A bill to establish a moratorium on credit card interest rate increases, and for other purposes.
Credit Card Rate Freeze Act of 2009 - Prohibits a creditor, during a specified nine-month period, from: (1) increasing any annual percentage rate (APR), fee, or finance charge applicable to any outstanding balance of any credit card account under an open end consumer credit plan; or (2) changing the terms governing repayment of any outstanding balance, except as permitted by the Credit Card Accountability Responsibility and Disclosure Act of 2009.
Authorizes the Board of Governors of the Federal Reserve System to prescribe implementing regulations.
Referred to the House Committee on Financial Services.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S10737)
Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. (text of measure as introduced: CR S10737)
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 189.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line