New Credit Card Laws
Update (2-23-2010)
The new credit card regulations went into effect this week. This blog has been posting related entries since last summer so we pasted our respective archives into this document for you. We also posted two new links below to the Daily News coverage with key points to remember.
Daily News
New laws go into effect
Key points to remember
----------------------------------------------
New Credit Card Regulations Begin (8-21-2009)
President Obama signed the credit card changes bill last week, which will make it more difficult for credit card companies to abuse consumers. The changes won't go into effect for nine months so don't get too happy.
-------------------------------------------
Consumer Friendly Credit Card Practices (5-14-2009)
The Credit Card "Bill of Rights" is expected to pass this week with the support of President Obama. Several proposed policy changes are listed below.
------------------------------------------
The new credit card regulations went into effect this week. This blog has been posting related entries since last summer so we pasted our respective archives into this document for you. We also posted two new links below to the Daily News coverage with key points to remember.
Daily News
New laws go into effect
Key points to remember
----------------------------------------------
New Credit Card Regulations Begin (8-21-2009)
We've been telling you to expect changes in credit card practices and the first modifications were rolled out Wednesday. This is only the beginning. Additional consumer friendly changes become effective in February 2010.
As of August 19:
-------------------------------
Obama Signs Credit Card Bill (5-26-2010)
As of August 19:
- Banks must provide 45 days notice of interest rate increases.
- Banks must send out monthly bills 21 days before payment is due.
- Banks must allow customers to refuse rate hikes and pay off the card balances at the old rates within five years.
-------------------------------
Obama Signs Credit Card Bill (5-26-2010)
President Obama signed the credit card changes bill last week, which will make it more difficult for credit card companies to abuse consumers. The changes won't go into effect for nine months so don't get too happy.
-------------------------------------------
Consumer Friendly Credit Card Practices (5-14-2009)
The Credit Card "Bill of Rights" is expected to pass this week with the support of President Obama. Several proposed policy changes are listed below.
- Prohibit increase of interest rates unless a credit card payment is more than 60 days delinquent.
- Restore the interest to its prior rate once payments are made on time for six months.
- Rates on new cards may not be increased in the first year.
- Gift cards would have to be honored for a minimum of five years.
------------------------------------------
House Approves Bill to Restrict Credit Card Practices (5-4-2009)
The House approved a bill last week which would restrict credit card practices. The "Credit Card Holders Bill of Rights" would prohibit retroactive rate hikes and double cycle billing. It would also make it illegal to give a credit card to anyone younger than eighteen years of age.
Supporters want to get a final version of the bill to President Obama by Memorial Day. Once approved most of the measures would not become effective until 2010. The bill is fully endorsed by the Obama administration. Source
The House approved a bill last week which would restrict credit card practices. The "Credit Card Holders Bill of Rights" would prohibit retroactive rate hikes and double cycle billing. It would also make it illegal to give a credit card to anyone younger than eighteen years of age.
Supporters want to get a final version of the bill to President Obama by Memorial Day. Once approved most of the measures would not become effective until 2010. The bill is fully endorsed by the Obama administration. Source
Comments