Rep. John LaFalse has introduced legislation, H.R. 900, entitled,
"Consumer Credit Card Protection Amendments of 1999" that would increase
the disclosures provided to credit card consumers and offer certain
protections against anti-consumer actions. Unfortunately, the bill does
not limit interest rates or fees, which would be the best solution.

However, there are some very useful proposals:

1) Freeze on Interest Rate Terms and Fees on Canceled Cards: Requires
that credit card holders who receive notice of an increase in the
interest rate applicable to their account be permitted to cancel the
account prior and repay any balance at the interest rate and terms
applicable at the tie of the rate increase. Requires card issuers to
provide notice of the consumers' right to cancel the account as part of
any notice of an increase in annual interest rates.

2) Limitation on Over-the-Limit-Fees: Prohibits a card issuer from
charging a fee or penalty for an extension of credit that exceeds a card
holder's maximum credit limit where the issuer had provided specific
prior approval for the extension of credit.

3) Disclosures Regarding Minimum Monthly Payments: Requires new
consumer disclosures regarding required minimum monthly payments --

-- In card agreements -- how minimum payments are to be calculated;
-- In card soliciations -- the charges or penalties to be imposed for
failure to pay a minimum payment;
-- In billing statements -- estimates of the the total cost to the
consumer of repaying card balance in full if payment is made only at
level of the required minimum monthly payment.

The above proposals, while not perfect, would have helped many people
who experienced problems with Chevy Chase Bank.

If you would like to read the legislation, it is available at Thomas,
the Library of Congress' web site that tracks Congress and legislation.

The link to the legislation is --
http://thomas.loc.gov/cgi-bin/bdquery/z?d106:h.r.00900:

Also, this link lists the Reps. who have signed onto the bill.

If you are in favor of this legilation, contact your representative --
which you can find through Thomas.

Bill Summary & Status for the 106th Congress


H.R.900
SPONSOR: Rep LaFalce, John J. (introduced 03/02/99)
TITLE(S):

STATUS: Floor Actions

***NONE***

STATUS: Detailed Legislative Status

House Actions

Mar 2, 99:
Referred to the House Committee on Banking and Financial Services.
Mar 2, 99:
Referred to the Subcommittee on Financial Institutions and Consumer Credit.

STATUS: Congressional Record Page References

***NONE***

COMMITTEE(S):

AMENDMENT(S):

***NONE***

COSPONSORS(30):

Rep Frank, Barney - 03/02/99 Rep Maloney, Carolyn B. - 03/02/99
Rep Bentsen, Ken - 03/02/99 Rep Lee, Barbara - 03/02/99
Rep Inslee, Jay - 03/02/99 Rep Schakowsky, Janice D. - 03/02/99
Rep Gonzalez, Charles A. - 03/02/99 Rep Jones, Stephanie Tubbs - 03/02/99
Rep Capuano, Michael E. - 03/02/99 Rep Brown, George E., Jr. - 03/02/99
Rep Olver, John W. - 03/02/99 Rep Green, Gene - 03/02/99
Rep Hinchey, Maurice D. - 03/02/99 Rep Shows, Ronnie - 03/02/99
Rep Brady, Robert - 03/02/99 Rep Faleomavaega, Eni F. H. - 03/02/99
Rep Mink, Patsy T. - 03/02/99 Rep Hall, Ralph M. - 03/09/99
Rep Hooley, Darlene - 03/09/99 Rep Kucinich, Dennis J. - 03/09/99
Rep Barrett, Thomas M. - 03/09/99 Rep Kaptur, Marcy - 03/09/99
Rep Johnson, Eddie Bernice - 03/09/99 Rep Gutierrez, Luis V. - 03/09/99
Rep Doyle, Michael F. - 03/17/99 Rep Strickland, Ted - 03/17/99
Rep Stabenow, Debbie - 03/17/99 Rep Farr, Sam - 03/17/99
Rep Cummings, Elijah E. - 03/17/99 Rep Delahunt, William D. - 03/17/99

SUMMARY:

***NONE***


Bill Summary & Status for the 106th Congress

H.R.900
SPONSOR: Rep LaFalce, John J. (introduced 03/02/99)
A bill to amend the Truth in Lending Act to enhance consumer disclosures regarding credit card terms and charges, to restrict issuance of credit cards to students, to expand protections in connection with unsolicited credit cards and third-party checks and to protect consumers from unreasonable practices that result in unnecessary credit costs or loss of credit, and for other purposes.
All Bill Summary & Status Info (except Bill Text)

Titles

Status:

Committees:

Amendments

Subjects

Cosponsors (30)

Summary

Text of Legislation

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