A bill to establish a limitation on the rates of interest which may be imposed on credit card accounts, and to provide for more detailed disclosures by credit card issuers in application for credit cards.
Credit Card Account Holder Protection Act - Amends the Truth in Lending Act to limit credit card interest rates to not more than six percentage points above the average Federal Reserve discount rate during the six months preceding the date of determination. Requires credit card issuers to disclose certain information regarding interest rates and fees in applications and solicitations.
Introduced in Senate
Read twice and referred to the Committee on Banking.
Subcommittee on Consumer Affairs. Hearings held. Hearings printed: S.Hrg. 100-119.
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