BuzzStoc

Today, the US House of Representatives passed the so-called “Credit Card Holder’s Bill of Rights.” The legislation is aimed at preventing credit card companies from taking advantage of customers by implementing exorbitant fees and regulations without informing card holders.

The House acted quickly on the legislation after a spur of populist anger erupted over a number of credit card companies new practices.

The bill now moves to the Senate where it will no doubt have a tougher road ahead. However, one of the things that makes this bill so special is that it passed through the House with a good deal of bipartisan support. The “Bill of Rights” for credit card holding Americans passed with a 357-70 vote. Since President Barack Obama took the reins as President it has been seemingly impossible to get support on both sides of the Congressional aisle for anything.

The measure is intended to prohibit a process known as double-cycle billing as well as retroactive rate hikes. The bill would also prevent companies from giving credit cards to anyone under 18.

If the Senate does indeed OK the house resolution, the new measures won’t actually take effect for a year, except for a requirement that customers get 45 days’ notice before their interest rates are increased. That would take effect in 90 days.

Credit Card Holders Bill of Rights HR 627 - Free Legal Forms

To download this document, click here.