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United States · Bill · S

S. 1176 (110th)

Credit Card Minimum Payment Warning Act of 2007

referredUnited States· United States Congress· EN

Introduced

20 April 2007

Last action

20 April 2007 · Introduced

Status

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4812)

Sponsors

Sen. Akaka, Daniel K. [D-HI], Sen. Durbin, Richard J. [D-IL], Sen. Leahy, Patrick J. [D-VT], Sen. Schumer, Charles E. [D-NY], Sen. Sanders, Bernard [I-VT]

Subjects

Discovery layer

Source updated

14 August 2025

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Summary

Credit Card Minimum Payment Warning Act of 2007 - Amends the Truth in Lending Act to include among the mandatory disclosures at each billing cycle of open end consumer credit plans: (1) the words "Minimum Payment Warning: Making only the minimum payment will increase the amount of interest that you pay and the time it will take to repay your outstanding balance;" (2) the number of years and months it would take the consumer to pay the entire amount of the balance if the consumer pays only the required minimum monthly payments; (3) the total cost to the consumer, as well as a breakdown in principal and interest payments, of paying that balance in full if the consumer pays only the required minimum monthly payments, and if no further advances are made; (4) the monthly payment amount that would be required to eliminate the outstanding balance in 36 months if no further advances are made; and (5) a toll-free telephone number for information about accessing credit counseling and debt management services. Directs the Board of Governors of the Federal Reserve System and the Federal Trade Commission jointly to issue guidelines for creditors to establish and maintain a toll-free telephone number for such disclosures.

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

Timeline

  1. 20 April 2007

    Introduced

    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4812)

    Source: IntroReferral

  2. 20 April 2007

    Introduced

    Sponsor introductory remarks on measure. (CR S4811-4812)

    Source: IntroReferral

  3. 20 April 2007

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 20 April 2007

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  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 20 April 2007

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 20 April 2007

    Open at official source

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Sponsors

Related records

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Sources

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