Fair Credit Practices Act

Summary

Fair Credit Practices Act - Amends the Truth in Lending Act to prohibit any change in an open end credit plan which would affect credit extended before the change by: (1) increasing the annual percentage rate, the finance charge, the minimum periodic payment, or any other charge, penalty, or fee; (2) imposing any new charge, penalty, or fee; (3) reducing any grace period free from finance charge assessments; or (4) decreasing the period between payments or the maximum maturity of any extension of credit. Requires written notice of any change 60 days prior to its effective date. Prohibits the Board of Governors of the Federal Reserve System from issuing regulations affecting the amendments made by this Act. Gives this Act retroactive effect to April 15, 1980. Imposes no criminal liability for violations of this Act until its enactment.

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1 official file

• Introduced in House

  summary · EN · 15 April 1980

  Open at official source

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