Originally published Thursday, May 21, 2009 at 12:00 AM
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House sends credit-card bill on to Obama
The House on Wednesday gave final approval to a bill that will bar credit-card companies from arbitrarily raising interest rates on existing balances and charging certain fees.
The Washington Post
Highlights of changes
Credit Cardholders' Bill of Rights Act:
Takes effect nine months after enactment, except for requirement of notice before interest rates are increased, which goes into effect in 90 days.
Prohibits retroactive rate increases unless the cardholder is at least 60 days behind in paying the bill. If a person falls behind and the rate on past buys is increased, lenders must restore the lower rate after six months if the cardholder has paid monthly bills on time.
Requires that customers receive 45 days' notice before rates are increased.
Requires anyone younger than 21 to prove they can repay the money before being given a card, or to have a parent or guardian promise to pay off their debt if they default.
Prohibits over-the-limit fees unless a cardholder elects to be allowed to go over a limit.
Requires lenders to say how much time it would take and how much money in interest would be paid if only the minimum monthly payments are made.
Bans "pay-to-pay" fees, which are charged when someone pays the bill by phone or on the Internet.
Includes unrelated provision that would allow people to carry loaded guns in national parks and wildlife refuges.
The Associated Press
WASHINGTON — The House on Wednesday gave final approval to a bill that will bar credit-card companies from arbitrarily raising interest rates on existing balances and charging certain fees.
With a 361-64 vote, the House ensured that President Obama will be able to sign the bill into law by Memorial Day, as he requested. In the Washington delegation, Republican Dave Reichert joined six Democrats in voting for the measure, while Republicans Doc Hastings and Cathy McMorris Rogers voted against it.
Included in the bill is an unrelated measure by Sen. Tom Coburn, R-Okla., that would allow people to bring loaded guns into national parks and wildlife refuges.
The House approved that provision separately Wednesday, 279-147. In the state delegation, Democrat Adam Smith joined three Republicans in voting yes, while the other five Democrats voted against it.
The House had approved a more diluted bill last month but chose to send the Senate version to Obama.
Once he signs the bill, as expected, most provisions will take nine months to go into effect. It provides much stronger protections than regulations passed by the Federal Reserve in December. Those take effect in July 2010.
Material from The Associated Press is included in this report.
Copyright © 2009 The Seattle Times Company
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