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Credit Card Holders Bill of Rights Wins Final Passage
05/20/09
For Immediate Release Wednesday, May 20, 2009 |
MEDIA CONTACT: STEVEN ENGELHARDT (314) 504-4029 |
Clay Says Bill Protects Consumers from Abusive & Deceptive Practices |
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Washington, DC - Congressman Wm. Lacy Clay (D) Missouri applauded today’s final passage of H.R. 627, the Credit Card Holders Bill of Rights by a huge bipartisan majority of 361 – 64. The sweeping consumer protection act now goes to President Obama for his signature. Key provisions of the Credit Card Holders Bill of Rights: Bans most interest rate increases on existing balances and ensures notice of interest rate hikes going forward on new purchases; Requires that bills be sent 21 days before the due date; Prohibits charging fees for payments by phone, mail or web; Bans over-the-limit fees unless a consumer opts-in in advance; Bans due-date tricks; Requires payments to be applied fairly to the highest interest rate balance first; and, Strengthens credit card protections for young people, preventing them from starting out life with huge credit card debts. President Obama plans to sign the Credit Card Holders Bill of Rights before the Memorial Day recess. |
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