HR 5244 · 110th Congress 2007–2009, ended

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.

  1. IntroducedFeb 7, 2008
  2. Passed HouseSep 23, 2008
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. 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 callQuestionResultDate
House 623Passed312–112Sep 23, 2008
House 622Failed198–219Sep 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.

SeatCosponsorSigned on
D-MDAlbert Russell WynnOriginalFeb 7, 2008
D-FLAlcee L. HastingsOriginalFeb 7, 2008
D-NYAnthony D. WeinerOriginalFeb 7, 2008
D-MABarney FrankOriginalFeb 7, 2008
D-MSBennie G. ThompsonOriginalFeb 7, 2008
D-NHCarol Shea-PorterOriginalFeb 7, 2008
D-PAChaka FattahOriginalFeb 7, 2008
D-TXCharles A. GonzalezOriginalFeb 7, 2008
D-MDChris Van HollenOriginalFeb 7, 2008
R-CTChristopher ShaysOriginalFeb 7, 2008
D-FLCorrine BrownOriginalFeb 7, 2008
D-ILDanny K. DavisOriginalFeb 7, 2008
D-WIDavid R. ObeyOriginalFeb 7, 2008
D-FLDebbie Wasserman SchultzOriginalFeb 7, 2008
D-CADiane E. WatsonOriginalFeb 7, 2008
D-TXEddie Bernice JohnsonOriginalFeb 7, 2008
D-NYEliot L. EngelOriginalFeb 7, 2008
D-MSGene TaylorOriginalFeb 7, 2008
D-CAGeorge MillerOriginalFeb 7, 2008
D-CAHilda L. SolisOriginalFeb 7, 2008
D-VAJames P. MoranOriginalFeb 7, 2008
D-RIJames R. LangevinOriginalFeb 7, 2008
D-ILJanice D. SchakowskyOriginalFeb 7, 2008
D-NYJerrold NadlerOriginalFeb 7, 2008
D-ILJesse L. Jackson, Jr.OriginalFeb 7, 2008
D-MIJohn D. DingellOriginalFeb 7, 2008
D-MAJohn F. TierneyOriginalFeb 7, 2008
D-NYJose E. SerranoOriginalFeb 7, 2008
D-MNKeith EllisonOriginalFeb 7, 2008
D-NYKirsten E. GillibrandOriginalFeb 7, 2008
D-TNLincoln DavisOriginalFeb 7, 2008
D-TXLloyd DoggettOriginalFeb 7, 2008
D-ILLuis V. GutierrezOriginalFeb 7, 2008
D-COMark UdallOriginalFeb 7, 2008
D-NYMaurice D. HincheyOriginalFeb 7, 2008
D-CAMaxine WatersOriginalFeb 7, 2008
D-HIMazie K. HironoOriginalFeb 7, 2008
D-NYMichael A. ArcuriOriginalFeb 7, 2008
D-KSNancy E. BoydaOriginalFeb 7, 2008
D-HINeil AbercrombieOriginalFeb 7, 2008
D-ORPeter A. DeFazioOriginalFeb 7, 2008
D-VTPeter WelchOriginalFeb 7, 2008
D-MAStephen F. LynchOriginalFeb 7, 2008
D-TNSteve CohenOriginalFeb 7, 2008
D-NYYvette D. ClarkeOriginalFeb 7, 2008
D-MABill DelahuntFeb 12, 2008
D-OREarl BlumenauerFeb 12, 2008
D-WVNick J. Rahall IIFeb 12, 2008
D-CTRosa L. DeLauroFeb 12, 2008
D-CABob FilnerFeb 13, 2008
D-NJDonald M. PayneFeb 13, 2008
D-NYGary L. AckermanFeb 13, 2008
D-MAJames P. McGovernFeb 13, 2008
D-WAJim McDermottFeb 13, 2008
D-NYJohn J. HallFeb 13, 2008
D-NYMichael R. McNultyFeb 13, 2008
D-AZRaúl M. GrijalvaFeb 13, 2008
D-TXSilvestre ReyesFeb 13, 2008
D-KYBen ChandlerFeb 14, 2008
D-MNTimothy J. WalzFeb 14, 2008
D-CAXavier BecerraFeb 14, 2008
D-MNBetty McCollumFeb 25, 2008
D-TXCiro D. RodriguezFeb 25, 2008
D-ORDavid WuFeb 25, 2008
D-MIJohn Conyers, Jr.Feb 25, 2008
D-CALynn C. WoolseyFeb 25, 2008
D-RIPatrick J. KennedyFeb 25, 2008
D-MOWm. Lacy ClayFeb 25, 2008
D-NJAlbio SiresFeb 27, 2008
D-WABrian BairdFeb 27, 2008
D-MDElijah E. CummingsFeb 27, 2008
D-CAHoward L. BermanFeb 27, 2008
D-CAFortney Pete StarkMar 4, 2008
D-NYLouise McIntosh SlaughterMar 4, 2008
D-MAMichael E. CapuanoMar 4, 2008
D-ILPhil HareMar 4, 2008
D-NCBrad MillerMar 11, 2008
D-CASam FarrMar 11, 2008
D-CAZoe LofgrenMar 11, 2008
D-TXSheila Jackson LeeMar 12, 2008
D-OHTim RyanMar 12, 2008
D-GAJohn LewisMar 13, 2008
D-CAAnna G. EshooMar 31, 2008
D-OHBetty SuttonMar 31, 2008
D-MDJohn P. SarbanesMar 31, 2008
D-CALucille Roybal-AllardMar 31, 2008
D-CAMichael M. HondaMar 31, 2008
D-WITammy BaldwinMar 31, 2008
D-MIDale E. KildeeApr 8, 2008
D-CALoretta SanchezApr 8, 2008
D-NYSteve IsraelApr 8, 2008
D-NJSteven R. RothmanApr 8, 2008
D-IABruce L. BraleyApr 14, 2008
D-FLKendrick B. MeekApr 14, 2008
D-WISteve KagenApr 14, 2008
D-NYNita M. LoweyApr 16, 2008
D-GASanford D. Bishop, Jr.Apr 16, 2008
D-TXSolomon P. OrtizApr 16, 2008
D-LAWilliam J. JeffersonApr 16, 2008
D-TXGene GreenApr 17, 2008
D-KYJohn A. YarmuthApr 17, 2008
D-MIBart StupakApr 23, 2008
D-CAHenry A. WaxmanApr 23, 2008
D-GAHenry C. "Hank" Johnson, Jr.Apr 23, 2008
D-MANiki TsongasApr 23, 2008
D-MORuss CarnahanApr 23, 2008
D-CTJoe CourtneyApr 29, 2008
D-METhomas H. AllenApr 29, 2008
D-MISander M. LevinMay 1, 2008
D-NJRobert E. AndrewsMay 6, 2008
D-AZGabrielle GiffordsMay 8, 2008
D-NCMelvin L. WattMay 8, 2008
D-MOEmanuel CleaverMay 13, 2008
D-CAJerry McNerneyMay 13, 2008
D-CAJoe BacaMay 13, 2008
D-PAPaul E. KanjorskiMay 13, 2008
D-TXRuben HinojosaMay 13, 2008
D-TXAl GreenMay 15, 2008
D-GAJohn BarrowMay 15, 2008
D-GAJim MarshallMay 20, 2008
D-CABrad ShermanMay 22, 2008
D-ILDaniel LipinskiMay 22, 2008
D-MAEdward J. MarkeyMay 22, 2008
D-MICarolyn C. KilpatrickJun 4, 2008
D-DCEleanor Holmes NortonJun 4, 2008
D-NCG. K. ButterfieldJun 4, 2008
D-CAGrace F. NapolitanoJun 4, 2008
D-CALois CappsJun 4, 2008
D-CABarbara LeeJun 11, 2008
D-NJBill Pascrell, Jr.Jun 11, 2008
D-NYBrian HigginsJun 11, 2008
D-CADoris O. MatsuiJun 11, 2008
D-MAJohn W. OlverJun 11, 2008
D-IALeonard L. BoswellJun 11, 2008
D-OHMarcy KapturJun 11, 2008
R-NCWalter B. JonesJun 11, 2008
D-NJFrank Pallone, Jr.Jun 12, 2008
D-PAJohn P. MurthaJun 12, 2008
D-INAndré CarsonJun 17, 2008
D-CAJackie SpeierJun 17, 2008
D-WAJay InsleeJun 17, 2008
D-PARobert A. BradyJun 17, 2008
D-NYEdolphus TownsJun 18, 2008
D-NJRush HoltJun 18, 2008
D-CALinda T. SánchezJun 19, 2008
D-NYCharles B. RangelJun 24, 2008
D-TXHenry CuellarJun 24, 2008
D-ASEni F. H. FaleomavaegaJun 25, 2008
D-OHStephanie Tubbs JonesJun 25, 2008
D-IADavid LoebsackJul 8, 2008
D-OHDennis J. KucinichJul 8, 2008
D-TNJim CooperJul 8, 2008
D-GUMadeleine Z. BordalloJul 8, 2008
D-MARichard E. NealJul 8, 2008
D-NVShelley BerkleyJul 8, 2008

Committees 2

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
HouseFinancial 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
SenateBanking, Housing, and Urban Affairs Committee
Referred Oct 2, 2008

Actions 23

Everything that happened, newest first.

  1. Oct 2, 2008Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. Sep 24, 2008Received in the Senate.
  3. Sep 23, 2008Rule H. Res. 1476 passed House.
  4. Sep 23, 2008Considered under the provisions of rule H. Res. 1476. (consideration: CR H8598-8613)
  5. 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.

WhereIn the RecordMembersDate
ExtensionsDebate and remarks E2113Hilda L. Solis D-CASep 28, 2008
ExtensionsDebate and remarks E2063Todd Tiahrt R-KSSep 27, 2008
ExtensionsDebate and remarks E2011Rush Holt D-NJSep 26, 2008
ExtensionsDebate and remarks E1918, E1943, E1969Barbara Lee D-CA, Bob Etheridge D-NC, Gene Green D-TX, Sheila Jackson Lee D-TXSep 25, 2008
HouseDebate 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 ActBarney 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-NCSep 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

  1. 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>
  2. 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.

NumberHearingCommitteeHeld
Serial No. 110-89PROTECTING SOCIAL SECURITY BENEFICIARIES FROM PREDATORY LENDING AND OTHER HARMFUL FINANCIAL INSTITUTION PRACTICES115 pagesWays and Means CommitteeJun 24, 2008
Serial No. 110-109H.R. 5244, THE CREDIT CARDHOLDERS' BILL OF RIGHTS: PROVIDING NEW PROTECTIONS FOR CONSUMERS564 pagesFinancial Services CommitteeApr 17, 2008
Serial No. 110-100THE CREDIT CARDHOLDERS' BILL OF RIGHTS: PROVIDING NEW PROTECTIONS FOR CONSUMERS328 pagesFinancial Services CommitteeMar 13, 2008

Amendments 1

Amendments offered to this bill.

AmendmentDescriptionOffered byStatus
HAmdt 1176An amendment in the nature of a substitute considered as adopted pursuant to the provisions of H.Res. 1476.Financial Services CommitteeHouse amendment offered

Related bills 1

Companion bills and other measures the record links to this one.

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.

  1. Oct 2, 2008Referred in Senate
  2. Sep 23, 2008Engrossed in House
  3. Sep 16, 2008Reported in House
  4. Feb 7, 2008Introduced in House

Support LegiList

This page is free, carries no paywall, and is built and maintained by one person. If the record here is useful to you, a few dollars keeps it going.

Processed by Stripe in a separate window. LegiList never sees card details.

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.