Credit Card Consumer Protection Act of 2001

Summary

Credit Card Consumer Protection Act of 2001- Amends the Truth in Lending Act to: (1) prohibit fee assessment against a credit card account under an open-end consumer credit plan solely on the basis of on-time payments; (2) require advance notice of any interest rate increase for a credit card account, and of the consumer's right to cancel such account before the effective date of that increase; and (3) prohibit post-cancellation increases in interest rates and fees on the outstanding balance of any canceled cards. Mandates disclosure to a credit card account holder of the fees and interest rates imposed upon credit advances through the use of third party checks. Proscribes over-the-limit fees in creditor-approved transactions, and two-cycle billing. Prescribes additional notice requirements governing: (1) introductory ("teaser") rates to identify the fixed and variable interest rate which will apply following the introductory period; (2) last payment date and payment processing date before imposition of late fees; and (3) the period of time required to pay off the outstanding balance if only the minimum payment is forwarded.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 25 May 2001

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• Introduced in House (PDF)

  Introduced in House · EN · 25 May 2001

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• Introduced in House

  summary · EN · 25 May 2001

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