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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Financial Services
    IntroducedMarch 19th, 2009

Bill Details

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Title

Universal Default Prohibition Act of 2009

Official Title

To amend the Truth in Lending Act to prohibit universal defaults on credit card accounts, and for other purposes.

Summary

Universal Default Prohibition Act of 2009 - Amends the Truth in Lending Act to prohibit a creditor from: (1) using any adverse information concerning any consumer, including any in a consumer report or any change in the consumer's credit score, as the basis for increasing any annual percentage rate of interest (APR) for a credit card account of the consumer's under an open end consumer credit plan; or (2) removing or increasing any introductory APR for that account, for reasons other than actions or omissions of the consumer directly related to the account. Requires such limitation on the use of adverse information to be clearly and conspicuously described to the consumer by the credit card issuer.

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