Underage Consumer Credit Protection Act of 2001

Underage Consumer Credit Protection Act of 2001 - Amends the Truth in Lending Act to prescribe application requirements for the issuance of a credit card to an underage (under age 21) consumer, which include: (1) signature indicating joint liability for debts in connection with the account by another individual having the means to repay debts incurred by the underage consumer; (2) submission of financial information indicating an independent means of repayment by the consumer; or (3) proof of completion by the consumer of a specified credit counseling course.

Authorizes the Board of Governors of the Federal Reserve system to promulgate the attendant rules and model forms.