Senate bill S.414: Credit Card Accountability Responsibility and Disclosure Act of 2009
is in limbo at the moment and is not moving through the Senate for prompt passage and our protection from Banks that are profiting handsomely from our national ignorance and misuse of Credit. The bill, briefly will protect the public from the unscrupulous actions of the credit card issuer if you:
Are under 21, and going to a University with an affinity relationship to the Credit Issuer, where the Univ. and the Credit Issuer are in a mutually beneficial relationship; also requires that the student under 21 years of age be educated about the duties, responsibilities, and dangers of (easy) credit card access.
Protects everyone from Jacked up over limit charges.
Protects everyone from credit card issuers arbitrarily increasing interest and fees prior to a renewal date and without the permission of the credit card holder.
Protects everyone from the credit card issuer reporting credit card ownership to consumer credit agencies when the owner has not activated or used the credit card. This action will prevent those unsolicited credit cards that arrive in your mail from effecting your credit score. (Believe it or not: if you have a credit card and it is known to the credit agencies, even if you have not used it, they treat it as if you owe the limit on the card - BECAUSE YOU CAN)
Prohibits fees and interest charges, including a prohibition against penalties for on-time payments.
Allows an over the limit fee only when the card holder has agreed to it.
Increases from 14 to 21 days the time length of billing period for imposition of finance charges.
And on. and on. and on.
This Bill needs to be passed as does an amendment S.1833 THE EXPEDITED CARD REFORM FOR CONSUMERS ACT OF 2009 written by Mr. UDALL of Colorado requiring that the effective date be moved up to December 1, 2009.
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