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senate Bill S. 392

Credit Card Reform Act of 2009

bill Progress

  • Not enacted
    The President has not signed this bill
  • The house has not voted
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
    IntroducedFebruary 6th, 2009

Bill Details

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Credit Card Reform Act of 2009

Official Title

A bill to protect consumers, and especially young consumers, from skyrocketing credit card debt, unfair credit card practices, and deceptive credit offers.


Credit Card Reform Act of 2009 - Amends the Fair Credit Reporting Act to permit a consumer reporting agency to furnish a consumer report in connection with any credit or insurance transaction that is not initiated by the consumer only if the report indicates that the consumer is age 21 or older. Allows 18-year olds to elect to have their name and address included in any agency list. Amends the Truth in Lending Act to prohibit a credit card issuer from changing the terms of a credit card under an open end consumer credit plan: (1) before the scheduled contract expiration or renewal date; and (2) until the issuer has published all contract changes in any mandatory disclosures. Establishes a cardholder right to repay all existing balances on a terminated or expired credit card account under the terms of the account in effect before the termination or expiration. Imposes limits upon increases of interest rates and finance charges on a credit card account before its scheduled renewal date. Permits an increase in the annual percentage rate (APR) as a penalty only for specific, material contract violations of a consumer directly related to the account that are specified in the contract as grounds for an increase. Bans retroactive rate increases. Prohibits a credit card issuer from imposing adverse consequences for late payment if the cardholder's payment is postmarked or initiated by electronic funds transfer on or before the required postmark date. Requires a credit card issuer to verify, when the account is opened or the credit limit increased, that the consumer will be able to make the scheduled payments, based on a consideration of current and expected income, current obligations, and employment status. Amends the Fair Credit Reporting Act to redefine "firm offer of credit or insurance" to require the offer to specify all material terms, including APR, fees, and the applicable amount of credit or credit limit.

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