Stop Unfair Practices in Credit Cards Act of 2007
Latest action · Feb 7, 2008 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.
- IntroducedFeb 7, 2008
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Stop Unfair Practices in Credit Cards Act of 2007 - Amends the Truth in Lending Act regarding open-end consumer credit plans.
Prohibits imposition of an interest charge upon debt paid on time and in full. Sets restrictions upon interest rate increases.
Limits penalty rate increases to: (1) seven percentage points above the current interest rate; and (2) future credit extensions only.
Prohibits interest charges on fees. Specifies restrictions upon over-the-limit fees.
Requires the primary federal regulator of a card issuer to conduct annual audits of the credit card operations and procedures used by the issuer.
Requires the card issuer to: (1) apply payment first to the card balance bearing the highest rate of interest, and then to each successive balance bearing the next highest rate of interest, until the payment is exhausted; and (2) apply the payment in the most effective way to minimize the imposition of any finance charge.
Requires a card issuer to define and display the term "prime rate" or similar rate or index as the bank prime loan rate posted by a majority of the top 25 U.S. chartered commercial banks, as published by the Board of Governors of the Federal Reserve System (Board).
Revises requirements governing credit card information collected by the Board.
Directs the Board to report annually to Congress its assessment of the profitability of credit card operations of depository institutions.
Cosponsors
Members who signed on, in the order they did.
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 Feb 7, 2008 |
Actions 2
Everything that happened, newest first.
- Feb 7, 2008Introduced in House
- Feb 7, 2008Referred to the House Committee on Financial Services.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1395 | Stop Unfair Practices in Credit Cards Act of 2007 | Identical bill | May 15, 2007 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To prevent unfair practices in credit card accounts, and for other purposes.
- Short Titles as Introduced
- Stop Unfair Practices in Credit Cards Act of 2007
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- 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.
