S. 131: Credit Card Minimum Payment Notification Act of 2009

111th Congress · introduced 2009-01-06 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S103)

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Follow this bill, step by step

Where it came from: introduced 2009-01-06 · official record
Who proposed it: Sen. Feinstein, Dianne [D-CA] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S103) 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 Minimum Payment Notification Act of 2009

Plain summary

Credit Card Minimum Payment Notification Act of 2009 - Amends the Truth in Lending Act regarding disclosures required with each billing cycle under an open end consumer credit plan to require a credit card issuer to include in specified type a written statement in the following form: "Minimum Payment Warning: Making only the minimum payment will increase the interest you pay and the time it takes to repay your balance." Prescribes additional statements disclosing the length of time it will take to pay off the balance if only the minimum amount due is paid. Provides that if the open-end credit card account is subject to a variable rate : (1) the creditor may make disclosures based on the rate for the entire balance as of the date of the disclosure and indicate that the rate may vary; and (2) the cardholder shall be provided with referrals or, in the alternative, with the toll free telephone number of the National Foundation for Credit Counseling for referrals to credit counseling services. Exempts from such disclosure requirements any billing cycle in which: (1) the account agreement requires a minimum payment of not less than 10% of the outstanding balance; and (2) finance charges are not imposed.

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 Minimum Payment Notification Act of 2009

Source: Congressional Research Service summary (Introduced in Senate)

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Officials and money

Sponsor: Sen. Feinstein, Dianne [D-CA] · 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.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-111s131.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/s>

Record fed-us-cong111-s131 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111