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.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 6 January 1987

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.