legislation: 99-hr-5539
Data license: Public Domain (U.S. Government data) · Data source: Federal Register API & Regulations.gov API
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| 99-hr-5539 | 99 | hr | 5539 | Credit Card Account Holder Protection Act | Commerce | 1986-09-17 | 1986-09-17 | Referred to Subcommittee on Consumer Affairs and Coinage. | House | Rep. Fowler, Wyche, Jr. [D-GA-5] | GA | D | F000329 | 0 | Credit Card Account Holder Protection Act - Amends the Truth in Lending Act to declare that the rate used to compute the finance charge imposed for any period on any credit extended through the use of a credit card shall not exceed: (1) the maximum annual percentage rate for the calendar quarter during which such period begins; divided by (2) the number of such periods which begin during the calendar year in which such calendar quarter occurs. Sets forth a formula for the determination of the maximum annual percentage rate, based on the average annual percentage yield on three month obligations of the United States issued by the Secretary of the Treasury during the calendar month preceding the third month of each calendar quarter. Requires disclosure of finance charge information on any: (1) application to open any open end consumer credit plan; or (2) solicitation by a creditor offering to open such an account without requiring an application. Requires certain information to be disclosed in a tabular format prescribed by the Federal Reserve Board. Prohibits the imposition of a finance charge on any credit card account before the end of a 25-day grace period beginning on the last day of the billing cycle during which a transaction was completed. Preempts any State laws that: (1) permit the use of a finance charge rate in excess of the one required by this Act; or (2) permit or require the imposition of a finance charge before the end of the 25-day grace period. | 2025-08-29T16:31:08Z |