S. 2755: Credit Card Accountability Responsibility and Disclosure Act of 2004

108th Congress · introduced 2004-07-22 · Finance and Financial Sector · Latest: Referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2004-07-22 · official record
Who proposed it: Sen. Dodd, Christopher J. [D-CT] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Credit Card Accountability Responsibility and Disclosure Act of 2004

Plain summary

Credit Card Accountability Responsibility and Disclosure Act of 2004, or the Credit Card Act of 2004 - Amends the Truth in Lending Act (TILA) to require advance notice of any increase in interest rate regarding a credit card account under an open end consumer credit plan. Grants the credit card holder the right to cancel the account before the effective date of the increase. Prohibits penalties, finance charges, interest charges, or cancellations from being imposed for: (1) on-time payments; (2) payments in full; or (3) over-the-limit fees for creditor-approved transactions. Requires specified disclosures for annual percentage rates of interest that only exist for a limited time (introductory or "teaser" rates). Requires certain disclosures regarding: (1) pay-off timing in connection with repayment of the outstanding balance; and (2) late payment deadlines and relevant postmark dates. Amends Federal bankruptcy law to provide that debts under an open end credit plan incurred on or within 60 days before the order for relief are not subject to statutory exceptions to a discharge in bankruptcy if the annual rate of interest charged on the account was more than 20 percentage points above the Federal prime lending rate on the last day of month during which the interest was charged (thus providing the debtor with a legal means of avoiding an abusive rate of interest). Amends TILA to set forth specified requirements governing credit card applications from underage consumers. Subjects creditor violations relating to an open end credit plan that is not secured by real property or a dwelling to twice the amount of any finance charge in connection with the transaction, or to such amount as may be appropriate in the case of an established pattern or practice of such violations.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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What does this mean? (plain words)

Official text

Credit Card Accountability Responsibility and Disclosure Act of 2004

Source: Congressional Research Service summary (Introduced in Senate)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Dodd, Christopher J. [D-CT] · 0 cosponsors

Cost estimate: No cost estimate published yet.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Statute: A written law passed by a legislature. A statute can be changed by a later law; changing a constitution needs an amendment.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-108s2755.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/108/s>

Record fed-us-cong108-s2755 · catalog fed-us-congress-bills-cong108 · updated 2026-11-15 by psicol fed-bills-cong108