Credit Cardholder Protection Act - Amends the Truth in Lending Act to establish a ceiling on credit card interest rates. Requires credit card issuers to disclose on the initial application for a credit card: (1) the annual interest rate or the means for determining such rate; and (2) any annual or other fees.
Amends the Equal Credit Opportunity Act to require the Consumer Advisory Council to transmit an annual report to the Congress describing: (1) the costs and risks involved in issuing credit cards; (2) the percentage of credit card holders that have their cards revoked; (3) revenues derived from interest rates, annual fees, and application fees; and (4) the impact of this Act.
Introduced in Senate
Read twice and referred to the Committee on Banking.
Subcommittee on Financial Institutions. Hearings held. Hearings printed: S.Hrg. 99-575.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line