Senate
May 21, 2004A bill to require enhanced disclosure to consumers regarding the consequences of making only minimum required payments in the repayment of credit card debt.
Summary
Official
Credit Card Minimum Payment Warning Act - Amends the Truth in Lending Act to include among the mandatory disclosures at each billing cycle of open end consumer credit plans: (1) the words "Minimum Payment Warning: Making only the minimum payment will increase the amount of interest that you pay and the time it will take to repay your outstanding balance;" ( 2) the number of years...
Bill Progress
Bill has been introduced and assigned a number
Introduced(5/21/04)
Committee
Passed
House
Passed
Senate
President
Law
Sponsor
DA
Mr. AKAKA
(D) HI
Cosponsors (3)
Topics
Latest Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6095-6096)
May 21, 2004