Services.
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.
- IntroducedMar 9, 2007
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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 (2) late payment deadlines, postmark dates, and any increase in interest rates for late payments.
Increases the civil penalty against any creditor who fails to comply with specified requirements in the case of an individual action relating to an open end credit plan that is not secured by real property or a dwelling.
Prohibits issuance of: (1) a credit card under an open end credit plan on behalf of a consumer who has not attained the age of 18, unless the consumer has submitted a written application meeting specified requirements; or (2) certain affinity cards to students unless certain requirements have been met.
Cosponsors 40
Members who signed on, in the order they did. Signatures ran from Mar 9, 2007 to Mar 14, 2008; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MO | Emanuel Cleaver | Original | Mar 9, 2007 |
| D-CA | Bob Filner | Mar 29, 2007 | |
| D-OH | Stephanie Tubbs Jones | Mar 29, 2007 | |
| D-CA | Grace F. Napolitano | Apr 18, 2007 | |
| D-IN | Julia Carson | Apr 25, 2007 | |
| D-IL | Luis V. Gutierrez | Apr 25, 2007 | |
| D-MO | Wm. Lacy Clay | Apr 25, 2007 | |
| D-MD | Albert Russell Wynn | May 1, 2007 | |
| D-PA | Chaka Fattah | May 1, 2007 | |
| D-CA | Henry A. Waxman | May 1, 2007 | |
| D-IL | Janice D. Schakowsky | May 1, 2007 | |
| D-FL | Kendrick B. Meek | May 1, 2007 | |
| D-AZ | Raúl M. Grijalva | May 1, 2007 | |
| D-MN | Keith Ellison | May 2, 2007 | |
| D-NH | Paul W. Hodes | May 3, 2007 | |
| D-VI | Donna M. Christensen | May 7, 2007 | |
| D-NY | Jose E. Serrano | May 7, 2007 | |
| D-TX | Sheila Jackson Lee | May 15, 2007 | |
| D-CA | Sam Farr | May 17, 2007 | |
| D-OH | Tim Ryan | May 17, 2007 | |
| D-NY | Yvette D. Clarke | May 22, 2007 | |
| D-MD | Elijah E. Cummings | May 24, 2007 | |
| D-CA | Michael M. Honda | May 24, 2007 | |
| D-WA | Brian Baird | Jun 5, 2007 | |
| D-CA | George Miller | Jun 5, 2007 | |
| D-MA | Stephen F. Lynch | Jun 5, 2007 | |
| D-VA | Robert C. "Bobby" Scott | Jun 7, 2007 | |
| D-IL | Danny K. Davis | Jun 12, 2007 | |
| D-HI | Mazie K. Hirono | Jun 12, 2007 | |
| D-CA | Linda T. Sánchez | Jul 11, 2007 | |
| D-CA | Zoe Lofgren | Jul 11, 2007 | |
| D-OR | David Wu | Jul 23, 2007 | |
| D-OR | Earl Blumenauer | Jul 23, 2007 | |
| D-NC | Melvin L. Watt | Aug 1, 2007 | |
| D-NJ | Donald M. Payne | Sep 5, 2007 | |
| D-MI | John Conyers, Jr. | Oct 10, 2007 | |
| D-GA | Henry C. "Hank" Johnson, Jr. | Dec 4, 2007 | |
| D-VA | James P. Moran | Dec 4, 2007 | |
| D-PA | Joe Sestak | Dec 11, 2007 | |
| D-MA | John F. Tierney | Mar 14, 2008 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Mar 9, 2007 |
Actions 3
Everything that happened, newest first.
- Mar 9, 2007Introduced in House
- Mar 9, 2007Sponsor introductory remarks on measure. (CR E501-502)
- Mar 9, 2007Referred to the House Committee on Financial Services.
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 |
|---|---|---|---|
| Extensions | Debate and remarks E501, E514Outlines E502 | Emanuel Cleaver D-MO, Mark Udall D-CO | Mar 9, 2007 |
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 5
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 110-125 | PROBLEM CREDIT CARD PRACTICES AFFECTING STUDENTS133 pages | Financial Services Committee | Jun 26, 2008 |
| Serial No. 110-26 | CREDIT CARD PRACTICES: CURRENT CONSUMER AND REGULATORY ISSUES184 pages | Financial Services Committee | Apr 26, 2007 |
| Serial No. 110-15 | LEGISLATIVE PROPOSALS ON GOVERNMENT- SPONSORED ENTERPRISE (GSE) REFORM285 pages | Financial Services Committee | Mar 15, 2007 |
| Serial No. 110-12 | LEGISLATIVE PROPOSALS ON GSE REFORM145 pages | Financial Services Committee | Mar 12, 2007 |
| S. Hrg. 110-779 | EXAMINING THE STATE OF TRANSIT SECURITY58 pages | Banking, Housing, and Urban Affairs Committee | Jan 18, 2007 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Consumer Credit Protection Act to ban abusive credit practices, enhance consumer disclosures, protect underage consumers, and for other purposes.
- Short Titles as Introduced
- Credit Card Accountability Responsibility and Disclosure Act of 2007
- Credit CARD Act of 2007
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Commerce
- Consumer credit
- Consumer education
- Counseling
- Credit cards
- Education
- Families
- Fees
- Finance and Financial Sector
- Finance charges
- Government Operations and Politics
- Government paperwork
- Higher education
- Interest
- Interest rates
- Law
- Liability (Law)
- Nonprofit organizations
- Parent and child
- Personal budgets
- Social Welfare
- Students
- Youth
Text 1
Each version as it was printed, newest first.
- Mar 9, 2007Introduced in House
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.
