Credit CARD Act of 2005

Summary

Credit Card Accountability Responsibility and Disclosure Act of 2005, or the Credit Card Act of 2005 - Amends the Truth in Lending Act (TILA) to require advance notice of any increase in interest rate regarding a credit card account under an open end consumer credit plan. Grants the credit card holder the right to cancel the account before the effective date of the increase. Prohibits penalties, finance charges, interest charges, or cancellations from being imposed for: (1) on-time payments; (2) payments in full; or (3) over-the-limit fees for creditor-approved transactions. Requires specified disclosures for annual percentage rates of interest that only exist for a limited time (introductory or "teaser" rates). Requires certain disclosures regarding: (1) pay-off timing in connection with repayment of the outstanding balance; and (2) late payment deadlines and relevant postmark dates. Amends Federal bankruptcy law to provide that debts under an open end credit plan incurred on or within 60 days before the order for relief are not subject to statutory exceptions to a discharge in bankruptcy if the annual rate of interest charged on the account was more than 20 percentage points above the Federal prime lending rate on the last day of month during which the interest was charged (thus providing the debtor with a legal means of avoiding an abusive rate of interest). Amends TILA to set forth specified requirements governing credit card applications from underage consumers. Subjects creditor violations relating to an open end credit plan that is not secured by real property or a dwelling to twice the amount of any finance charge in connection with the transaction, or to such amount as may be appropriate in the case of an established pattern or practice of such violations.

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Timeline

1. 2 March 2005

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1950-1952)

   Source: IntroReferral

2. 2 March 2005

   Introduced

   Sponsor introductory remarks on measure. (CR S1950)

   Source: IntroReferral

3. 2 March 2005

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 2 March 2005 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 2 March 2005

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 2 March 2005

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 2 March 2005

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Dodd, Christopher J. [D-CT] · D · Sponsor
• Sen. Schumer, Charles E. [D-NY] · D · Cosponsor
• · ssbk00 · Standing

Related records

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