legislation: 108-s-2475

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
108-s-2475 108 s 2475 Credit Card Minimum Payment Warning Act Finance and Financial Sector 2004-05-21 2004-05-21 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6095-6096) Senate Sen. Akaka, Daniel K. [D-HI] HI D A000069 3 Credit Card Minimum Payment Warning Act - Amends the Truth in Lending Act to include among the mandatory disclosures at each billing cycle of open end consumer credit plans: (1) the words "Minimum Payment Warning: Making only the minimum payment will increase the amount of interest that you pay and the time it will take to repay your outstanding balance;" ( 2) the number of years and months it would take the consumer to pay the entire amount of the balance if the consumer pays only the required minimum monthly payments; ( 3) the total cost to the consumer, as well as a breakdown in principal and interest payments, of paying that balance in full if the consumer pays only the required minimum monthly payments, and if no further advances are made; (4) the monthly payment amount that would be required to eliminate the outstanding balance in 36 months if no further advances are made; and (5) a toll-free telephone number for information about accessing credit counseling and debt management services. Directs the Board of Governors of the Federal Reserve System and the Federal Trade Commission to issue jointly guidelines for creditors to establish and maintain a toll-free telephone number for such disclosures. 2023-01-15T04:49:07Z  

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