Consumer Credit Card Protection Amendments of 1999

Summary

Consumer Credit Card Protection Amendments of 1999 - Amends the Truth in Lending Act to require the following disclosures by a creditor of open end consumer credit plans: (1) the method of determining the required minimum payment amount and the charges for failure to pay either such amount or its attendant finance charge; (2) certain repayment information applicable to the outstanding balance; (3) the method for determining the required minimum payment amount and the charge for failure to pay it; and (4) the amount and deadline for late payment penalties. (Sec. 4) Extends the Act's disclosure requirements to Internet-based applications and solicitations for a credit card account under an open end consumer credit plan. (Sec. 5) Mandates additional disclosures for credit card applications or solicitations whose annual percentage rates of interest (teaser rates) are applicable for an introductory period of less than one year. (Sec. 6) Proscribes the imposition of inactivity fees under an open-end consumer credit plan during any period when no advances have been made if the obligor maintains an outstanding balance and is charged an applicable finance charge. (Sec. 7) Sets forth application requirements for credit cards issued to underage consumers. (Sec. 8) Prohibits the imposition of penalties for on-time payments under an open end consumer credit plan. (Sec. 9) Mandates: (1) advance notice of any interest rate increase applicable to an outstanding credit balance, accompanied by notice of the debtor's right to cancel before the effective date of such increase; and (2) disclosure of interest rates and fees upon credit advances through third-party checks. (Sec. 11) Proscribes the imposition of fees for any extension of credit in excess of the authorized amount if such extension was made in connection with a creditor-approved transaction. (Sec. 12) Encompasses within the term "credit card" specified dual-purpose or multifunction cards connected with an open end credit plan that can be used to obtain credit directly or indirectly. (Sec. 13) Repeals the limitation of card-issuer liability only to fee-paying or credit- or charge-card-using cardholders in connection with specified disclosures required of a creditor pertaining to: (1) open-end consumer credit plans; and (2) credit and charge card applications and solicitations.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 13 April 1999

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 13 April 1999

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• Introduced in Senate

  summary · EN · 13 April 1999

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