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United States · Bill · HR

H.R. 5244 (110th)

Credit Cardholders' Bill of Rights Act of 2008

referredUnited States· United States Congress· EN

Introduced

7 February 2008

Last action

2 October 2008 · Introduced

Status

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

Rep. Maloney, Carolyn B. [D-NY-12], Rep. Frank, Barney [D-MA-4], Rep. Waters, Maxine [D-CA-43], Rep. Gutierrez, Luis V. [D-IL-4], Rep. Lynch, Stephen F. [D-MA-8], Rep. Ellison, Keith [D-MN-5], Rep. Cohen, Steve [D-TN-9], Rep. Fattah, Chaka [D-PA-2], Rep. Hinchey, Maurice D. [D-NY-22], Rep. Langevin, James R. [D-RI-2], Rep. Nadler, Jerrold [D-NY-12], Rep. Shea-Porter, Carol [D-NH-1], Rep. Solis, Hilda L. [D-CA-32], Sen. Welch, Peter [D-VT], Rep. Wynn, Albert Russell [D-MD-4], Rep. Gonzalez, Charles A. [D-TX-20], Rep. DeFazio, Peter A. [D-OR-4], Rep. Taylor, Gene [D-MS-4], Rep. Obey, David R. [D-WI-7], Sen. Hirono, Mazie K. [D-HI], Rep. Boyda, Nancy E. [D-KS-2], Rep. Wasserman Schultz, Debbie [D-FL-25], Sen. Udall, Mark [D-CO], Rep. Dingell, John D. [D-MI-12], Rep. Brown, Corrine [D-FL-5], Rep. Thompson, Bennie G. [D-MS-2], Rep. Hastings, Alcee L. [D-FL-20], Rep. Clarke, Yvette D. [D-NY-9], Rep. Jackson, Jesse L., Jr. [D-IL-2], Rep. Davis, Danny K. [D-IL-7], Sen. Gillibrand, Kirsten E. [D-NY], Rep. Johnson, Eddie Bernice [D-TX-30], Rep. Watson, Diane E. [D-CA-33], Rep. Arcuri, Michael A. [D-NY-24], Rep. Engel, Eliot L. [D-NY-16], Rep. Tierney, John F. [D-MA-6], Sen. Van Hollen, Chris [D-MD], Rep. Miller, George [D-CA-11], Rep. Moran, James P. [D-VA-8], Rep. Weiner, Anthony D. [D-NY-9], Rep. Abercrombie, Neil [D-HI-1], Rep. Schakowsky, Janice D. [D-IL-9], Rep. Shays, Christopher [R-CT-4], Rep. Serrano, Jose E. [D-NY-15], Rep. Doggett, Lloyd [D-TX-37], Rep. Davis, Lincoln [D-TN-4], Rep. Delahunt, William D. [D-MA-10], Rep. DeLauro, Rosa L. [D-CT-3]

Subjects

Discovery layer

Source updated

7 April 2025

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Summary

Credit Cardholders' Bill of Rights Act of 2008 - Amends the Truth in Lending Act to prohibit a creditor from using certain adverse information, including information in a consumer report or any change in a consumer's credit score, as the basis for increasing any annual percentage rate (APR) of interest on the consumer's outstanding balance under an open end consumer credit plan, except for actions or omissions of the consumer directly related to such account. (Thus eliminates the universal default for credit already outstanding.) Bars a creditor from changing any term of the contract or agreement of an open end consumer credit plan until contract renewal, except for specific material reasons already contained in the contract or agreement. Requires advance notice of credit card account rate increases. Authorizes a consumer who receives such notice to: (1) cancel the credit card without penalty or the imposition of any fee; and (2) pay any outstanding balance that accrued before the effective date of the increase at the APR and in the repayment period in effect before notice was received. Prohibits a creditor from imposing interest on credit repaid within the interest-free repayment time period. (Thus prohibits double cycle billing). Prohibits the imposition of fees on any outstanding balance on a credit card account attributable only to accrued interest on previously repaid credit. Requires each periodic statement of account to provide specified information on obtaining the payoff balance. Prohibits a creditor from furnishing information to a consumer reporting agency concerning a newly opened credit card account until the consumer has used or activated the credit card. Details mandatory pro rata payment allocations by a creditor. Authorizes a consumer to opt-out of creditor authorization of over-the-limit transactions if fees are imposed. Restricts the frequency of over-the-limit fees. Specifies the contents of credit card price and availability information the Board of Governors of the Federal Reserve System must collect and make public semiannually. Prescribes a standard for the initial issuance of subprime or "fee harvester" cards (accounts requiring first-year fee payments in excess of 25% of the total amount of credit authorized).

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 7 February 2008

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 7 February 2008

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 7 February 2008

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 17 April 2008

    Committee

    Subcommittee Hearings Held.

    Source: Committee

  5. 17 April 2008

    Referred

    Referred to the Subcommittee on Financial Institutions and Consumer Credit.

    Source: Committee

  6. 31 July 2008

    Vote

    Ordered to be Reported (Amended) by the Yeas and Nays: 39 - 27.

    Source: Committee

  7. 31 July 2008

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  8. 31 July 2008

    Committee

    Subcommittee on Financial Institutions and Consumer Credit Discharged.

    Source: Committee

  9. 16 September 2008

    Calendars

    Placed on the Union Calendar, Calendar No. 554.

    Source: Calendars

  10. 16 September 2008

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 110-857.

    Source: Committee

  11. 16 September 2008

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 110-857.

    Source: Committee

  12. 22 September 2008

    Reported

    Rules Committee Resolution H. Res. 1476 Reported to House. Rule provides for consideration of H.R. 5244 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. The amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill shall be considered as adopted.

    Source: Floor

  13. 23 September 2008

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  14. 23 September 2008

    Vote

    On passage Passed by recorded vote: 312 - 112 (Roll no. 623). (text: CR H8598-8602)

    Source: Floor

  15. 23 September 2008

    Vote

    Passed/agreed to in House: On passage Passed by recorded vote: 312 - 112 (Roll no. 623).(text: CR H8598-8602)

    Source: Floor

  16. 23 September 2008

    Vote

    On motion to recommit with instructions Failed by the Yeas and Nays: 198 - 219 (Roll no. 622). (text: CR H8612-8613)

    Source: Floor

  17. 23 September 2008

    Floor

    The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H8598-8613)

    Source: Floor

  18. 23 September 2008

    Floor

    Rule provides for consideration of H.R. 5244 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. The amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill shall be considered as adopted.

    Source: Floor

  19. 23 September 2008

    Floor

    Mr. Castle moved to recommit with instructions to Financial Services. (consideration: CR H8611-8612; text: CR H8612)

    Source: Floor

  20. 23 September 2008

    Floor

    The previous question was ordered pursuant to the rule. (consideration: CR H8612)

    Source: Floor

  21. 23 September 2008

    Floor

    Considered under the provisions of rule H. Res. 1476. (consideration: CR H8598-8613)

    Source: Floor

  22. 23 September 2008

    Passed

    Rule H. Res. 1476 passed House.

    Source: Floor

  23. 24 September 2008

    Introduced

    Received in the Senate.

    Source: IntroReferral

  24. 2 October 2008

    Introduced

    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

11 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN · 2 October 2008

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 2 October 2008

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  • Engrossed in House (text)

    Engrossed in House · EN · 23 September 2008

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 23 September 2008

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  • Passed House amended

    summary · EN · 23 September 2008

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  • Reported in House (text)

    Reported in House · EN · 16 September 2008

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  • Reported in House (PDF)

    Reported in House · EN · 16 September 2008

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  • Reported to House with amendment(s)

    summary · EN · 16 September 2008

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  • Introduced in House (text)

    Introduced in House · EN · 7 February 2008

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  • Introduced in House (PDF)

    Introduced in House · EN · 7 February 2008

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  • Introduced in House

    summary · EN · 7 February 2008

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Sponsors

Showing 48 of 158 sponsors and actors.

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