Credit Cardholders' Bill of Rights Act of 2008
Latest action · Oct 2, 2008 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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 7, 2008
- Passed HouseSep 23, 2008
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Credit Cardholders' Bill of Rights Act of 2008 - (Sec. 2) Amends the Truth in Lending Act to prohibit a creditor from increasing any annual percentage rate of interest (APR) applicable to the existing balance on an open end consumer credit card account unless specified conditions are met.
Prescribes the treatment of existing balances following a rate increase.
Allows a creditor to increase an APR on the existing credit card balance only if the increase is due solely to: (1) the operation of an index not under the creditor's control and available to the general public; (2) expiration of a promotional rate, or loss of a promotional rate for a reason specified in the account agreement (e.g., late payment); or (3) the consumer's minimum payment has not been received within 30 days after its due date.
Requires a 45-day advance notice of credit card account rate increases.
(Sec. 3) Prohibits imposition of a finance charge, with certain exceptions, upon a credit card account balance that is based on balances for days in billing cycles preceding the most recent billing cycle (double cycle billing).
Prohibits the imposition of a fee on an outstanding credit card balance, at the end of a billing period, that is attributable only to interest accrued during the preceding billing period on an outstanding balance fully repaid during that preceding billing period. Declares that any failure to make timely repayments of such a balance shall not constitute a default on the account.
Requires each periodic statement of account to provide the telephone number, Internet address, and website at which the payoff balance may be requested.
Grants a consumer the right to reject a new credit card before the creditor notifies a consumer reporting agency of its corresponding account.
Details mandatory pro rata payment allocations by a creditor where an outstanding balance accrues interest at two or more different APRs.
Sets forth special rules for accounts with promotional rate balances or deferred interest balances.
Prohibits a creditor from denying a cardholder a specified payment grace period if the cardholder takes advantage of a promotional rate balance or deferred interest rate balance.
Requires creditors to send a periodic credit card statement of account to the consumer at least 25 calendar days before the due date for the next payment on the outstanding balance.
(Sec. 4) Authorizes a consumer to opt-out of creditor authorization of over-the-limit transactions if fees are imposed.
Limits any imposition of an over-the-limit fee to once per billing cycle.
Prohibits imposition of any over-the-limit fee if the credit limit was exceeded due to a credit hold, unless the actual amount of the transaction for which the hold was placed would have resulted in the consumer's exceeding such credit limit.
(Sec. 5) Prescribes the contents of credit card price and availability information which the Board of Governors of the Federal Reserve System (Board) must collect and make public semiannually.
Requires the Board to report to Congress annually on estimates of the approximate, relative percentage of income derived by the credit card operations of depository institutions from designated sources, including interest rates and fees imposed upon cardholders.
(Sec. 6) Prescribes a standard for the initial issuance of subprime or "fee harvester" cards (accounts requiring first-year fee payments in excess of 25% of the total amount of credit authorized).
Prohibits payment of any such fees (other than late fees or over-the-limit fees) from the credit made available by the card.
(Sec. 7) Prohibits extensions of credit to consumers under age 18, unless they are emancipated under state law.
(Sec. 8) Requires the Board to prescribe regulations implementing this Act within six months after its enactment.
Expresses the sense of Congress that no provision of this Act should impede the promulgation of final regulations under laws in effect on the day before the date of enactment. States that such regulations should: (1) be prescribed in final form on or before December 31, 2008; and (2) apply to credit card transactions after the 30-day period following issuance in final form.
Recorded votes 2
Newest first. Open one to see how every member voted.
| Roll call | Question | Result | Date |
|---|---|---|---|
| House 623 | On Passage | Passed312–112 | Sep 23, 2008 |
| House 622 | On Motion to Recommit with Instructions | Failed198–219 | Sep 23, 2008 |
Cosponsors 155
Members who signed on, in the order they did. Signatures ran from Feb 7, 2008 to Jul 8, 2008; 45 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MD | Albert Russell Wynn | Original | Feb 7, 2008 |
| D-FL | Alcee L. Hastings | Original | Feb 7, 2008 |
| D-NY | Anthony D. Weiner | Original | Feb 7, 2008 |
| D-MA | Barney Frank | Original | Feb 7, 2008 |
| D-MS | Bennie G. Thompson | Original | Feb 7, 2008 |
| D-NH | Carol Shea-Porter | Original | Feb 7, 2008 |
| D-PA | Chaka Fattah | Original | Feb 7, 2008 |
| D-TX | Charles A. Gonzalez | Original | Feb 7, 2008 |
| D-MD | Chris Van Hollen | Original | Feb 7, 2008 |
| R-CT | Christopher Shays | Original | Feb 7, 2008 |
| D-FL | Corrine Brown | Original | Feb 7, 2008 |
| D-IL | Danny K. Davis | Original | Feb 7, 2008 |
| D-WI | David R. Obey | Original | Feb 7, 2008 |
| D-FL | Debbie Wasserman Schultz | Original | Feb 7, 2008 |
| D-CA | Diane E. Watson | Original | Feb 7, 2008 |
| D-TX | Eddie Bernice Johnson | Original | Feb 7, 2008 |
| D-NY | Eliot L. Engel | Original | Feb 7, 2008 |
| D-MS | Gene Taylor | Original | Feb 7, 2008 |
| D-CA | George Miller | Original | Feb 7, 2008 |
| D-CA | Hilda L. Solis | Original | Feb 7, 2008 |
| D-VA | James P. Moran | Original | Feb 7, 2008 |
| D-RI | James R. Langevin | Original | Feb 7, 2008 |
| D-IL | Janice D. Schakowsky | Original | Feb 7, 2008 |
| D-NY | Jerrold Nadler | Original | Feb 7, 2008 |
| D-IL | Jesse L. Jackson, Jr. | Original | Feb 7, 2008 |
| D-MI | John D. Dingell | Original | Feb 7, 2008 |
| D-MA | John F. Tierney | Original | Feb 7, 2008 |
| D-NY | Jose E. Serrano | Original | Feb 7, 2008 |
| D-MN | Keith Ellison | Original | Feb 7, 2008 |
| D-NY | Kirsten E. Gillibrand | Original | Feb 7, 2008 |
| D-TN | Lincoln Davis | Original | Feb 7, 2008 |
| D-TX | Lloyd Doggett | Original | Feb 7, 2008 |
| D-IL | Luis V. Gutierrez | Original | Feb 7, 2008 |
| D-CO | Mark Udall | Original | Feb 7, 2008 |
| D-NY | Maurice D. Hinchey | Original | Feb 7, 2008 |
| D-CA | Maxine Waters | Original | Feb 7, 2008 |
| D-HI | Mazie K. Hirono | Original | Feb 7, 2008 |
| D-NY | Michael A. Arcuri | Original | Feb 7, 2008 |
| D-KS | Nancy E. Boyda | Original | Feb 7, 2008 |
| D-HI | Neil Abercrombie | Original | Feb 7, 2008 |
| D-OR | Peter A. DeFazio | Original | Feb 7, 2008 |
| D-VT | Peter Welch | Original | Feb 7, 2008 |
| D-MA | Stephen F. Lynch | Original | Feb 7, 2008 |
| D-TN | Steve Cohen | Original | Feb 7, 2008 |
| D-NY | Yvette D. Clarke | Original | Feb 7, 2008 |
| D-MA | Bill Delahunt | Feb 12, 2008 | |
| D-OR | Earl Blumenauer | Feb 12, 2008 | |
| D-WV | Nick J. Rahall II | Feb 12, 2008 | |
| D-CT | Rosa L. DeLauro | Feb 12, 2008 | |
| D-CA | Bob Filner | Feb 13, 2008 | |
| D-NJ | Donald M. Payne | Feb 13, 2008 | |
| D-NY | Gary L. Ackerman | Feb 13, 2008 | |
| D-MA | James P. McGovern | Feb 13, 2008 | |
| D-WA | Jim McDermott | Feb 13, 2008 | |
| D-NY | John J. Hall | Feb 13, 2008 | |
| D-NY | Michael R. McNulty | Feb 13, 2008 | |
| D-AZ | Raúl M. Grijalva | Feb 13, 2008 | |
| D-TX | Silvestre Reyes | Feb 13, 2008 | |
| D-KY | Ben Chandler | Feb 14, 2008 | |
| D-MN | Timothy J. Walz | Feb 14, 2008 | |
| D-CA | Xavier Becerra | Feb 14, 2008 | |
| D-MN | Betty McCollum | Feb 25, 2008 | |
| D-TX | Ciro D. Rodriguez | Feb 25, 2008 | |
| D-OR | David Wu | Feb 25, 2008 | |
| D-MI | John Conyers, Jr. | Feb 25, 2008 | |
| D-CA | Lynn C. Woolsey | Feb 25, 2008 | |
| D-RI | Patrick J. Kennedy | Feb 25, 2008 | |
| D-MO | Wm. Lacy Clay | Feb 25, 2008 | |
| D-NJ | Albio Sires | Feb 27, 2008 | |
| D-WA | Brian Baird | Feb 27, 2008 | |
| D-MD | Elijah E. Cummings | Feb 27, 2008 | |
| D-CA | Howard L. Berman | Feb 27, 2008 | |
| D-CA | Fortney Pete Stark | Mar 4, 2008 | |
| D-NY | Louise McIntosh Slaughter | Mar 4, 2008 | |
| D-MA | Michael E. Capuano | Mar 4, 2008 | |
| D-IL | Phil Hare | Mar 4, 2008 | |
| D-NC | Brad Miller | Mar 11, 2008 | |
| D-CA | Sam Farr | Mar 11, 2008 | |
| D-CA | Zoe Lofgren | Mar 11, 2008 | |
| D-TX | Sheila Jackson Lee | Mar 12, 2008 | |
| D-OH | Tim Ryan | Mar 12, 2008 | |
| D-GA | John Lewis | Mar 13, 2008 | |
| D-CA | Anna G. Eshoo | Mar 31, 2008 | |
| D-OH | Betty Sutton | Mar 31, 2008 | |
| D-MD | John P. Sarbanes | Mar 31, 2008 | |
| D-CA | Lucille Roybal-Allard | Mar 31, 2008 | |
| D-CA | Michael M. Honda | Mar 31, 2008 | |
| D-WI | Tammy Baldwin | Mar 31, 2008 | |
| D-MI | Dale E. Kildee | Apr 8, 2008 | |
| D-CA | Loretta Sanchez | Apr 8, 2008 | |
| D-NY | Steve Israel | Apr 8, 2008 | |
| D-NJ | Steven R. Rothman | Apr 8, 2008 | |
| D-IA | Bruce L. Braley | Apr 14, 2008 | |
| D-FL | Kendrick B. Meek | Apr 14, 2008 | |
| D-WI | Steve Kagen | Apr 14, 2008 | |
| D-NY | Nita M. Lowey | Apr 16, 2008 | |
| D-GA | Sanford D. Bishop, Jr. | Apr 16, 2008 | |
| D-TX | Solomon P. Ortiz | Apr 16, 2008 | |
| D-LA | William J. Jefferson | Apr 16, 2008 | |
| D-TX | Gene Green | Apr 17, 2008 | |
| D-KY | John A. Yarmuth | Apr 17, 2008 | |
| D-MI | Bart Stupak | Apr 23, 2008 | |
| D-CA | Henry A. Waxman | Apr 23, 2008 | |
| D-GA | Henry C. "Hank" Johnson, Jr. | Apr 23, 2008 | |
| D-MA | Niki Tsongas | Apr 23, 2008 | |
| D-MO | Russ Carnahan | Apr 23, 2008 | |
| D-CT | Joe Courtney | Apr 29, 2008 | |
| D-ME | Thomas H. Allen | Apr 29, 2008 | |
| D-MI | Sander M. Levin | May 1, 2008 | |
| D-NJ | Robert E. Andrews | May 6, 2008 | |
| D-AZ | Gabrielle Giffords | May 8, 2008 | |
| D-NC | Melvin L. Watt | May 8, 2008 | |
| D-MO | Emanuel Cleaver | May 13, 2008 | |
| D-CA | Jerry McNerney | May 13, 2008 | |
| D-CA | Joe Baca | May 13, 2008 | |
| D-PA | Paul E. Kanjorski | May 13, 2008 | |
| D-TX | Ruben Hinojosa | May 13, 2008 | |
| D-TX | Al Green | May 15, 2008 | |
| D-GA | John Barrow | May 15, 2008 | |
| D-GA | Jim Marshall | May 20, 2008 | |
| D-CA | Brad Sherman | May 22, 2008 | |
| D-IL | Daniel Lipinski | May 22, 2008 | |
| D-MA | Edward J. Markey | May 22, 2008 | |
| D-MI | Carolyn C. Kilpatrick | Jun 4, 2008 | |
| D-DC | Eleanor Holmes Norton | Jun 4, 2008 | |
| D-NC | G. K. Butterfield | Jun 4, 2008 | |
| D-CA | Grace F. Napolitano | Jun 4, 2008 | |
| D-CA | Lois Capps | Jun 4, 2008 | |
| D-CA | Barbara Lee | Jun 11, 2008 | |
| D-NJ | Bill Pascrell, Jr. | Jun 11, 2008 | |
| D-NY | Brian Higgins | Jun 11, 2008 | |
| D-CA | Doris O. Matsui | Jun 11, 2008 | |
| D-MA | John W. Olver | Jun 11, 2008 | |
| D-IA | Leonard L. Boswell | Jun 11, 2008 | |
| D-OH | Marcy Kaptur | Jun 11, 2008 | |
| R-NC | Walter B. Jones | Jun 11, 2008 | |
| D-NJ | Frank Pallone, Jr. | Jun 12, 2008 | |
| D-PA | John P. Murtha | Jun 12, 2008 | |
| D-IN | André Carson | Jun 17, 2008 | |
| D-CA | Jackie Speier | Jun 17, 2008 | |
| D-WA | Jay Inslee | Jun 17, 2008 | |
| D-PA | Robert A. Brady | Jun 17, 2008 | |
| D-NY | Edolphus Towns | Jun 18, 2008 | |
| D-NJ | Rush Holt | Jun 18, 2008 | |
| D-CA | Linda T. Sánchez | Jun 19, 2008 | |
| D-NY | Charles B. Rangel | Jun 24, 2008 | |
| D-TX | Henry Cuellar | Jun 24, 2008 | |
| D-AS | Eni F. H. Faleomavaega | Jun 25, 2008 | |
| D-OH | Stephanie Tubbs Jones | Jun 25, 2008 | |
| D-IA | David Loebsack | Jul 8, 2008 | |
| D-OH | Dennis J. Kucinich | Jul 8, 2008 | |
| D-TN | Jim Cooper | Jul 8, 2008 | |
| D-GU | Madeleine Z. Bordallo | Jul 8, 2008 | |
| D-MA | Richard E. Neal | Jul 8, 2008 | |
| D-NV | Shelley Berkley | Jul 8, 2008 |
Committees 2
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 Feb 7, 2008Markup Jul 31, 2008Reported Sep 17, 2008 |
| Consumer Protection and Financial Institutions Subcommittee | Referred Apr 17, 2008Hearings Apr 17, 2008Discharged Jul 31, 2008 | |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Oct 2, 2008 |
Actions 23
Everything that happened, newest first.
- Oct 2, 2008Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sep 24, 2008Received in the Senate.
- Sep 23, 2008Rule H. Res. 1476 passed House.
- Sep 23, 2008Considered under the provisions of rule H. Res. 1476. (consideration: CR H8598-8613)
- Sep 23, 2008Rule provides for consideration of H.R. 5244 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. The amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill shall be considered as adopted.
In the Congressional Record 6
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 E2113 | Hilda L. Solis D-CA | Sep 28, 2008 |
| Extensions | Debate and remarks E2063 | Todd Tiahrt R-KS | Sep 27, 2008 |
| Extensions | Debate and remarks E2011 | Rush Holt D-NJ | Sep 26, 2008 |
| Extensions | Debate and remarks E1918, E1943, E1969 | Barbara Lee D-CA, Bob Etheridge D-NC, Gene Green D-TX, Sheila Jackson Lee D-TX | Sep 25, 2008 |
| House | Debate and remarks H8584, H8590–H8597, H8598–H8613Text printed H8590, H8598, H8600–H8602Amendments H8596Motions H8611Recorded votes H8596, H8597, H8612, H8613Castle motion to recommit (require FRS study on impact of credit availability for small businesses, veterans, or minorities)consideration (H. Res. 1476), previous questionenactLists H8592Organizations supporting H.R. 5244, Credit Cardholders' Bill of Rights Act | Barney Frank D-MA, Carolyn B. Maloney D-NY, Chris Van Hollen D-MD, Christopher Shays R-CT, David E. Price D-NC, Earl Blumenauer D-OR, Emanuel Cleaver D-MO, James P. Moran D-VA, James R. Langevin D-RI, Jeb Hensarling R-TX, Jeff Flake R-AZ, Joe Baca D-CA, John Campbell R-CA, John D. Dingell D-MI, Keith Ellison D-MN, Lloyd Doggett D-TX, Loretta Sanchez D-CA, Mark Udall D-CO, Michael N. Castle R-DE (motion), Michele Bachmann R-MN, Nita M. Lowey D-NY, Pete Sessions R-TX (amendment), Peter Welch D-VT, Ruben Hinojosa D-TX, Stephanie Herseth Sandlin D-SD, Walter B. Jones R-NC | Sep 23, 2008 |
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.
Committee report
Congressional Budget Office cost estimates 2
- Sep 8, 2008H.R. 5244, Credit Cardholders' Bill of Rights Act of 2008<p>Cost estimate for the bill as ordered reported by the House Committee on Financial Services on July 31, 2008</p>
- Sep 8, 2008H.R. 5244, Credit Cardholders' Bill of Rights Act of 2008Cost estimate for the bill as ordered reported by the House Committee on Financial Services on July 31, 2008
Printed hearings 3
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. 110-89 | PROTECTING SOCIAL SECURITY BENEFICIARIES FROM PREDATORY LENDING AND OTHER HARMFUL FINANCIAL INSTITUTION PRACTICES115 pages | Ways and Means Committee | Jun 24, 2008 |
| Serial No. 110-109 | H.R. 5244, THE CREDIT CARDHOLDERS' BILL OF RIGHTS: PROVIDING NEW PROTECTIONS FOR CONSUMERS564 pages | Financial Services Committee | Apr 17, 2008 |
| Serial No. 110-100 | THE CREDIT CARDHOLDERS' BILL OF RIGHTS: PROVIDING NEW PROTECTIONS FOR CONSUMERS328 pages | Financial Services Committee | Mar 13, 2008 |
Amendments 1
Amendments offered to this bill.
| Amendment | Description | Offered by | Status |
|---|---|---|---|
| HAmdt 1176 | An amendment in the nature of a substitute considered as adopted pursuant to the provisions of H.Res. 1476. | Financial Services Committee | House amendment offered |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HRES 1476 | Providing for consideration of the bill (H.R. 5244) to amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes. | Procedurally related | Sep 23, 2008 |
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes.
- Short Titles as Introduced
- Credit Cardholders' Bill of Rights Act of 2008
- Short Titles as Reported to House
- Credit Cardholders' Bill of Rights Act of 2008
- Short Titles as Passed House
- Credit Cardholders' Bill of Rights Act of 2008
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 4
Each version as it was printed, newest first.
- Oct 2, 2008Referred in Senate
- Sep 23, 2008Engrossed in House
- Sep 16, 2008Reported in House
- Feb 7, 2008Introduced 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.