Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009
To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes.
Summary:
Limits creditors on raising interest rates during the first year
Limits creditors on raising interest rates on existing balances
Mandates longer notice for future rate increases on purchases
Right to pay off balance on old terms
Limits are set on penalty interest rates, as well as fees
Regulates/Mandates reasonable time to pay by due date
Various rules for young consumers
Limits creditors on issuance fees on 'fee harvester cards'
Mandates clearer disclosures
Mandates/Regulates gift card protections
Limits creditors on raising interest rates on existing balances
Mandates longer notice for future rate increases on purchases
Right to pay off balance on old terms
Limits are set on penalty interest rates, as well as fees
Regulates/Mandates reasonable time to pay by due date
Various rules for young consumers
Limits creditors on issuance fees on 'fee harvester cards'
Mandates clearer disclosures
Mandates/Regulates gift card protections
SECTION 1. SHORT TITLE; TABLE OF CONTENTS
(a) Short Title- This Act may be cited as the ‘Credit Card Accountability Responsibility and Disclosure Act of 2009’ or the ‘Credit CARD Act of 2009’.
(b) Table of Contents-
The table of contents for this Act is as follows:
Sec. 1. Short title; table of contents.
Sec. 2. Regulatory authority.
Sec. 3. Effective date.
(b) Table of Contents-
The table of contents for this Act is as follows:
Sec. 1. Short title; table of contents.
Sec. 2. Regulatory authority.
Sec. 3. Effective date.
TITLE I--CONSUMER PROTECTION ~ Sec. 101-109
TITLE II--ENHANCED CONSUMER DISCLOSURES ~ Sec. 201-205
TITLE III--PROTECTION OF YOUNG CONSUMERS ~ Sec. 301-305
TITLE IV--GIFT CARDS ~ Sec. 401-403
TITLE V--MISCELLANEOUS PROVISIONS ~ Sec. 501-513
SEC. 2. REGULATORY AUTHORITY.
The Board of Governors of the Federal Reserve System (in this Act referred to as the ‘Board’) may issue such rules and publish such model forms as it considers necessary to carry out this Act and the amendments made by this Act.
SEC. 3. EFFECTIVE DATE.
This Act and the amendments made by this Act shall become effective 9 months after the date of enactment of this Act, except as otherwise specifically provided in this Act.