Credit Card Minimum Payment Notification Act of 2009
Latest action · Jan 6, 2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S103)
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.
- IntroducedJan 6, 2009
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Credit Card Minimum Payment Notification Act of 2009 - Amends the Truth in Lending Act regarding disclosures required with each billing cycle under an open end consumer credit plan to require a credit card issuer to include in specified type a written statement in the following form: "Minimum Payment Warning: Making only the minimum payment will increase the interest you pay and the time it takes to repay your balance."
Prescribes additional statements disclosing the length of time it will take to pay off the balance if only the minimum amount due is paid.
Provides that if the open-end credit card account is subject to a variable rate : (1) the creditor may make disclosures based on the rate for the entire balance as of the date of the disclosure and indicate that the rate may vary; and (2) the cardholder shall be provided with referrals or, in the alternative, with the toll free telephone number of the National Foundation for Credit Counseling for referrals to credit counseling services.
Exempts from such disclosure requirements any billing cycle in which: (1) the account agreement requires a minimum payment of not less than 10% of the outstanding balance; and (2) finance charges are not imposed.
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 |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Jan 6, 2009 |
Actions 3
Everything that happened, newest first.
- Jan 6, 2009Introduced in Senate
- Jan 6, 2009Sponsor introductory remarks on measure. (CR S101-103)
- Jan 6, 2009Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S103)
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 S101Text printed S103 | Dianne Feinstein D-CA (text) | Jan 6, 2009 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Truth in Lending Act to provide for enhanced disclosure under an open end credit plan.
- Short Titles as Introduced
- Credit Card Minimum Payment Notification Act of 2009
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Jan 6, 2009Introduced 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.
