Credit Cardholder Protection Act

Summary

Credit Cardholder Protection Act - Amends the Truth in Lending Act to establish a ceiling on credit card interest rates. Requires credit card issuers to disclose on the initial application for a credit card: (1) the annual interest rate or the means for determining such rate; and (2) any annual or other fees. Amends the Equal Credit Opportunity Act to require the Consumer Advisory Council to transmit an annual report to the Congress describing: (1) the costs and risks involved in issuing credit cards; (2) the percentage of credit card holders that have their cards revoked; (3) revenues derived from interest rates, annual fees, and application fees; and (4) the impact of this Act.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 11 December 1985

  Open at official source

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