Credit and Charge Card Disclosure and Interest Rate Amendments Act of 1991

Summary

Credit and Charge Card Disclosure and Interest Rate Amendments Act of 1991 - Expresses the sense of the Congress that: (1) credit card annual charges should be reduced; and (2) a cap on such charges should be imposed if the credit card market remains uncompetitive. Amends the Truth in Lending Act to set forth additional disclosure requirements relating to credit card accounts, including advertising related to such accounts. Directs the Board of Governors of the Federal Reserve System to establish and publicize a toll-free telephone line for consumers to call for free information on the availability of low-rate credit cards. Requires as a prerequisite to any increase in credit card fees and rates consumer notification and accompanying opportunity to rescind further use of a credit card account. Requires the Comptroller General to report to the Congress the results of a mandated study regarding the competitiveness of the credit card market. Authorizes the President to establish by Executive Order the maximum annual percentage rate applicable to open end consumer credit plans. Sets forth the conditions for congressional consideration of a joint resolution to repeal the cap on credit card interest rates.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 21 November 1991

  Open at official source

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