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H.R. 5244: Credit Cardholders' Bill of Rights Act of 2008

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H.R. 5244: Credit Cardholders' Bill of Rights Act of 2008

110th Congress · introduced 2008-02-07 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2008-02-07 · official record
  2. Who proposed it: Rep. Maloney, Carolyn B. [D-NY-14] · what a sponsor is
  3. What happened next: 2 recorded votes in our records. Latest: House roll call 622 (2008): On Motion to Recommit with Instructions, HR5244 (2008-09-23), Failed. See all
  4. Where it stands now: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
  5. 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 Cardholders' Bill of Rights Act of 2008

Plain summary

Credit Cardholders' Bill of Rights Act of 2008 - (Sec. 2) Amends the Truth in Lending Act to prohibit a creditor from increasing any annual percentage rate of interest (APR) applicable to the existing balance on an open end consumer credit card account unless specified conditions are met. Prescribes the treatment of existing balances following a rate increase. Allows a creditor to increase an APR on the existing credit card balance only if the increase is due solely to: (1) the operation of an index not under the creditor's control and available to the general public; (2) expiration of a promotional rate, or loss of a promotional rate for a reason specified in the account agreement (e.g., late payment); or (3) the consumer's minimum payment has not been received within 30 days after its due date. Requires a 45-day advance notice of credit card account rate increases. (Sec. 3) Prohibits imposition of a finance charge, with certain exceptions, upon a credit card account balance that is based on balances for days in billing cycles preceding the most recent billing cycle (double cycle billing). Prohibits the imposition of a fee on an outstanding credit card balance, at the end of a billing period, that is attributable only to interest accrued during the preceding billing period on an outstanding balance fully repaid during that preceding billing period. Declares that any failure to make timely repayments of such a balance shall not constitute a default on the account. Requires each periodic statement of account to provide the telephone number, Internet address, and website at which the payoff balance may be requested. Grants a consumer the right to reject a new credit card before the creditor notifies a consumer reporting agency of its corresponding account. Details mandatory pro rata payment allocations by a creditor where an outstanding balance accrues interest at two or more different APRs. Sets forth special rules for accounts with promotional rate balances or deferred interest balances. Prohibits a creditor from denying a cardholder a specified payment grace period if the cardholder takes advantage of a promotional rate balance or deferred interest rate balance. Requires creditors to send a periodic credit card statement of account to the consumer at least 25 calendar days before the due date for the next payment on the outstanding balance. (Sec. 4) Authorizes a consumer to opt-out of creditor authorization of over-the-limit transactions if fees are imposed. Limits any imposition of an over-the-limit fee to once per billing cycle. Prohibits imposition of any over-the-limit fee if the credit limit was exceeded due to a credit hold, unless the actual amount of the transaction for which the hold was placed would have resulted in the consumer's exceeding such credit limit. (Sec. 5) Prescribes the contents of credit card price and availability information which the Board of Governors of the Federal Reserve System (Board) must collect and make public semiannually. Requires the Board to report to Congress annually on estimates of the approximate, relative percentage of income derived by the credit card operations of depository institutions from designated sources, including interest rates and fees imposed upon cardholders. (Sec. 6) Prescribes a standard for the initial issuance of subprime or "fee harvester" cards (accounts requiring first-year fee payments in excess of 25% of the total amount of credit authorized). Prohibits payment of any such fees (other than late fees or over-the-limit fees) from the credit made available by the card. (Sec. 7) Prohibits extensions of credit to consumers under age 18, unless they are emancipated under state law. (Sec. 8) Requires the Board to prescribe regulations implementing this Act within six months after its enactment. Expresses the sense of Congress that no provision of this Act should impede the promulgation of final regulations under laws in effect on the day before the date of enactment. States that such regulations should: (1) be prescribed in final form on or before December 31, 2008; and (2) apply to credit card transactions after the 30-day period following issuance in final form.

Congressional Research Service summary (Passed House amended), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Credit Cardholders' Bill of Rights Act of 2008

Source: Congressional Research Service summary (Passed House amended)

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

Officials and money

Sponsor: Rep. Maloney, Carolyn B. [D-NY-14] · 155 cosponsors

Cost estimate: CBO cost estimate: H.R. 5244, Credit Cardholders' Bill of Rights Act of 2008 (2008-09-08); CBO cost estimate: H.R. 5244, Credit Cardholders' Bill of Rights Act of 2008 (2008-09-08)

Cosponsors on this site

Maxine Waters (D-CA), Stephen F. Lynch (D-MA), Steve Cohen (D-TN), Jerrold Nadler (D-NY), Peter Welch (D-VT), Mazie K. Hirono (D-HI), Debbie Wasserman Schultz (D-FL), Bennie G. Thompson (D-MS), Yvette D. Clarke (D-NY), Danny K. Davis (D-IL), Kirsten E. Gillibrand (D-NY), Chris Van Hollen (D-MD), Janice D. Schakowsky (D-IL), Lloyd Doggett (D-TX), Rosa L. DeLauro (D-CT), James P. McGovern (D-MA) and 95 more.

Recorded votes

Words on this page, explained (3)
Authorization
A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Rulemaking
The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong110-hr5244 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110