HR 900 · 106th Congress · Finance and Financial Sector
Consumer Credit Card Protection Amendments of 1999
Bill Progress
✓
Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to the Subcommittee on Financial Institutions and Consumer Credit.(1999-03-18)
Plain Language Summary
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Consumer Credit Card Protection Amendments of 1999 - Amends the Consumer Credit Protection Act to require the following disclosures by a creditor of open-end consumer credit plans: (1) the method of determining the required minimum payment amount and the charges for failure to pay either such amount or its attendant finance charge; (2) certain repayment information applicable to the outstanding balance; (3) the method for determining the required minimum payment amount and the charge for failure to pay it; and (4) the amount and deadline for late payment penalties. (Sec. 4) Extends the Act's disclosure requirements to World Wide Web-based applications and solicitations for a credit card account under an open-end consumer credit plan. (Sec. 5) Mandates additional disclosures for credit card applications or solicitations whose annual percentage rates of interest are applicable for an introductory period of less than one year. (Sec. 6) Proscribes the imposition of inactivity fees under an open-end consumer credit plan if the obligor maintains an outstanding balance and is charged an attendant finance charge. (Sec. 7) Sets forth application requirements for credit cards issued to under…
Summarized by Claude AI · Non-partisan · For informational purposes only
Cosponsors (20)
20 Democrats