To amend the Truth in Lending Act to protect consumers from certain unreasonable practices of credit cards issuers which result in cancellation of credit, higher fees or rates of interest, or other penalties that result in higher or unnecessary costs to card holders who pay credit card balances in full, and for other purposes.
Credit Card On-Time Payment Protection Act of 1998 - Amends the Truth in Lending Act to prohibit a creditor from cancelling an account, imposing a minimum finance charge, imposing any fee in lieu of such charge, or imposing any other charge or penalty with respect to a credit card account under an open-end consumer credit plan solely on the basis that credit has been repaid in full before the end of any grace period.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E1550-1551)
Referred to the House Committee on Banking and Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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